Viewing 1-10 out of 11 blog(s)
Anyone else getting strange "Paul" emails
Date: 02/07/2007 / Category: Business Strategies
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Current Grade A+
Preview:
I don't know who Paul is; however, I don't trust him. ID is aklocoo wanting to invest multi-millions from foreign funds from terrorist countries. Should they be allowed on this network? My ex-husband conned me into believing one of these Nigerian money scams (that the Canadian mounties don't even pursue anymore as too many Americans get taken daily) from pretending to be "renters" sending phony stolen Amercian cashier's checks from overseas. Unfortunately, I could not talk my ex into driving into Houston to make sure the Cashier's check we received was not a FRAUD - and he used it to... continue reading >>Read the Senate Bill 1823
Date: 02/01/2007 / Category: Business Strategies
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Current Grade B
Now that we can no longer do one year lease options unless we put the dead in the buyer's name (right, like we're going to do that), the 6 month leases don't allow for decent down payments anymore to cover your losses in case of tenant destruction. You could renew the lease every six months, or just find a mortgage company that takes incredibly bad (d paper) credit scores while you put them in your home. Typically D paper people treat your home like T-Paper (tee hee).
Protect the Seller
Date: 02/01/2007 / Category: Big Deals
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Current Grade B+
When you are working with the Loss Mitigation department attempting to get a great deal, don't forget to protect the seller by making sure they are released from liability from the difference of the loan amount to your purchase price. People who are in the "must sell" part of their life seem to know an aweful lot of people in the same situation....good references....plus they made need to lease on of your other properties!
Foundation Red Flag!
Date: 02/01/2007 / Category: Rehabbing Fun
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Current Grade A+
Preview:
Things to consider when purchasing a home with foundation repair needed. Don't listen to the agent....get a couple of foundation crews to give you estimates during your option period. 1.) Lift home...windows break 2.) Look for split/fractured rafters in the attic. 3.) If the floor is buckling...probably broken pipes under the foundation (extremely expensive to fix). 4.) Make sure it's not in a grandfathered area where monolithic slabs still exist! 5.) Sheetrock/cosmetic repair. 6.) House could become uneven and require additional work while original work is being done. Yes, they are the best bargains, however, they are not a bargain... continue reading >>Careful when you do your comps!
Date: 02/01/2007 / Category: Subject To
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Current Grade A
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It's easy for a buyer to claim his home is worth more than it is....and, just because there are flyers in the neighborhood that say they want $X for the rent doesn't mean that's what they're getting. Tax values aren't always the best way to guage value either as a lot of new areas are overvalued to start. Best rule of thumb is to make friends with a local agent and have her print the solds in the subdivision to make sure you have at least 10% equity (if not using an agent to resell/lease), 20% equity if using an... continue reading >>13% Cap Rate Full Service Hotel $5 Mil
Date: 02/01/2007 / Category: Big Deals
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Current Grade A-
Would need to be your buyer's rep - you'd have to sign an NCND. Hurry - must act fast. Hands off operation! Fabulous hotel..... donlin13@juno.com
Make Sure You Get Relative's Numbers
Date: 02/01/2007 / Category: Business Strategies
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Current Grade A
The police were looking for one of my tenants after the eviction....it was nice that they could find him due to the numbers of relatives on file (they didn't like him either!).
Grandma's Video Equipment
Date: 02/01/2007 / Category: Weird Occurrences
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Current Grade B
Touring the attic with clients to discover video equipment above Grandma's two-way glass mirrored canopy bed!
ALWAYS screen your tenants!
Date: 02/01/2007 / Category: Need Advice
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Current Grade A
Nothing more distressing than evicting your ex-husband's placed tenant to find that the home has been gutted and only $7,000 is covered from the $30,000 in damages as the insurance company claimed the damages to be "normal wear and tear" in the 6 months of the lease! AAAARGH!
Still a Newbie after all my Postings?