Rentals? - Posted by brandon

Posted by huns yello on January 11, 2006 at 22:41:11:

ductwork heating and air conditioning satisfiers of alpha blue find storts richard sport decals from fat face old redwood fencing drug identificatio nurses in girdles tight min skirt grl pictures g52 4nz blue mountain games rider of sleipnir jamaican motorcycle accident rate study dme seminars tag m100 niacin overdose ships carrying gold buy brisket ronald tomich free babysitter pics clemco desk icicle hitch lazer eye surgery colorado holiday season 2005 statistics airport parking in phoenix 5 hp chipper vac cambell soup glass cookie jar eh47 0le starman85 outdoor sportsman hunting shows ave maria song lyrics james earl stark jr sack cloth made by homes changing your shower control fat husband preference bang a bus leonardtown funeral services compare portable dvd players cincinnati metroplis ewing hackle motorized skate board janna lock arkansas medi dan shampoo follow through lyrics honda snow blower sales saucy text messages absaroka beartooth wilderness outfitters purple loosestrife herb for eyes automotive rocker switches herman duncan republican texas captiva fl home page pillowtop matress ladder golf rules anorexia eta bulimia resturant financial statements realm of sailor energy cousins subs mayo seasoning recipe andy goddesses dodge air conditioning parts girl pajamas with cows deep fry frozen chicken abbie montrose shooting bench plans aqua tonic aerosol styling spray cafcu entex easy set pools sugino crankset parts for rheem lotus flower tattoos sleep and aviation picture of human body kidneys nasa spaceships amy boesch nitrogen for hrsg 2 air scooter interviews with troy duffy steak and mushroom recipes e therapy research fireworks for wholesale willemakee cow creek indians illegal activities bridal dresses patterns advertising to kids food industry affordable hosting linux web nmr in oil exploration keep owls away concordia university college edmonton flights loreto tijuana kansas flash flood top ten girls names vw arizona adult homemade halloween costumes insignia dvd recorder patty hill smith banjo bolt sizes michael jasman willard hansen yukon elvis best checking interest rates value chain example mobilerealestate

Rentals? - Posted by brandon

Posted by brandon on October 16, 2005 at 19:27:04:

Im just starting to get involved with RE investing. Ive been shown a few houses with rental potential…wanted to get a second opinion.

The house is in a run down part of minneapolis. Its selling for $250K, it has 6 bedrooms and 2 bathrooms. The fellas who showed it to me say the sellar will find the tenants. Would rent out for 1800-2000/mo. Would cost me $1500 so potential cash flow of $200-400. The sellar would give me $10,000 cash back after closing. Does this seem too good to be true? Am I missing something? With renting…how is P.I.T.I handled?

I figure, sellar finds tenants…I get 10k after closing. I have to be missing something. Any thoughts?


Re: Rentals? - Posted by Frank Chin

Posted by Frank Chin on October 17, 2005 at 08:09:11:


Not much of a rental market for a 6 bedroom house. I find the most popular size apartments to be 2BR, and most popular house to be 3BR.

Now who would rent 6 bedrooms?? How many family’s got 5 kids?? Rent to 6 roommates?? Who’s going to pay $2,000.00 in a run down area?

The most likely candidate is a “rooming house”, and its generally illegal in most areas not zoned for it, and even if it is, its a active business unlike RE.

Frank Chin

Thats fraud - Posted by Marc Donovan

Posted by Marc Donovan on October 17, 2005 at 06:25:50:

If the 10K is not on the HUD1 form and disclosed to the lender, then its mortgage fraud. You would be defrauding the lender and you could be charged with criminal and civil penalties.

You also need to do your own research. Do your own comps and rental surveys and don’t believe anything these folks tell you. They are telling you to commit a crime here - do you really want to listen to their advice?

Do a search for “mortgage fraud” on this site and you will see what I mean here.

Re: Rentals? - Posted by Dons

Posted by Dons on October 16, 2005 at 20:25:18:

Quote… “Am I missing something”

Uh, yes. Never, never, never let the seller find tenants! The seller could sign a lease with a couple of dopers or other deadbeats then stick you with these tenants from hell in a property you now own. Ooooooo not good. You must keep control and do tenant screening. It’s a specific process.

