Chat Transcript January 15, 2007
Posted on January 16, 2007
mguizar Is anyone available to enlighten me in purchasing a 28 unit apartment.
azapp how are you
azapp where are you looking to purchase? what state?
corkmunsterman [b]Hello
corkmunsterman gured this out
corkmunsterman hello – just figured this out – am UK based Irishman
azapp welcome back
corkmunsterman thanks
corkmunsterman Does it get busy here – are the online chats useful in ytour opinion? where are you based?
azapp this is my first time on
corkmunsterman Mine too
azapp I’m hoping to learn a great deal
corkmunsterman What are you interested in learning about?
azapp Taking the right steps to financial freedom
azapp Finding the method that is right for me and implement it to become successful
azapp I’m looking for the right vehicle, acquire the right knowledge, and work it to grow into it
azapp I’m into real estate
corkmunsterman HAve you read the book weekend millionauire it is quite good in many respects. Also I recommend Eddie Hobbs’ stuff, and the Motley Fool books. Rich Dad Poor Dad books are good in general but some are simple rehashes of earlier books.
azapp My favorite lately is The Secrets of the Millionaire Mind
corkmunsterman Have you an existing portfolio of property. Where are you intending to investing?
azapp I have an existing portfolio.
azapp Mostly single family houses
azapp I’m looking for sources of private lending
corkmunsterman I have a small portfolio, 2 basically. It is quite difficult in the UK and Ireland to find properties that will pay their way. Property has become incredibly popular over the last 10 years so investors have forced prices up. the lending structures here are still quite conventional. Private lending is not well known.
azapp Have you ever thought of investing in the US?
azapp I am working with a UK born investor. He is doing quite a few properties in the US
corkmunsterman I have thought about this occasionaly. Prices seem more reasonable.
Al Lee Hi. Welcome
fly hi there…
Al Lee Hi. We are a few minutes early, but I am Miek and Roger ought to be here soon
jacepharm@gmail.com Hello Al
jacepharm@gmail.com Hello Fly
fly ok…
Al Lee Hi, How are things going?
fly hello Jace..
jacepharm@gmail.com Great thanks
jacepharm@gmail.com Just finished closing a deal today on a 2 family
jacepharm@gmail.com we signed contracts
Al Lee jace, that is terrific. Where is it?
jacepharm@gmail.com im in northern NJ
jacepharm@gmail.com 10 min away from NYC
Al Lee Is it near where you live?
fly Great Jace…!
jacepharm@gmail.com urban city where you find mostly multifamily units
Al Lee What did you pay for it?
jacepharm@gmail.com Its about 20 min from where i live
Al Lee and what rents can they bring?
jacepharm@gmail.com tip from attorney it was part of an estate..$250K
fly I rode all day and left my # on a few doors…
Al Lee that sounds liek a stel in that part of the country
Al Lee liek a steal
Al Lee like
jacepharm@gmail.com rents are about 1400 per month
Al Lee a problem with transposing letter because I type too fast
jacepharm@gmail.com 2 family go for typically 450K and up
Al Lee is that each side?
Al Lee the rents, that is
jacepharm@gmail.com yes each apt is $1400 each
Al Lee jace, you have hit a home run !!!
Al Lee that will cash flow very nicely
Al Lee , Mike
jacepharm@gmail.com Thanks to my attorney
Mike_Summey Hello everyone!
jacepharm@gmail.com it was part of an estate
fly Hello Mike…
Al Lee Send yoru attorney a bottle of wine
jacepharm@gmail.com Hello Mike
Mike_Summey It’s been a few weeks since I’ve been here.
Al Lee Mike, jace just made a really good purchase
Mike_Summey I feel a bit rusty tonight
Mike_Summey Really!
Mike_Summey Tell me about it Jace
Al Lee Mike, when I feel rusty I pour a glass of Merlot to oil me up
jacepharm@gmail.com 2 family for 250K in Northern NJ
Mike_Summey Jace, did you use the Offer Generator?
jacepharm@gmail.com yes I did
Mike_Summey Great.
jacepharm@gmail.com attorney led me on to it. It was part of an estate and the family lived out of state and just wanted to get rid of it
Mike_Summey I’ve been working all day on a descriptive posting to add to the website that shows what the OG can do.
fly I gotta get 1 of those….:D
Mike_Summey fly, what did you get?
fly generator i mean…
Mike_Summey Oh! Have you tried it out yet?
fly i have to get the offer generator….
jacepharm@gmail.com Properties typically go for 450K for a two family in this aprt of the country
fly Mike….i am in Burnsville N.C.
jacepharm@gmail.com so it was a steal
Al Lee jace, is thsi your first property?
