Investment Delimma
Hello, I am in dire need of suggestions/ or counsel. I have 2 vacant rental homes and both need repairs. I am uncertain of what course of action I should take. Time and money are both scarce and essential. I'm dealing with trauma on the employment scene (since my layoff in '01) which leads to inability to prove stability on loan apps. I'm awaiting comps and repair estimates in order to clarify the numbers. I am open to consider any suggestions of alternate funding sources. Thanks.
Sell one as a 'Fixer' and get the other repaired and rented ASAP.
where are the properties located?
Mazalia,
I WILL get back with YOU tomorrow....
....I will tell you what I do!
I have walked in YourShoes....
....as always,
GoodInvesting, Rocky
Get a no verification / no asset check / no credit check loan. you will pay a little more, but it will help you survive the vacancies and repairs.
David,
A no credit check loan... can you help me out with that... I have heard only one other person mention getting a loan without a credit check, and that was Russ Whitney. How much more interest would one expect to pay for such a loan, and where would one find this out?
Thanks a lot...
MT
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Michael T.<br>
Fla. Agent/Investor[ Edited by MikeT1013 on Date 07/23/2003 ]
Well, I would not have a problem with a credit check; it's one of my strong points.
Mazalia[ Edited by Mazalia on Date 07/24/2003 ]
Mazalia,
I have been in that same situation...
....but I had 5 vacant at one time...
..OUCH!!
I only do L/Os when I list my REIs...
...and I only advertise on Sunday in the newspaper. I use a 3 line ad and put the ad in 2 sections...houses for sale and houses for rent....and it also goes on their InternetSiteForTheWeek...forFREE!!
....Oh and BTW...I use no sign in the yard so as to not get useless calls from the whole neighborhood.
ActualAdFromThisSunday:
REGENCY PARK Rent to Own. 3/1.5/
No gar. TLC. $1000 down. $799 mo.
727-555-5555
This house needs painting in and out and carpeting. ....I call this TLC
The house is being sold at the Comps for the area, $85K, with a $386 positive cash flow for me.
If the house was in move in condition it would be $3000 down.
I have had down payments as low as $100.00 depending on the work that needs to be done RE: LightHandyman through Handyman.
I never buy houses that need PermitsPulled!
If the house needs LightHandyman through Handyman I make an addendum to the L/O contracts with a punch list and dates for completion.
The option is for 360 months and the monthly payment covers PITI...
I treat all payments just like a 30 yr. amortized loan...
I GET GREAT RESULTS USING THIS SYSTEM and the above house will deal fast!
If you have any questions ....keep the posts coming...
....as always,
GoodInvesting, Rocky