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rated:
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

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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.

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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 ....

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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!

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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.

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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.

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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

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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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jesus I just have all mine with one company and have an umbrella policy to cover the rentals. that seems like a bit PITA to save a few bucks but to each his own.

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sharpie130 said:   jesus I just have all mine with one company and have an umbrella policy to cover the rentals. that seems like a bit PITA to save a few bucks but to each his own.
often, the savings are worth the trouble.

i use 2 brokers across 3 actual insurers for my 15-odd properties....and that's just the homeowner's. the flood is another story....but it's not that big a deal. like anything else, just keep your records straight and look out for rate jacks.

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I live in Malibu CA and I buy a lot of properties on the east coast in Atlanta GA area plus the Tampa Florida area. Atlanta is a growing city which I believe would give me a pretty decent ROI on my investment. I brought another property a few months ago in Brandon Florida and I'm currently in the baltimore Md area viewing other properties before I head back to the west coast. Let say I buy a 2 million dollar property here in CA and receive 8500.00 a month, I can buy 10 houses in some small town or small city back east for approx 850k which would give me 8500 a month easily. I am saving money by living here in ca which I love and invest in homes back east

I conduct business with a few property management companies to manage my properties back east.

I love investments and I try to get involve into anything that make money(legally)

Tax liens and tax deeds are good ways to make money and obtain properties for less than market value but you have to know exactly what you are doing. I got a property in Venice beach that earns me 9k a month and second house that was built in 1909 that gives me 8500 a month. I obtain those properties in venice simply through the city tax lien and tax deed auction.

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ursugardaddy said:    I got a property in Venice beach that earns me 9k a month and I obtain that simply through the city tax lien and tax deed auction.
please explain your setup. I have purchased tax liens and tax titles and done well enough with them (12%+ per annum) but that's only if and when they pay out....and 9k/mo is a LOT. i would need to have 900k in tax liens paying out every year to sustain that.

or do you mean that you ultimately acquired full title to the properties via tax title? how long does the owner get to reclaim the property in CA? this is not an easy thing to do, ESPECIALLY for expensive properties as there are often loads of valid legal defenses (failure to notify being #1)...there are other shenanigans people use in my area, like writs of possession but there are plenty of rules that govern those.

anyway, just curious.

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Read the book call "real estate tax lien and foreclosure deeds. Learn in seven days by Don Sausa"

The properties in Venice beach was Tax deed which mean that the price will be more compare to tax lien method.

You stated that "if they pay out" which mean that you are not investing correctly within tax lien properties. I do not invest in land with a mobile home, no properties with community and association fees. I only go after homestead with people living within them and properties which have a mortgage because the bank will pay off the liens within the worst case scenarios. You will be surprise that some people do not have their property taxes included in their mortgage. Don't know what kind of banks they performed their business but I have benefited.

If you can send me an email that would be great or simply get the book and apply those methods.

I do not know everything but I make it a mission to learn everyday when it comes to MONEY... I ran across the book when I was walking with my wife in a Barnes and Nobles . I had to get it and I couldn't wait to google it. I paid a small fee which helped me a lot.

rated:
ursugardaddy said:   
You stated that "if they pay out" which mean that you are not investing correctly within tax lien properties.

there are lots of ways to make money in this area....and none of them is 100% guaranteed. your municipality may have different rules than mine, meaning the game is played somewhat differently. I have discussed the matter with other investors in my area, plus my attorneys and have been pursuing the best path I (or they) can see.  

YMMV.

rated:
solarUS said:   ursugardaddy said:   
You stated that "if they pay out" which mean that you are not investing correctly within tax lien properties.

there are lots of ways to make money in this area....and none of them is 100% guaranteed. your municipality may have different rules than mine, meaning the game is played somewhat differently. I have discussed the matter with other investors in my area, plus my attorneys and have been pursuing the best path I (or they) can see.  

YMMV.


Time to expand out your area. Some people aren't going to seriously help you make money and will give you a quick answer. When you ask a lot of people, you will receive different answers and get confused. It is always a legal loop hole somewhere and the lawyers you are speaking to know them. Are you paying them or simply asking questions? Money get things done and Time is money. Their advice isn't free because they had to pay thousands of dollars to learn it.. They arent going to check into anything as a favor.. Friend or not... One day you will have to repay that favor.

