All Forum Posts by: David Arney

Alright guys, maybe I should get the ball rolling. I'm hoping you all could help me along the way!

So I was chatting with one of my friends last night and we talked about maybe going in on a deal together as an investment home. I have been reading through a lot of threads and so far the consensus seems to be go it yourself, but I think he could be extremely beneficial for me for a few reasons. He's already in the real estate business, he works for a company selling townhomes in the N. Raleigh area. He also has many close contacts with contractors and he is certain he can get the best deal because he does so much business with them and the company he works for. His brother is also a contractor too. He also has taken real estate classes, and his experience in the field goes back for ~5 years.

We thought that as a first investment, to maybe find a home we could live in for a few years, and then sell it for a potential profit. He suggested duplexes might be a good idea because we could both get our own 'home' to live in, and when we are ready to move out, we could either sell it, or if need be rent it out.

He also advocated flipping homes because of its short term nature and he thinks he can get cheap rates for contracting. I am also willing to learn how to do repairs to try and help keep some costs down as well.

As far as $$ we both have some access to funds to help us. We're both pretty sure we can get loans from our parents for a good rate, and his credit is really good so he can get a good bank loan if needed. I honestly have no idea what my credit is. Someone who looked it up for me in '06 told me it's normal for my age (it was my landlord, and I'm 25 now). He also talked about setting up an LLC and having the house tied up with that. I forget what he said the benefits to doing that were

So that's kind of where I'm thinking right now. I'm a little worried about flipping as an alternative, just because I recently had a friend do that and I don't think it's going well for him at all. He also rushed into it really quickly, though, and his inexperience is costing him.

I looked at another thread on real estate and got these rates, which apparently are pretty low (not sure what they mean exactly, but i can take a guess).

wachovia custom mortgage 30 yr fixed rate on friday was at:

5.125 % + 0 + 1.
5.250 % + 0 + .5.
5.375 % + 0 + 0.

What do you guys think is the best way to help me get started? And at the same time, any bird dogs in the raleigh area that could maybe help me find a good deal on a home to live in? THANKS!!!!

wow!

Those after pictures are GREAT!! You did a great job fixing up the house

I noticed you had to pay for furniture rental for the house?

I know of some furniture companies doing staging for free, as it can help to advertise their products while you are trying to sell the house. Is this not normally the case? Just curious. Thanks!

And GREAT JOB!

I was told a similar story near where my parents live in NW Missouri

Prime Farmland usually runs ~$1200 acre, some of the cheapest land in the world. Some guy comes by and picks up 1000 acres @ $2200/acre and suddenly everybody's land value has doubled.

But the end result is different.

Land Value Has Doubled, but the price of corn has gone through the roof, so nobody really even wants to sell because they are making boatloads of money right now!

thank you ethanol, lol

I don't think it's a scary thought at all. I think it's amazing how the economy works and I also think people need to realize that a 'recession' does not equal a 'depression' does not equal 'end of the world'

It's actually quite uplifting to read so many threads about how people still make a decent buck in this market even though the housing market isn't as great as it has been in the past. And we all know it's going to come back, so now I think is a great time to buy!

The dollar has slipped, but it's not going anywhere. Stay positive!

:lol:

sorry josh, I wasn't trying to be nosy or anything

I belong to another private forum that uses php for their hosting, and although I dont' know their operating costs either, I did make a donation of ~$50 and a lot of other people donated some too and it's pretty much paid for keeping the site up.

It sounds like things cost quite a bit more here.

I will be happy to donate, although it may not be much since I am a poor student. I also have not even started my real estate career, but I can tell that once I get involved this site will become invaluable. Just let me know how best to give.

They're FDIC, and I don't have >$100k, so I'm covered.

How long do you expect it would take to actually get the money back if they do declare bankruptcy? I can't imagine it would take any longer than a normal withdrawal transaction. It's all online.

I also have an ING Direct account. If you want to transfer any money there let me know, there's a $25 signup bonus for you in it, plus a $10 referral bonus for me. It's simple, I just send you an email and it's good.

whats teh annual operating cost for this site?

how much is already paid for by advertisement, donations, etc.?

I don't really think rehab702 is necessarily always the case, but those people sure can bark the loudest...

I am pretty certain that if I get a check from the govt, it's going into my Etrade savings acct and earning 5.05% APY. Provided they don't go bankrupt this year (big possibility)

Considering that about 2/3 of the recipients spent their entire check within 2 weeks the last time they handed these out, it can be a good thing to give a quick boost to the economy

but to be clear, short term solutions do not solve long term problems. Federal Spending must be reduced CONSIDERABLY, and taxes must also be reduced PERMANENTLY, e.g. the Death Tax, Corporate Tax, Capital Gains tax, and a STRONG reduction in income tax across the board, but focusing a larger cut on the 25-33% tax bracket. To go from a 15% to a 25% tax bracket is the single largest jump in any tax rates, and things need to be reduced and flattened out