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waynejs said:   
rufflesinc said:   I have two last houses to fix up from this spring, then it's time to save up cash and wait for the winter deals, now that we have maxed out 10 fannies mae mortgages, we will buy cash and cash out.
† Hey ruffles,

Did you use a local bank for your 10 mortgages? †It seems like the big banks will only do up to 4 mortgages. †I have 3 right now, so once I get one more, I'm going to have to find other alternatives. †

† yeah, i used two local banks. you have to call around

rated:
Update, Our house under renovation will soon have an occupant. She is renting it "as is" for a reduced amount. She'll be moving in about a week from now. I'm trying to get the inside ready (GFCIs, smoke alarms, repairing an ungrounded outlet, changing out a broken ceiling fan, etc...) The outside stuff I'll continue to work on after they move in. (porch railings, siding repairs, structural underpinning, etc) So this will defer the renovation to farther down the road when I may have more time. Should be a win/win.

On the debacle with the house I bought from Fannie Mae that was actually owned by HUD, that is scheduled to close tomorrow. Finally, after weeks and weeks of delays. What a mess. We'll do the refurb on that property starting the third week of September. Doesn't need a lot, the usual flooring, painting, etc.

Have another small property we own that needs a major redo and we just keep bumping it down the list as it's not a rush.

The three "ghetto houses" we had offers on have stalled as we're not going to pay any more and they won't sell for our price. Those offers are standing for now. If we come across something else we'll pull those offers as that would clean us out financially.

To this point we're only doing cash buys. We may borrow in the future but not likely in the near future as my wife and I are very debt averse.

rated:
Ranchland said:   †repairing an ungrounded outlet
† There's three things you can do to that
1) put 2 pronged outlet in
2) run ground wire†
3) put gfci and with "no equip ground" sticker, only for bathroom and maybe kitchen

don't take any shortcuts with grounding ....

rated:
rufflesinc said:   
waynejs said:   
rufflesinc said:   I have two last houses to fix up from this spring, then it's time to save up cash and wait for the winter deals, now that we have maxed out 10 fannies mae mortgages, we will buy cash and cash out.
† Hey ruffles,

Did you use a local bank for your 10 mortgages? †It seems like the big banks will only do up to 4 mortgages. †I have 3 right now, so once I get one more, I'm going to have to find other alternatives. †

† yeah, i used two local banks. you have to call around

† Thanks for the info!

rated:
waynejs said:   
rufflesinc said:   
waynejs said:   
rufflesinc said:   I have two last houses to fix up from this spring, then it's time to save up cash and wait for the winter deals, now that we have maxed out 10 fannies mae mortgages, we will buy cash and cash out.
† Hey ruffles,

Did you use a local bank for your 10 mortgages? †It seems like the big banks will only do up to 4 mortgages. †I have 3 right now, so once I get one more, I'm going to have to find other alternatives. †

† yeah, i used two local banks. you have to call around

† Thanks for the info!

† its a pain in the butt. I spent half a day calling banks, and you have to call during working hours since banking hours .

rated:
rufflesinc said:   
waynejs said:   
rufflesinc said:   
waynejs said:   
rufflesinc said:   I have two last houses to fix up from this spring, then it's time to save up cash and wait for the winter deals, now that we have maxed out 10 fannies mae mortgages, we will buy cash and cash out.
† Hey ruffles,

Did you use a local bank for your 10 mortgages? †It seems like the big banks will only do up to 4 mortgages. †I have 3 right now, so once I get one more, I'm going to have to find other alternatives. †

† yeah, i used two local banks. you have to call around

† Thanks for the info!

† its a pain in the butt. I spent half a day calling banks, and you have to call during working hours since banking hours .

† Well worth it though being able to get all that purchasing power!

rated:
I got it fixed today. There was a ground wire in the cable but it was cut off (who knows why?), There was enough wire on both ends to connect it all correctly so now it's all good. Although this house was built in 1900, it underwent a complete remodel in the 80's and was rewired at that time. All the receptacles are grounded and it has a 200 amp load center.

rated:
cajundavid said:   
waynejs said:   Any fatwalleters still actively looking for rental properties to buy? †I'm still looking to buy up properties, but seeing a few posts from some of you saying that you are holding off and even selling off your properties (solar and alamo I believe) has given me some pause. †I'm buying properties in the Chicago area and I think housing prices in many areas here haven't had the same housing recovery as the rest of the nation. †For example, I bought a one bedroom condo last October for $64K (added $11K more to put hardwood floors and new paint throughout, and redo the bathroom). †This property last sold in 2007 for $138K. †Comparable units in this building that haven't been renovated have sold for $80K this summer. †There are still quite a few condos in pretty decent areas that are selling for around 50% of peak prices. So even if we have another downturn in housing, I don't think prices would dip too much below what they are selling for now. †At least I hope not. †I wish I had bought some rental properties back in 2011 or 2012, the same type of condo I bought last year, I could have bought for like $40K. † †
† I never stop looking, but I only want screaming deals.

same here....††although at some point that may change as I need to park my cash somewhere and stock/bonds/etcs just don't yield as much.

