All Forum Posts by: Alan Mackenthun

Google it and you'll find a plethora. Economics 101 would teach you that the least efficient way to spend money is to have someone else pay for what you want. Here I've even done that for you: http://www.google.com/#hl=en&gs_nf=1&gs_mss=3rd%20party%20payer&cp=33&gs_id=3t&xhr=t&q=3rd+party+payer+health+care+costs&pf=p&sclient=psy-ab&oq=3rd+party+payer+health+care+costs&gs_l=&pbx=1&bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&fp=48ce95a733504573&biw=891&bih=726

Then go ahead and contribute to a charity to provide care for the uninsured, but don't steal from the rest of us. Government is not a charity and should not be. It's purpose is to protect our rights and freedoms.

I understand this isn't the place for a political debate, but since the topic was raised and it's a vitally important topic to all of us as is evidenced by the activity on this thread, I'll add my 2 cents.

The federal government was formed to protect our rights. It should have no role in delivering basic services like health care. Robert's ruling is irredeemable. He states that the mandate cannot be squared with the commerce clause, but then rules it constitutional because they can tax pretty much anything. I take it as a back-handed slap. The commerce clause if meaningless if the Feds are free to do anything as long as they enforce it with a 'tax'. Healthcare is not a right, it is a service. You can't have rights to services or products that others provide.

If a state wanted to pass something like this or Romneycare, that's their business, but the Federal government should have no role in this. The problem with escalating healthcare costs in this country is due to the fact that very few pay for their own care or even their own insurance. Nothing in this law addresses this, but in fact it only makes it worse.

I want to buy my own insurance to protect my family. This isn't practical because the tax benefits are only available if my employer pays for the insurance. The huge downside is that if I change jobs my insurance changes and if we ever do get sick we then have a pre-existing conditions that we won't be able to insure down the road. Employer paid insurance also greatly limits my concern for the cost of any care we require.

We need free market reforms like those that Romney and many Republicans have proposed. We should be able to shop for insurance across state lines (that would be the definition of interstate commerce that is supposed to be protected). Insurance and medical expenses should be deductable by individuals or should not be deductable at all. Certainly businesses should not be put in an advantaged position over individuals. We should encourage major medical insurance not pre-paid medical care where you're covered from the 1st dollar of cost. I could go on and on. Of course Obamacare takes the opposite approach relying on big brother to provide for all. It is shameful.

I've used signs before, but never had very good response. We tried newspaper ads too, but nothing ever really compares with Craigslist. Good pictures and a decent description help. We post the address, but understand the security concerns. We may pull that in the future. We haven't tried the MLS, but may in the future. Pricing is key. You can only put so much lipstick on a pig. You've got to know the competition.

I've got newer 3+ bedroom, 2+ bath, 2 car garage townhouses with higher than average rents. I get almost no applicants with decent credit. Like others said - try to confirm that they prioritize the rent. Interview them and be sure they're not lying to you. Then take a chance, because there are no guarantees.

I got my license as a buy and hold investor so I could act more quickly on deals that popped up. It makes viewing properties much easier as I can make my own appointments at my own convenience and I don't have to feel guilty about making an agent go out of their way. I don't have to worry about agents figuring out how to scan a contract and it cuts out one of the middle men in a negotiation. Previously I did have the pleasure of working with some great agents, but the training was great to have as an investor and the MLS access is helpful. In our area, full MLS access give you 1 click access to the property tax data, listing history, and all kinds of other information that can help you form a fuller view of a property before going to see it. You can see if it's a short sale, REO, or HUD home open only to owner occupants. It's certainly not free and I didn't sign up for an electronic key so I can't get into all properties, but it's been well worth it to me. A good agent can act like another member of your team, but getting my own license was good for me.

I was calling out that buying a home is more than an investment, but undoubtedly it has to be considered an investment. It shouldn't be expected to have a huge econonomic return, but it's a big purchase and nobody I know is buying a home expecting to live there the rest of their lives. I was minimizing it as an investment and in no way implied it should be anyone's biggest investment. At some point you're going to want to sell it and you'll be hoping it's worth more than you paid.

Answering your question about why not go FHA - because an FHA mortgage has more fees than a conventional mortgage and you'll have to pay PMI (private mortgage insurance). These costs can be avoided with a 20% down payment so if it can be afforded, I'd recommend putting this much down. With a 6-8 year timeline, I'd go with a 15 year mortgage or a 7-1 ARM as your timeline isn't expected to go much longer than 7 years.

The age old question. It sounds like you've looked around to know what's available on the market and approximately what you can get for your money. 'Deals' are harder to find in my market as inventory is down and buyers are out, but really, deals are based on perspective. In reality, real estate is a reasonably free market. A home is worth only what someone will pay for it and only that if someone is willing to sell at that price. Fixer uppers can be a good deal as most people estimate high on repairs, though if a home is in real trouble repairs can be quite expensive. Short sales can offer 'deals', but there can be a lot of uncertainty and it's not always appropriate for a home buyer, especially 1st time buyers.

A home you're going to live in is an investment, but that's not the only consideration. If you love the home and it's fairly priced then I'd say go for it.

New cabinets add real value to your property. I would give him something significant as I'd appreciate the work done. It would encourage them to do more and make the rental feel like a home and they would tend to stay longer. Something on the order of one quarter to one half of the value of the improvement would seem right to me.

I'm with Uwe. I guess that's why I've never been comfortable out in la la land. An admitted mistake on your own part is no excuse to walk away from a property and stick the lender with it. Get to work and clean up your mess. It may not be fun, but you can work through it and you'll learn the right lessons from this experience. Learning the ins and outs of foreclosures is something I don't ever intend to learn (at least from the receiving end).