Mike_Summey Fly, it is a great tool. It can do in 5 min what it would take hours to do by hand.
Mike_Summey Hi Rob
Rob_FL Hi!
fly I heard that….!
jacepharm@gmail.com Fly, the offer generator works wonders…
fly I have your books….mindset…faq andsecrets…..
jacepharm@gmail.com it helps you put together so many different offers together
fly yea i’ll get it soon….
cstew hi everyone
Al Lee Hi
Mike_Summey fly, the OG incorporates the teachings of the books and audio programs into a computer program that does a lot of the work for you.
Mike_Summey Hi cstew
Mike_Summey Hi Shane
fly ok……
shane_Ky Hi Mike
Mike_Summey Hi Ken
Ken Hi everyone
fly Im reading your books now…very excited….!
fly I was in Marion all day today looking around….
Rob_FL What are the best ways you are getting deals nowadays with the market becoming more of a buyer’s market?
Ken Al how is the DFW market? Picking up any?
fly I have 1 rental and 1 lot in Barnardsville
jacepharm@gmail.com Mike, I have several properties and I was trying to consolidate the rents into on account similar to what you shared with us one time and was cautioned against it because of the possible liabilities. COuld you explain how to set it up so that if your sued on one properties you dont tie up the other properties
Al Lee Ken, it is terrific for what I deal in. The higher priced homes are not always so good, but the middle-class hosues always do well.
Mike_Summey One of the things I just wrote today about the OG is that every property is different, every seller is different so potentially there could be as many different ways to buy properties as there are combinations of property and people. The OG gives you the ability to offer so many different ways to buy that it greatly enhances your chances of making a deal when others can’t find a way.
Al Lee Hey, there’s Roger
Mike_Summey There’s Roger
Roger Dawson Hi Folks, sorry to be late.
jacepharm@gmail.com each property has its own corporate structure..But I wanted to deposit the rents in one bank account rather than have 10 accounts
jacepharm@gmail.com Hi Roger
fly Hello Roger….
Roger Dawson Hi fly
Mike_Summey jace, I operate hundreds of properties out of one bank account. It’s not the bank account, its the accounting that you need to keep separate.
Rob_FL I have a goal to make 3 offers a week consistently–my problem is finding the motivated sellers
Mike_Summey Hi Keith & 1099
Al Lee jace, if each property is owned by a separate entity and ech of those entities endorses the checks over to you I do not believe that would tie them together as far as liability is conserned.
w1099 Hello everyone
Keith Smith Hey Mike
Keith Smith and everyone else too…
Mike_Summey rob, you only have to find one a year to become wealthy over time.
Rob_FL Yes, but to find the ONE a year, you have to go through A LOT of properties, don’t you?
Al Lee jace, but you might have a lot of accountig work to do at tax time to reconcile all those entities
pineapple hello everyone
w1099 thats the price one pay for success Rob-FL
cstew I went “farming” again this weekend, while I found fsbo, and fs with realtors, I also saw many “for rent” It has me somewhat worried, but that is not my target area, but finding that more in my target area. Mike you know my area, what do you think?
fly hello pine..
Mike_Summey jace, there are a lot of real estate gurus who scare people to death with liability worries. Most of it is bunk. Insure yourself well and be a good landlord and you shouldn’t have much of a problem.
Mike_Summey Hi pineapple
Mike_Summey Rob, I once made 50 offers that were all rejected before one was accepted. After that one 6 of the next 10 were accepted. It’s a numbers game.
Mike_Summey Hi zert
cstew actually the house next door to mine is for rent… bit high, but for rent the last 3 months
Al Lee Mike, I say “amen” to what you said about liability. I have not had a single problem in over 30 years
Rob_FL Mike, I perfectly understand that 
and will do what it takes
jacepharm@gmail.com Mike and Al the way that I have it set up is each property has a bank account.Rent checks are made to those respective properties. When repair is done I have to cut a check from that properties bank account. At the end of the year alot of reconciling. How do consolidate so that its all in one bank account? My attorney feared that if the checks were made to one entity if I were sued on one property and they found out that the checks were made to another entity they might want to after that entity as well.
zert Hi everyone
Roger Dawson Keep in touch with the sellers who turn you down. Your offer will look better and bettter to them if they’re not able to sell.