rated:
solarUS said:   
cajundavid said:   
waynejs said:   Any fatwalleters still actively looking for rental properties to buy? †I'm still looking to buy up properties, but seeing a few posts from some of you saying that you are holding off and even selling off your properties (solar and alamo I believe) has given me some pause. †I'm buying properties in the Chicago area and I think housing prices in many areas here haven't had the same housing recovery as the rest of the nation. †For example, I bought a one bedroom condo last October for $64K (added $11K more to put hardwood floors and new paint throughout, and redo the bathroom). †This property last sold in 2007 for $138K. †Comparable units in this building that haven't been renovated have sold for $80K this summer. †There are still quite a few condos in pretty decent areas that are selling for around 50% of peak prices. So even if we have another downturn in housing, I don't think prices would dip too much below what they are selling for now. †At least I hope not. †I wish I had bought some rental properties back in 2011 or 2012, the same type of condo I bought last year, I could have bought for like $40K. † †
† I never stop looking, but I only want screaming deals.

same here....††although at some point that may change as I need to park my cash somewhere and stock/bonds/etcs just don't yield as much.

† I know, I bought 5 houses in a 9 month period just because I was tired of the risks and yields. †

rated:
cajundavid said:   
solarUS said:   
cajundavid said:   
waynejs said:   Any fatwalleters still actively looking for rental properties to buy? †I'm still looking to buy up properties, but seeing a few posts from some of you saying that you are holding off and even selling off your properties (solar and alamo I believe) has given me some pause. †I'm buying properties in the Chicago area and I think housing prices in many areas here haven't had the same housing recovery as the rest of the nation. †For example, I bought a one bedroom condo last October for $64K (added $11K more to put hardwood floors and new paint throughout, and redo the bathroom). †This property last sold in 2007 for $138K. †Comparable units in this building that haven't been renovated have sold for $80K this summer. †There are still quite a few condos in pretty decent areas that are selling for around 50% of peak prices. So even if we have another downturn in housing, I don't think prices would dip too much below what they are selling for now. †At least I hope not. †I wish I had bought some rental properties back in 2011 or 2012, the same type of condo I bought last year, I could have bought for like $40K. † †
† I never stop looking, but I only want screaming deals.

same here....††although at some point that may change as I need to park my cash somewhere and stock/bonds/etcs just don't yield as much.

† I know, I bought 5 houses in a 9 month period just because I was tired of the risks and yields. †

† What about the increased risk that comes from a lack of diversification? †Everything is a good idea, until it isn't. †

rated:
Any financial investment of any sort (except maybe a savings account) has some risk attached to it. Rental real estate is a pretty steady market and whether home prices go up or down, it doesn't directly correlate to rental prices. So if you're in a buy/hold situation, I think that's pretty safe. Flipping may have greater rewards but also has the associated increased risk attached. Diversification is of course wise but to each their own.

rated:
tehlorax said:   
cajundavid said:   
solarUS said:   
cajundavid said:   
waynejs said:   Any fatwalleters still actively looking for rental properties to buy? †I'm still looking to buy up properties, but seeing a few posts from some of you saying that you are holding off and even selling off your properties (solar and alamo I believe) has given me some pause. †I'm buying properties in the Chicago area and I think housing prices in many areas here haven't had the same housing recovery as the rest of the nation. †For example, I bought a one bedroom condo last October for $64K (added $11K more to put hardwood floors and new paint throughout, and redo the bathroom). †This property last sold in 2007 for $138K. †Comparable units in this building that haven't been renovated have sold for $80K this summer. †There are still quite a few condos in pretty decent areas that are selling for around 50% of peak prices. So even if we have another downturn in housing, I don't think prices would dip too much below what they are selling for now. †At least I hope not. †I wish I had bought some rental properties back in 2011 or 2012, the same type of condo I bought last year, I could have bought for like $40K. † †
† I never stop looking, but I only want screaming deals.

same here....††although at some point that may change as I need to park my cash somewhere and stock/bonds/etcs just don't yield as much.

† I know, I bought 5 houses in a 9 month period just because I was tired of the risks and yields. †

† What about the increased risk that comes from a lack of diversification? †Everything is a good idea, until it isn't. †

i personally still maintain a good investment mix....but i don't really consider real estate quite the same as other, passive investments. it's really a hybrid of investment vehicle and part-time job :-D

rated:
Ranchland said:   Any financial investment of any sort (except maybe a savings account) has some risk attached to it. Rental real estate is a pretty steady market and whether home prices go up or down, it doesn't directly correlate to rental prices. So if you're in a buy/hold situation, I think that's pretty safe. Flipping may have greater rewards but also has the associated increased risk attached. Diversification is of course wise but to each their own.
† The black swan lurks EVERYWHERE!

rated:
Insurance question. I have a property that is going under contract this week and so I want to insure it. Got a quote from my agent and told her it was an ancient house and I didn't want to insure it for "replacement value" if that was a possibility. It's also in a poor fire protection zone so insurance is higher than usual anyway.
So my question is this: I will have my autos insured by one company, my home and two rental sfh with another company and this sfh with yet another company. Is this typical? This was the best pricing I could get. She did find a company that would insure for a "stated value" rather than replacement so it's considerably less.

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