Have a good day

rated:
ursugardaddy said:   
solarUS said:   
ursugardaddy said:   
You stated that "if they pay out" which mean that you are not investing correctly within tax lien properties.

there are lots of ways to make money in this area....and none of them is 100% guaranteed. your municipality may have different rules than mine, meaning the game is played somewhat differently. I have discussed the matter with other investors in my area, plus my attorneys and have been pursuing the best path I (or they) can see.  

YMMV.


Time to expand out your area. Some people aren't going to seriously help you make money and will give you a quick answer. When you ask a lot of people, you will receive different answers and get confused. It is always a legal loop hole somewhere and the lawyers you are speaking to know them. Are you paying them or simply asking questions? Money get things done and Time is money. Their advice isn't free because they had to pay thousands of dollars to learn it.. They arent going to check into anything as a favor.. Friend or not... One day you will have to repay that favor.

Have a good day

whoa. i wasn't asking you for investment advice, bro, and i don't want or need a mentor. I was just curious what the tax deed setup was for you in your area...but now i've lost interest in being unnecessarily condescended to.

i'm sorry that you base your friendships on favors. that's pretty sad.

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Come on guy. Don't waste my time with your childish comments... Was I suppose to ask you for a correct way to answer.. You asked and got my answer. I can see why you go to numerous investors and lawyers asking the same question... You take things so personal..

rated:
solarUS said:   
whoa. i wasn't asking you for investment advice, bro, and i don't want or need a mentor. I was just curious what the tax deed setup was for you in your area...but now i've lost interest in being unnecessarily condescended to.

i'm sorry that you base your friendships on favors. that's pretty sad.



You need something if you can't research online the set up or get a book and read it. I can only give you some of it within this box. The rest you need to learn and resource.

"i'm sorry that you base your friendships on favors. that's pretty sad" but now as well i've lost interest in being unnecessarily condescended to...

Point proven that some people listen to learn and understand while other people listen to simply reply.

rated:
ursugardaddy said:   
solarUS said:   
whoa. i wasn't asking you for investment advice, bro, and i don't want or need a mentor. I was just curious what the tax deed setup was for you in your area...but now i've lost interest in being unnecessarily condescended to.

i'm sorry that you base your friendships on favors. that's pretty sad.



You need something if you can't research online the set up or get a book and read it. I can only give you some of it within this box. The rest you need to learn and resource.

"i'm sorry that you base your friendships on favors. that's pretty sad" but now as well i've lost interest in being unnecessarily condescended to...

Point proven that some people listen to learn and understand while other people listen to simply reply.

 the setups vary a great deal from state to state, smart guy. I was just giving a nice welcome and showing an interest in your stuff. I have no interest in adapting the "techniques" you learned in some book, lol.

i don't want a tutorial from you. just read like 20 pages in this thread and you'll see we are not novices here.

I have nothing further. Now maybe if you put your ego and your patronizing bullshit aside, you can have meaningful discussion in here.

rated:
solarUS said:   ursugardaddy said:   
solarUS said:   
whoa. i wasn't asking you for investment advice, bro, and i don't want or need a mentor. I was just curious what the tax deed setup was for you in your area...but now i've lost interest in being unnecessarily condescended to.

i'm sorry that you base your friendships on favors. that's pretty sad.



You need something if you can't research online the set up or get a book and read it. I can only give you some of it within this box. The rest you need to learn and resource.

"i'm sorry that you base your friendships on favors. that's pretty sad" but now as well i've lost interest in being unnecessarily condescended to...

Point proven that some people listen to learn and understand while other people listen to simply reply.

 the setups vary a great deal from state to state, smart guy. I was just giving a nice welcome and showing an interest in your stuff. I have no interest in adapting the "techniques" you learned in some book, lol.

i don't want a tutorial from you. just read like 20 pages in this thread and you'll see we are not novices here.

I have nothing further. Now maybe if you put your ego and your patronizing bullshit aside, you can have meaningful discussion in here.


"I have no interest in adapting the "techniques" you learned in some book, lol. "

So learning and reading a book is wrong and funny... It is simply suppose to come to you within life without you as an individual going to get it yourself.

"My ego."


Now as well i've lost interest in being unnecessarily condescended to

rated:
I don't want to ever hear about this again or discuss this again. Time to turn the chapter within this "book" and move on..

Let people continue the conversation on "The INVESTMENT / RENTAL PROPERTY thread!!!!