Rob_FL Mike, if you were going to take massive action to find that property, what will you do? Drive around like crazy talking to FSBO’s???
Mike_Summey cstew, rent signs are like for sale signs. They come and go. Talk to a few people in the neighborhoods and see if there is a problem that is making so many for rent sings go up.
Roger Dawson Hi Penny!
Penny Hi Roger and everyone.
w1099 hey penny
Mike_Summey jace, I hate to tell you, but if you are sued, they’re probably going to go after everything anyway. What you are doing will probably only stall them a while.
Mike_Summey Hi Penny
fly Hi Penny….
shane_Ky Mike, Al, do you focus on a certain price range you look for in buying sfh and how has it changed over your investing carers
Mike_Summey jace, I still think adequate insurance is the best defense. People can sue for just about anything. Getting something is another story.
Al Lee jace, your attorney is a bit too scared, I would say. First, the checks do not need to be made out to the other entity, they can just be endorsed to it by the entity owning the property. Second, I think you are incurring a lot of extra cost and complexity to fend off a phantom liability. Lawyers always go overboard in their advice because that is what they do. To a hammer every problem looks like a nail.
Al Lee Liability insurance is cheap
Al Lee shane, if you buy properties that are priced so that the first-time home buyer coudl afford it, you almost can not go wrong
Mike_Summey Rob, just keep making offers. You don’t ahve to panic and go crazy. If you set a course and stick with it, you will make purchases.
Mike_Summey Hi jmike
pineapple Mike, with your properties in SC. Do you have a whole other team setup over there? Like another accountant, banker, attorney, etc.
Al Lee Over the past 33 years that price point has moved, of course, but I still buy mostly proeprties that the first-timer coudl buy form me if I wanted to sell them.
shane_Ky Thanks
Mike_Summey jace, I agree with Al. It sounds to me like your attorney is making good money off you.
jacepharm@gmail.com Mike, Al great to hear that! I explained to him that i knew investors that had hundreds of properties and that it was insane for you guys to have one hundred different bank accounts. I also explained that you keep the accounting seperate internally but that all goes in one pot.
Mike_Summey Hi azapp
azapp HI mike
Al Lee jace, the big question is: Is you lawyer a successful real estate investor?
Al Lee If I want advice about something, I ask someone who has been successful at it.
Mike_Summey jace, I have a separate accounting account for each property, not a sepaarate bank account. I couldn’t imagine what it would be like to have a different bank account on all of my properties.
jacepharm@gmail.com Al, he owns a few properties and mostly handles real estate closings…He likes to err on the side of caution….
jacepharm@gmail.com Mike, That is what I figured. I am using TenantPro to keep the accounting seprate
Mike_Summey jace, he’s probably one of these attorneys who would encourage you do drive a tank so you would have to worry about getting in a wreck.
Al Lee jace, I have been an investor for over 30 years , Mike has for even longer than I. We both never foudn it necessary to have separate entities own each proeprty or separate bank accounts.
cstew What about mobile homes?
Mike_Summey Jace, a couple of my property managers use Tenant Pro, but I’ve found I can do all I need with Quicken Home and Business. I let the property managers handle the details. I look at the big picture.
fly ….and moble home parks…?
Al Lee I know at least a dozen people who have become very wealty in real estate and none has done those things except for the ones who buy large commercial properties. That is a different story.
jacepharm@gmail.com Al, really? So you have all your properties under one corporate structure?? WOW….
Roger Dawson Cstew: It’s good to own the mobile home parks. they go up in value. Don’t own the coaches, they go down in value.
Mike_Summey cstew, stay away from them! They go down in value and often attract problem tenants.
cstew would you invest in them? doublewide on perm foundation
Roger Dawson CStew: Never!
Ken anyone hear about that mobile home park in FL were everyone will make 1,000,000 because they want to bulldoze it to make bigger stuff?
jacepharm@gmail.com Mike, I have a property manager but I still like to collect the rents…I let them handle the day to day managing
Mike_Summey jace, I hold all of my properties in two LLCs
Al Lee jace, I have done radio shows and written articles on the topic. You can read and listen to them free at my website. Go to www.RentHouses.org and click on Streaming Audio or on Articles.
