All Forum Posts by: Tom C

Refi, pull your cash, then sell to break even or make a little profit and pay your gains. Sell and not refi, you will have a much bigger capital gains hit.

Minna,

I understand what you are saying. The house where I found the doll gave me the same type of feelings. Rehabbing during the winter means you have to work a lot of late nights when you do this work as a second job. I found myself subconsciously working with my back toward the wall. When I recognized that I was doing this, I walked around the house to see which area's made the hair on the back of my neck stand up. For some reason it was the living room and the upstairs hallway.

One day I received a phone call from the kid that does basement clean outs for me. He said that he was not going to work in the house at night any more. When I asked why, he said that it talked to him at night.. I understood what he was saying, but just laughed at him and called him $ussy. I never seen anything in the house, but there is certainly something there that makes me wonder.. I have tenants in there now and haven't received any ghost stories from them yet.

I say advertise that the place COULD be haunted, charge an extra 100 bucks a month. Ghosts, dogs or crackheads, either way if theres a chance to make an extra buck, might as well.

I agree with Jared here.. You will sell it faster in many cases as a SFR. At 25K per unit, you should also be able to rent it and make it cash flow. Remember the way to rehab this property will determined what you do with it. I think you need to decide what you are going to do with it, before you start rehabbing.

Good luck and congrats..

PH.. I use Huntington banks simply because I like their online system for personal banking, although their business online side is not real user friendly.

NB,

You have to start somewhere. It depends on what you get the property for, how much it's going to take in rehab expenses to make it section 8 ready and what type of area are you in. One problem that you may find is getting it financed after it's rehabbed. Dont forget seasoning and its not going to be your basic SFR loan.

Are sure you can? Have you looked at the numbers closely to ensure cash flow.. There are a hundred questions that need to be answered before you know whether its worth the risk.

I would walk away if I had drug dealers hanging out on the corner or if the numbers did look right. Even section 8 tenants don't want to move into a war zone.

"My wife is also holding me back from investing. What I've done is explained to her why I want to get into REI, and what I think can be accomplished for our family through REI."

It doesn't sound like this approach is working out to well for ya.

" then asked her what her fears are. And by listen, I mean LISTEN! Don't refute each of her concerns. Listen to what she has to say. Some of her concerns may not have any real merit, but they are real to her. Make your wife realize that you want to work WITH her. She's afraid. That's a fact and saying "you shouldn't be afriad" does nothing but marginalize her feelings."

Sounds like an awful lot of work.

"When she's done talking, ensure that you understand her fears. Remember, what she SAYS might not be the root issue. My wife fears losing money. In reality, this is money that she spent years scrimping and saving and has a huge personal investment in. She's afraid of seeing all that work and all that personal sacrifice being lost. "

If you have to use your wife's money, then of course you have to ask her for permission.

"In the end, though, you have to make your own decision if you can't agree on a course of action together. Me, I'd rather have my wife than a rental house."

Well this one is debatable. It depends which one will earn more money and is less of a PITA.

Not that it matters, but she left after he the factory closed, they filed bankruptcy and he lost his house...

Like I said, it doesn't matter, she is still a dirt bag for a mother to up and leave the kids.

Just the country song.. He lost his job at the steel mill when it closed, filed bankruptcy and lost his house.. Although I don't know if he's dog died.

CT,

Oh hell yeah.. Tow that sucker if you are legally permitted and let them pay the impound and then find a way to evict them for screwing with you. It sounds like a power struggle at this point. Worse case, it almost sounds like the car could be blocking emergency vehicles from entering the property if need be. I have seen vehicles also roll out into the street and make an unsafe situation which required us to tow them. You may also want to call the cops and report an abandon car on your property, chances are, it has not been titled in their name, which means the former owner still owns it and is responsible for it being on your personal property.

I have bought a lot of junk cars as a kid and it always took me a couple of weeks to get the title put in my name due to lack of resources. Chances are, if it has plates on it, it's the former owners plates.