All Forum Posts by: Tony Tomasek

Adding to the carry a weapon thing.

Time to sign up for self defense as well. Working on my green belt myself. I needed backup for the .357 I carry. Sometimes we could be caught without easy access to our weapon.

Like this scenario, he had to kick the armed one to get time to pull his firearm. I recommend Kempo Karate personally. The dont call it the "overkill" art for nothing,

My doctor says he cant wait to retire. If its not the government sticking there noses in his business, its his managers barking down his throat about "productivity".

He will retire to Central America to practice. Another quality person driven out of the country to find peace. Might be going that way myself eventually. Need to be diversified these days.

Check out Indianapolis for a cash flow market

You can assign to any buyer with funds to close.

Make sure that you find a lawyer that can handle the closing properly before the closing date. Many title companies don't seem to want to deal with assignments

They claim that they will loan for fix up, but need a DP. I am asking the same thing about this making very little sense. I think that it is possible that they are making it easier for them to take the property over in case of non performance. Just want to gut check it here.

Just got a contact that has hard money to lend but will want to structure the deal as a lease option to the investor. I have reservations about this structure, but it may come from inexperience with l/o format. Terms are "flexible" and on a per property/ exit strategy basis. Seem good from what I have seen. Any comments on benefits/drawbacks of this would be appreciated.

Not enough info to say what it would take. I will say that if you get a 5% rate that this would be very low. Also 10% down is low as well.

Personally I would ask for 20% down at least, with at least market commercial rates over 20 years and a balloon in at max 5 years if this was my property.

Talk to the owner, find out what HE wants. Guessing may cost you a deal

How do you plan to evict the HUD tenants? Do you not have leases that you must abide by here? Surely all 6 are not in violation of their lease. If you plan to improve your property and then raise rents, this will most likely have to happen as leases expire. I would encourage you to consider keeping a couple of the less troublesome tenants if at all possible.

Just a side note, the area that you are referring to North of the Airport could limit upside potential for a repositioning of this type. Much higher than $800/mo will be comparably priced with units in nicer areas that are also in good shape. Most people will trade the 50 to 100 a month to get better schools etc. $950/mo gets a 2 bed townhome under 10 years old in Henderson.

Hire experienced management before spending money on repairs in order to make sure you are not throwing money away on improvements that the area wont pay you back on.

Certain cheap markets will rebound economically better than others. Once the economic trends for those areas improve, so will the market. Buy properties in an area that has a rough economic outlook, and you may be in for a rough ride.

Shot me a list too please!! PM