All Forum Posts by: Anthony Arnt

My 2 cents on the personal side. If you are self centered, don't get married. If you feel you need a pre-nupt, don't get married. If your choosing a mate based on what you want them to be, don't get married. Give others what they want, It will come back 10-fold. Good luck and God Bless!

Im not an expert, but I do here a philosophy repeated over and over. "The only ship that wont sail, is a partner-ship". Sayings usually come from profound commonalities. Im sure their are partnerships that work, But their are a lot more,that don't. Good Luck.

Andrew, The firm recommends you do your due diligence. I have a relative that has used them and said they are usually pretty close in their analysis, but I understand, always proceed with caution. I get what your saying, Im probably searching more for the actual pros and cons on the structuring of this deal or a similar one when Im ready to pull the trigger.

The pension savings withdrawal is in a W2 format with federal income taxes withheld(they use a flat 20%), if that helps.  The brokerage firm thats selling the property requires quicker closing than a conventional loan can provide, which would require me to pay cash from some source.

I'm sorry Michael, I should have made it clearer. I'm pulling the money from retirement savings and they withhold a flat 20% for federal income taxes. I don't actually lose the 20%. Thanks Rob, Im not sure about the conventional loan on investment property, I was just trying to come up with an alternative plan to avoid hard money, and wanted to know if that was a good idea. Thanks

Hi, Newbie here. A deal has come up from a brokerage firm. Home is Cash $110000, their estimated CMA is $155000. Has a month to month tenant paying $1075 in rent. They say needs cosmetics only. Good area, nice subdivision. Comps are avg 145K-155K. One of the comps is 2 blocks away. The brokerage estimates $1500 rent, after cosmetic update. Sounds reasonable on the surface. Im considering drawing the cash from retirement savings, they hold 20% for taxes. I then would get a conventional loan to get my cash back out of it. Am I missing anything? What would the tax implications be if I structured it this way and does the deal sound reasonable? Thanks

Thanks Cody, I guess Im a little bit early, since I dont have any details yet. I am looking at the subdivision, average rents in the area,etc. If the numbers look good, I guess what Im looking for is, when I approach the seller, what sort of offer would be a good deal for me and the seller, such as buying the home for what is owed and giving the seller some cash, or just offer a purchase price etc. In other words, as an investor, how could I make this a good deal opportunity. Im looking for strategies when I approach the seller after obtaining the numbers.

Thanks

Hi, Im a newbie and have come across a prospect. An in-law tells me her friend has been out of work for a year. She cant afford her house and wants to move in with her dad. I dont have any numbers at this point, but she is checking into it. All I know, is she bought the house and has been their for 10 years. Not sure if she is behind in payments at this point, whats owed, or equity.  I was wandering what might be the ideal offer structure to pursue. Im looking for buy and hold properties. 

Thanks

Thanks William, With this company, their listed prices are not negotiable and properties are sold on a first come, first serve basis. No option/inspection periods or financing contingencies are allowed. All due diligence must be performed prior to contracting. If I'm interested in one of their properties, I call them, they take it off the market, I bring them $5000 at the time of contracting, which guarantees me clear and marketable title only, with no contingencies. Properties are usually sold within the same day or the next day at the most. Not much time for due diligence.

Thanks so much Jeremy! Great info! Ive been applying the rules (2%,50% and 70%) on the deals, and the cash prices have appeared high so far, considering they are a discount brokerage, not sure what to make of it yet.