All Forum Posts by: Cam Jimmy

Example... Which would you (you meaning real estate investors out there) prefer,

1) 15 year loan @ X% that yields a $200 a month positive monthly income on a 4-plex, or

2) 30 year loan @ X+% that yields a $900 a month positive monthly income???

Option 1 seems good because the loan pay down alone is 15 years faster, but ob,y produces $200/mo cash flow. On the other hand option 2 is great because of the cash flow you get now + more tax write-offs. Which type of loan would you recommend assuming these are your only 2 options??

@Josh Caldwell Awesome thank you!

 Josh, could you briefly explain to us (us meaning newbies :) ) how to go about finding the name and contact info for owners of properties? 

Great thanks for all the info people! So I guess I am currently in a sellers market (which I did not know), but here are the details of my offer I made.

Forclosure listed in MLS for $199,999. ARV would be about $290,000. MY estimated repairs are $70,000-$85,000. I "low balled" a $160,000 offer. 160,000 + (estimate) $75,000 = $235,000. then I added about $25,000 for realtor fees and cloasing costs to sell. That comes out to $260,000. Then I figure it would take about 2-3 months to be able to fix it and sell it AFTER I close.. so ($1600 x 3) for holding costs about $5000. so MY total cost would be about $265,000. so I would walk away with approx. $20,000-$30,000 profit total.

Does this seem unreasonable? I personally do not think so, but like I said, I am new and I don't know anything :) 

Thanks for your input everyone! much appreciated :)

@Mike Sattem Thanks for the response! I have a quick question for you. IF I was to get my own license, does a broker have to "carry" my license in order for me to buy and sell my own properties? I'm pretty sure that a broker must "carry" my license if I wanted to buy and sell properties for other people though. Please correct me if I am wrong. Thank you!

@Wayne Brooks how do YOU go about trying to get good deals on properties (%70-%90% off)? I was just trying to get advice, and I seem to have offended you. That was not my intention. 

@Account Closed Thanks for your input!

So, I haven't been doing this often at all, but with 3 different realtors I've talked to, it seems like they are so annoyed with submitting low ball offers for me. They all say it in an annoyed way "I'll do it... but its not going to get accepted". I don't want to hear that! Why is that? They should be working for me and should represent me no matter what, without saying anything back to me. I've finally found one that is so far the best realtor I've dealt with, but I could still tell she was disappointed that my offer was low, and even said "I definitely won't be making 10-20 of these kind of offers for you". How the hell am I supposed to get a distressed property for %80 ARV if the realtors don't want to make the offers for me??? Anyone have any advice? Oh and by the way it was a foreclosure property that I made the offer on.

That is great, thanks!

Awesome thank you!