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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.

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