All Forum Posts by: Thomas Ayres

None of my commercial loans like Mortgages, auto loans, lines of credit or credit cards show up on my personal credit. 

Don't let everyone spook you off. I have grabbed several properties in that price and rent range. I can tell you most if not all are winners if your looking for just cash flow. I run them with below market rent, self manage, auto rent payments and only rent to tenants with long term rental history and they stay forever. I have several homes like this with several 10 15 and 20 plus year tenants. 

I have have been in this situation many times buying tenant occupied units. Most the time when we take possession we do a new move in check list with tenants, note any problems and just have to take their word if the damage was there before. Hopefully the previous owners did a move in check list and provided you with it at closing but most ours never have one. 

Joseph,  53k, very rare profit margin for my area. We did the rehab very modern in a very unmodern neighborhood and everyone loved it. We are 90 percent buy and hold. 

Im confused, why did you put so much of your own money in the deal? I know your town well and you could point at most the banks and get those properties morgaged a 75 LTV and not care credit score or maybe add a point.

I did just do a flip paid 40k rehabed and sold in 60 dayd for 165k. The bank made buyer get 3 appraisals. They wanted proof of drastic price difference but the deal still closed

I have flipped homes, and own property in every type of market in Nebraska and Iowa. Run the numbers if its enough for the trouble then do it. Do your research and comps. You will be fine. 

Fyi we just did a 30 day flip, on market for 3 days 60 thousand profit, city of 4500 ppl thats 80 miles from nearest big city. Alot of communities are lacking nice updated homes and ppl will pay to have one.