All Forum Posts by: Steve M.

I've dealt with this on a short sale I tried to work about 8/9 months ago. So far, I'm 1 for 2 on shorts.

Chances are, the short sale wasn't preapproved at $74k. $74k was probably the figure the agent came up with thinking this is what the bank *might* accept.

The seller can accept anything, but at the end of the day, the bank is the one who decides whether or not to move forward.

George,

Thank you SO much for the information! I've saved it and will go over it thoroughly! Appreciate it!

Anyone have a ballpark on what a complete tear down & haul might cost? I understand it may be location specific, but an idea would certainly help!

Thanks George, Joe, & Brandy!

Hey Guys ...

Hope all is well! I don't post as often anymore, but I still lurk and read quite a bit. Anyways, received word this morning that my Duplex Rental House had a fire last night. Later learned this afternoon that is likely a total loss (Roof Collapsing, gutted inside, walls falling in, etc...) Luckily, no one was harmed/injured. From initial reports, looks like an electrical/hvac issue and it started up near the furnace in the attic.

Wondering if anyone has dealt with their insurance on a complete loss before? This will be my first time.

The house was fully insured as a rental even including lost rental income.

Just looking for some guidance & support, and to see if anyone has ever been in these shoes :)

Thanks!

Love It! Not as cluttered and clean :) Very Nice!

Things I didn't account for on my last rehab - Misc expenditures like you said.

Anything from door hardware, to extra brushes, to a new damn hose on my pressure washer.

all in all, i still came out ahead. I, like you, did most of the work on weekends. after about 2 months, i was done - as in - hiring out the rest :)

came in about $2,000 over budget due to the fact I decided to replace cabinets which I wasn't originally going to do :)

Hey Scott ...

Yes, I have thought about lease purchases, but I'm not really looking to sell it to an end buyer. I've already had a lease/purchase fall through.

I'm mainly offering financing hoping to move it via another investor.

Thinking about selling a couple properties and carrying the note.

Questions:
1) What do you require down? (ex: 10%, 20%, 25%, etc...)
2) Pull Credit?
3) Interest rate you charge?

Any other words of advice outside of making sure my lawyer locks everything down appropriately.

Thanks!

Stinson has some great ideas ...

After the above, I'd take a look back at what your exit strategies were.

1) Dropping the price if need be.
2) Holding on to it and renting it until the market recovers (if it ever does)
3) Flipping it to another investor just over cost if you get in a bind or got in over your head, etc...

EDITED TO ADD: You have to remember to always take in to account holding fee's (3 or even 6 months reserves). I'd only suggest option #3 as a last ditch effort.

Julie ...

Its $167k for 2010. Between $167k - 177k, you can contribute half I believe. Above $177k - No Go.

They go by adjusted gross income (AGI) I believe - Don't believe it matters where the income comes from.

I'm not a CPA, so take what I say with a grain of salt. The $$$ figures should be correct though.

Washer/Dryer - We rip out the old ones (and sell or donate) but do not put new ones in our rentals. HVAC's get replaced if they need to, as do appliances.

We won't provide Fridge, Washer, or Dryer. Everything else (stove/microwave/dishwasher) we provide.