Mike_Summey jace, if you’re collecting the rents and paying the bills, what is you manager doing?
cstew what about one on .45 acre that you could eventually put a house on?
jacepharm@gmail.com Ken, I have….They will all become millionaires in FL…they want to build 900 condo units…beachfront property
Mike_Summey cstew, if you buy it, pay for the lot and consider the trailer a liability. It will cost you several thousand to get rid of it.
Mike_Summey Hi Sol
jacepharm@gmail.com Thanks Al I will check your site out
Ken heck of a return. good for them, atleast the goverment didn’t just take it from them
w1099 Mike the PM give you the run down of whats is going on with your investments? Al same Q for u 2?
Al Lee 1099, if I understand the question, the answer is Yes.
Sol (Cali) Hi Mike. I finally made it home from work in time to join the chat again.
jacepharm@gmail.com Mike, they are handling the calls and repairs and maintenance, etc….Have not been able to relinquish total control just yet
cstew so even a “nice” doublewide in my target area? Yes is over priced, but on the market now for about a y.
jacepharm@gmail.com Mike, want to make sure I can trust them
w1099 Ok Al Thanks
Mike_Summey 1099, I get a detailed report each month on each property. Income, expenses with copies of all receipts, etc. Plus a Rent-Vacancy-Past Due report and a management performance report.
Al Lee With single-family houses we make money in cash flow and we get appreciation. With mobile homes there is depreciation, not appreciation, so you had better make a lot in cash flow.
cstew Yeah, that is what I thought, have not talked to the owners, just a couple potential renters, who said no
Ken we just had a mobile park shut down do to sewage problems, it put all kinds of people out on the streets
w1099 ok Mike i understand the important of having a PM taking care of your investments and you being informed makes sence
Mike_Summey jace, if you don’t trust your PM you should be interviewing for another one. Trust is the first thing you have to have. When that goes you’ll have nothing but problems.
Mike_Summey jace, I give my managers a limit on what they can do without my approvel. That gives me some degree of control.
cstew this is not in a park, has .45 acre land a couple blocks from my rental house
Ken jace a few months ago i fired my manager, now i have a person i like to talk to. even my tenants were calling me up complaining about the manager. Do you have the interveiw question list mike sent out?
Sol (Cali) Is there a place to download the “Interview Question List”?
Sol (Cali) I’d like one…
cstew I worry about being able to rent, only have 1 rental, no prob yet, but have a “target” audience of college students and looking for houses or land within 3-4 miles of campus
Ken mike do you have an interview list?
Ken I was thinking inspection list
Sol (Cali) Ken, oh…
Mike_Summey Sol, read Chapter 6 in the Real Estate book.
jacepharm@gmail.com Mike, Ken its not that I dont trust…Its really more that I just started working with them and have a problem with giving the bank book without first establishing some track record.
Sol (Cali) Mike, gotcha! I can put together my own list.
Ken sol send me an email I can forward you a copy of mine for your review ken@kenhicksjr.com
Mike_Summey Ken, the inspection form is on the website under “downloads” It’s free.
jacepharm@gmail.com Mike, do you give them full control and access to the check books etc….
Sol (Cali) Thanks, Ken. i appreciate that.
cstew also someone else close to my “target” area reads your book or reads this chat, as they have an apt listed for 950-1000.. with on time payment incentives
Mike_Summey jace, I pay mortgages, taxes and insurance and let the managers handle everything else except major repairs.
Mike_Summey The PM firms run everything through their bank account and give me written reports with a single check for what’s left after everything.
jacepharm@gmail.com Mike, do you keep access to your checkbook? or do they send you invoices of what they have spent and they you cut them a check?
Mike_Summey Jace, see above
jacepharm@gmail.com Mike, thanks
Ken got to go, night everyone
w1099 take care Ken
Rob_FL Do you offer a trial download of the offer generator software
shane_Ky I just clicked on clear and wiped evrything out. how do you get it back. I was trying to enlarge the screen
Al Lee shane, it will be in the transcript.
Mike_Summey jace, I sign a contract with the management firm that gives them to right to rent, repair, collect, evict, etc. It is a business for them and they are responsible for abiding by the landlord/tenant laws and other legal matters. I require them to carry liability insurance and errors and omissions insurance with me as a named insured.
azapp where do you get a copy of the transcript
Al Lee Mike’s webmaster has been posting them to the website soon after the chats finish
shane_Ky one of my apartment managers called, so when I came back I was tring to catch up
Mike_Summey azapp, it will be posted to the website tomorrow.
Mike_Summey azapp, all of the past chat transcripts are there too.