"i've lost interest in being unnecessarily condescended to"

Thanks

rated:
Well that went south in a hurry. And now we have "off limits" topics. Hope there's thread somewhere with a list so I don't accidentally bring one up.

rated:
So anyway, just got off a cold call from a realtor who has someone interested in buying my 3 building 15units. Hadn't considered selling and not interested in the dog and pony show that comes with an open listing, however prices are on the way up. Own it outright over 15yrs cash flows ok. Can I just set up a one time private selling arrangement in that he brings the buyer he has and see if a deal can be done. If there is no deal, we all move on . Any ideas on how to approach / set up method to do this.

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If it's cash flowing ok, why would you want to sell it? Tired of it?

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jetfiremuck said:   So anyway, just got off a cold call from a realtor who has someone interested in buying my 3 building 15units. Hadn't considered selling and not interested in the dog and pony show that comes with an open listing, however prices are on the way up. Own it outright over 15yrs cash flows ok. Can I just set up a one time private selling arrangement in that he brings the buyer he has and see if a deal can be done. If there is no deal, we all move on . Any ideas on how to approach / set up method to do this.
  In my area, we have listings that aren't MLS and no ads.  The realtor and his realtor friends descreetly call people who they know are interested in that kind of property. It can successfully be done. Prices on multi family are very healthy right now.  A friend recently sold his 24 unit that was MLS listed.  It was overpriced in my opinion and sold for asking within a week. He made out like a bandit. Good luck!

rated:
jetfiremuck said:   So anyway, just got off a cold call from a realtor who has someone interested in buying my 3 building 15units. Hadn't considered selling and not interested in the dog and pony show that comes with an open listing, however prices are on the way up. Own it outright over 15yrs cash flows ok. Can I just set up a one time private selling arrangement in that he brings the buyer he has and see if a deal can be done. If there is no deal, we all move on . Any ideas on how to approach / set up method to do this.
  
It gets done all the time, they're called pocket listings and are typically against MLS rules as you usually get the highest price when it's on the open market. Usually you can negotiate a lower commission when it's a direct sale, depends on the price, maybe 20-40% depending on how much you're talking about. 

rated:
solarUS said:   
sharpie130 said:   jesus I just have all mine with one company and have an umbrella policy to cover the rentals. that seems like a bit PITA to save a few bucks but to each his own.
often, the savings are worth the trouble.

i use 2 brokers across 3 actual insurers for my 15-odd properties....and that's just the homeowner's. the flood is another story....but it's not that big a deal. like anything else, just keep your records straight and look out for rate jacks.

  yeah... I've had Nationwide drop me on the rentals after 10+ yrs. Some wont insure you if you have over 4-5, rates vary based on companies exposure, and based on what business they want to go after.  So yeah... revolving door of policies.

rated:
JaxFL said:   
solarUS said:   
sharpie130 said:   jesus I just have all mine with one company and have an umbrella policy to cover the rentals. that seems like a bit PITA to save a few bucks but to each his own.
often, the savings are worth the trouble.

i use 2 brokers across 3 actual insurers for my 15-odd properties....and that's just the homeowner's. the flood is another story....but it's not that big a deal. like anything else, just keep your records straight and look out for rate jacks.

  yeah... I've had Nationwide drop me on the rentals after 10+ yrs. Some wont insure you if you have over 4-5, rates vary based on companies exposure, and based on what business they want to go after.  So yeah... revolving door of policies.

my primary insurer Amica will do up to 4-5...the other main one I use, Southern Fidelity will do more than 5 but they won't have liability or med payments....so really, at some point, with enough property, you don't really have much of a choice unless you go with a commercial insurer. 

rated:
Those of you with property managers...

How much are your managers charging you to manage a single family home?

My manager takes first month rent and 8% monthly in Round Rock, TX. Wondering if I am overpaying.

Thanks.

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Local price here in GA is one month to fill the unit and 10% of rent.

rated:
Victorville, CA = 1/2 month + 10% of rent

rated:
waikikisneakie said:   Those of you with property managers...

How much are your managers charging you to manage a single family home?

My manager takes first month rent and 8% monthly in Round Rock, TX. Wondering if I am overpaying.

Thanks.

  
It would probably make more sense if you posted how much the rent was. I've seen them range from 4% to 10% depending on the rent. Those 4% of rent makes sense when the rent is 2-4k a month, not so much if you're talking 500-1000. 

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