You said the house is in a rundown part of the city. Then how would it ever rent for $1800 to $2000? Where did you get those figures? Have you been watching the rental prices advertised in the newspaper for various parts of the city to see what the real rents are? Or are you believing the seller?

You will find that 3-bedroom and sometimes 4-bedroom, houses are easier to rent than 6-bedroom houses. (Unless you are in Utah where the large Mormon population often has large families and needs housing with six bedrooms. But even in Utah, 4 bedrooms is easier to rent than 6.)


phentermine paypal - Posted by phentermine paypal

Posted by phentermine paypal on January 22, 2006 at 07:00:10:

phentermine free shipping 1800 phentermine cheap cash on delivery c.o.d. phentermine phentermine for $79 order phentermine online cod phentermine cash on delivery phentermine paypal phentermine paypal 180ct phentermine cheap phentermine no script order phentermine with cash on delivery phentermine priority overnight phentermine free shipping 1800 phentermine 37.5 paypal ecurrency phentermine buy phentermine usps phentermine american express phentermine all states phentermine with saturday delivery cheap phentermine no script phentermine paypal phentermine pillstore phentermine 50 states phentermine 37.5 mg 180 tablets phentermine priority overnight order phentermine with cash on delivery extra cheap phentermine phentermine 50 states ecurrency phentermine phentermine western union ecurrency phentermine phentermine priority overnight ecurrency phentermine ecurrency phentermine phentermine accepts cod phentermine 30 mg phentermine pillstore phentermine 37.5 90 phentermine 37.5 overnight online phentermine stores order phentermine online cod cheap phentermine within 24 hours c.o.d. phentermine phentermine for $79 phentermine online stores phentermine cheap cash on delivery phentermine free shipping 1800 phentermine uk phentermine uk phentermine 37.5 paypal phentermine 30 mg order phentermine online cod phentermine cash on delivery phentermine accepts cod order phentermine online cod phentermine 37.5 tablets ecurrency phentermine phentermine free shipping 1800 phentermine 50 states phentermine cash on delivery

Re: Thats fraud - Posted by LEO A. RAMSEY

Posted by LEO A. RAMSEY on October 13, 2007 at 12:36:59:

send right away. thank you.

What are you talking about? - Posted by E.Eka

Posted by E.Eka on October 19, 2005 at 11:51:13:

Why would you assume it’s not on the HUD-1?
Who’s to say that the seller isn’t including it on the HUD 1? I’ve done plenty of deals where the I get cash back at closing. It’s in the contract and on the HUD-1 and the lenders don’t care. As long as the appraisal is right and everything else is in order, we’re fine.

Re: Rentals? - Posted by Brandon

Posted by Brandon on October 16, 2005 at 20:32:15:

Thanks for that info. I got that rental info from these mortgage brokers that have been showing me some houses, and they also do wholsalers. Im just getting my feet wet with this business so I appreciate your feedback!

After Closing is the key word - Posted by Marc Donovan

Posted by Marc Donovan on October 19, 2005 at 18:58:17:

That tells me its not included in the HUD. The after closing deal is where most of these deals turn fraudulent. If its on the HUD, you get the cash at the closing, not after.

Re: Rentals? - Posted by Natalie-VA

Posted by Natalie-VA on October 17, 2005 at 09:15:45:


I would get rid of these mortgage brokers who are trying to get you to commit loan fraud.

Hire a Buyer’s agent who has experience with investment properties. They should be able to help you with market research and number crunching.


Re: Rentals? - Posted by Dons

Posted by Dons on October 17, 2005 at 06:01:09:

Yes, it all starts with wet feet. :slight_smile: Next you know, your knees are wet, and before long it’s up to your neck. Just keep your head above water.

Years ago a Realtor who was acting as a buyer’s agent told me to keep my emotions out of it. Don’t fall in love with a property, fall in love with the deal…with what you can make from it.

Are you a member of your local REIA? It’s one of the best places to learn from others’ successes and from their mistakes.

Good luck Brandon. It all starts with a dream, then with effort and knowledge can become a reality. (I almost wrote “realty”. Come to think of it, that would be true too.)