Mike_Summey Roger, have you died?
jacepharm@gmail.com Mike, is it customary for PM to carry that type of insurance or because you have so many properties you can dictate that from them
Rob_FL is there a trial download of the offer generator somewhere?
Mike_Summey jace, some do, some don’t. I require mine to or they don’t get to work for me. There’s too much at stake for me for them to not be insured.
Sol (Cali) As a real estate investor, is it necessary to get errors and omissions insurance for ourselves?
Al Lee Sol, what you need is liability insurance, a few million dollars worth. It is not expensive.
Roger Dawson No, Mike I’m still here, but multitasking
Mike_Summey Rob, no we no longer offer the trial download. We only did that for a few months until we were sure all of the bugs were worked out. We will soon have a good description inclucing screen shots, etc you will be able to look at when you go to the shopping cart.
cstew would the liability ins cover rental agreements?
Sol (Cali) Al, like personal business liability insurance? That’s on top of the insurance we would get for each property, right?
jacepharm@gmail.com MIke, I am going to make a note of that so that I can request it from my PM
pineapple Mike, do you use a separate SC attorney to handle your SC transactions?
Al Lee Sol, the insurance for each property is casualty insurance to cover physical losses to the property. Liability cob=vers you if you are sued.
Mike_Summey pineapple, yes I do.
Sol (Cali) Thanks, Al.
Al Lee Sol, yes, it is like your business liability insurance
Mike_Summey sol, liability covers you if you are found to be liable.
Mike_Summey A good liability carrier will defend you if you are not liable.
Al Lee Insurance also makes the insurance company anxious to defend you if you are sued in order to avoid your being found liable
cstew I really want to buy another property this year, and have a realtor friend who I loaned your book who is now extreamly interested in helping me and himself
Mike_Summey cstew, why don’t you make him go buy his own book.
cstew lol… yes he has!!
Roger Dawson I’ve never been sued and the only people I’ve ever sued are tenants who didn’t pay their rent.
cstew and the tapes as well!
cstew maybe he will lend me them?
Sol (Cali) To any realtors: what info does the MLS contain that we don’t get on sites like www.realtors.com?
jacepharm@gmail.com Roger, do you still own properties? if so are you still purchasing?
Mike_Summey Roger, I’ve never sued a tenant. I let the property managers do that.
cstew but sometimes to lend is to get someone started!
cstew You are lending us this board, and without it, I would not have bought the 1st book
azapp I am looking to liquate some rehab properties, any suggestions?
Mike_Summey cstew, you need to buy your own tapes. You can’t learn from them if he has them. You need to listen over and over to get everything from them.
Mike_Summey azapp, why do you want to liquidate?
w1099 well i have learned a lot this evening everyone have a good night until next week ya. Al www.gameknot.com would love to play u in some chess someday. Take care Roger, Mike and everyone else again.
azapp I am lacking the cashflow to complete the rehab and cannot find partners
Al Lee 1099, love to play chess!
cstew yes, I probably do need to, and probably will, but you know my situation for the moment Mike
jacepharm@gmail.com GN 1099
azapp I bought to many properties to fast and now have all my cash tied up
Mike_Summey goodnight 1099
jacepharm@gmail.com MIke,
Mike_Summey azapp, can you refinance and get some of your cash out and still hold on to the properties.
azapp no. just went through a divorce. refinance is not an option
jacepharm@gmail.com Mike, do you recommend he take a line of credit rather than cash out refinance
azapp would really like a credit partner or cash partner
Mike_Summey jace, either way. The point is can he get the cash to complete the rehabs without having to sell the properties. Now is not a good time to sell and the market will only get worse for the next year.
azapp willing to share ownership and profits
azapp in an LLC or C Corp
Mike_Summey pineapple, where are you located?
azapp one property only requires $14,000 for total rehab
pineapple im located between NY next to NJ, near NYC
Mike_Summey pineapple, okay, I thought you were in SC.
azapp It would then rent for 650 to 700 per month with no mortgages other than partner cash
Mike_Summey azapp, how much equity do you have in the property?
jacepharm@gmail.com Mike, do you own properties outside of SC?
Sol (Cali) Goodnight. Until next time…
cstew one more quick question? what about paying up your mortgage?
Roger Dawson He owns most of Asheville NC
Mike_Summey jace, yes, most of mine are in NC
jacepharm@gmail.com what happened to SC? better opportunities in NC i guess
Mike_Summey cstew, do you mean paying off your mortgage?
cstew yes
zert what part of the country are the properties located in?
azapp All of it
Mike_Summey cstew, I like to get properties paid off. My friend Al doesn’t. that’s one of the few things we don’t agree on.
cstew paying more, thus, reducing cash on hand,
Mike_Summey jace, I still own a number in SC, its just that I have more in NC which is where I live.
azapp I purchased the property at an auction for $18,000
Al Lee I want to die owing th eban a gazillion dollars !!!:}
cstew I have a 30yr, planning to pay off in 11
Al Lee owing the bank
cstew I want to owe nothing to nobody!!!!!!
Al Lee I like to use OPM to make money.
Mike_Summey cstew, you reduce your cash flow now if you pay more, but it sure takes a jump when the mortgage is gone.
Al Lee If you take that cash flow and buy more properties you get the jump later PLUS much more appreciation
azapp purchase at 18,000 rehab for 12,000 equity 20,000 for retail sale price of 50,000. I have a very low purchase price market. By low rent high
azapp appreciation is not a factor in my market area
Roger Dawson See our book Weekend Millionaire Mindset where we talk about the difference between good debt and bad debt.
cstew I am confused with both trains of thought, but know what I am more comfortable with, thus my personal home is paid off, which enabled me to invest in another
Penny saying goodnight. see you guys next week.
azapp Here I buy for rental value not appreciation
Al Lee Yeah, I have to run, too.
Al Lee It wa sfun, as usual
Al Lee Good luck to all.
cstew thanks again
Al Lee Goodnight, Mike, Roger, everyone.
Mike_Summey Al, owning more lets you gain appreciation on more property, but I’ve never figured out how to pay bills, buy airplanes or any of the other things I like to do with appreciation. Also, I don’t have the discipline to reinvest the few dollars I would save by keeping everything financed forever.
shane_Ky Good night Mike Roger Al Everyone
Roger Dawson I have to run now. I’ll be on the road next Monday but will join you in two weeks.
Mike_Summey azapp, do you have a current appraisal?
azapp no
fly Thank’s for the info All…
jacepharm@gmail.com GN Al
jacepharm@gmail.com roger
azapp I could get one but it would be in it’s current condition not the after repaired value
Mike_Summey goodnight Al
Al Lee Mike, I can’t argue against yoru methids because you are hugely successful
Al Lee Family calls! Gotta run now.
Al Lee ght
Mike_Summey Goodnight all, I gone too! Transcript will be posted tomorrow.
fly Good night all…………
jacepharm@gmail.com GN MIke
zert where did everyoen go?
azapp I’m still here
zert tell me more about your situation
azapp I guess Mike and Roger quit promptly at 9:))
azapp Are you referring to me?
azapp Zert, were you referring to my situation?
zert yes – sorry
jacepharm@gmail.com GN all
azapp I have a property which I purchased for $18,000. A single family house which can rent for 650-700 when rehabbed.
azapp I need 10 to 12,000 to complete rehab for C of O
azapp This would give a resale value of 50,000
zert does it have a mortgage?
azapp I am willing to take on a 1/3 partner for the cash injection to cover the rehab
azapp There is no mortgage
azapp I currently hold the property in an LLC
zert after the rehab are you selling or renting it?
azapp willing to go either way
azapp Most people willing to buy a house around the $50,000 range are likely to be credit challenged
azapp Lease option agreements are lucrative
azapp I have the ability to help them work on credit repair and then secure mortgage financing to cash us out
zert if there isn’t a mortgage can you get one for 28-30,000 to pay off the 18 and rehab
azapp If I could we wouldn’t be having this conversation
zert why can’t you
azapp I cannot get a mortgage on the house until it is rehabbed and occupied
cstew night all
azapp At that point a mortgage for 75-80% LTV could be possible
azapp Banks don’t like to lend on vacant, unfinished houses
azapp To risky
zert can you sell it for 25-28 ‘as is’
azapp Are you interested in buying?
zert where is it
azapp Rochester, NY
zert not familar with that area
azapp That’s why a partnership would be great
azapp Is it something you think you might be interested in?
zert no not really – don’t like to get into partnerships
azapp Thanks anyway
azapp Good luck in your back yard
zert besides – WM method is buy for long term not short term buy sell or lease as you are suggesting
zert gotta go – good luck with your project
» Filed Under Chat Transcripts
Comments
Leave a Reply