All Forum Posts by: Craig C.

@Justin Howe and @Josh C. I greatly appreciate your insight! 

So far I have 1 yay, and 1 nay, any other takes on this? 

Ok, so, I am at a split in the road on a deal that I was strongly considering moving on. It is a good deal, a good SFH to be a rental for good tenants, and I can still move forward on the deal!

However, I am greatly concerned.  1) I am supposed to take a long passed-due vacation in a few months, and 2) Spouse just lost their job, so with these two things in mind things in general have become quite tricky!   But that job and income, was not of consideration by the lender.

Instead of the 2% rule for maintenance being in cash, I would require a line of credit should any maintenance issues come up too soon(Which I technically have this line of credit but I wasn't planning on utilizing it for this purpose), vacancy would not be a major issue.

I'm still waiting on a few phone calls, but I am asking for some advice.  Based on these circumstances: Would you yourself continue forward with the transaction, or would you back it off for a few months? 

Your thoughts? 

I recently went through some classifieds, to find a tri-plex for sale, at 75% retail, with an incredible cashflow(45%in this case!)  Fully occupied. 

My question?  Why in the heck would anybody sell a property like this?!  

Or for that matter: 

*When you go through classifieds, or you look for a decent deal, and find a couple, why is it a good deal if they are selling it, and especially if/when somebody selling it is also an investor?  Which gives rise to the next question:

*How can you, as an investor sell a rental property and expect anything remotely close to full retail? 

*And why would you sell a tenant occupied property, let alone a fully occupied triplex? 

It makes absolutely no sense to me. 

By perception:

Why are banks so damned inclined to keep people as under-dogs?  I will never feel sorry for any losses they incur. 

 What I essentially am trying to do at this point is acquire rentals. 

But the problem is, once I get a rental I want to get it put into an LLC so my personal business isn't mixed with my actual business. Hedges against malicious and fraudulent lawsuits.

@Jeffery Griggs @Kyle J. @Adam Schmidt


I am in agreeance that sometimes you have to just jump in.  But only an ignorant person risks the financial welfare of their household on account of "Trying to make progress".  I have no qualm with making decisions, but If you do not understand it, it's NOT going to benefit you!  That is just a life law! 


But seemingly, there is nobody with knowledge of the subject who give actual answers and at the very least it is quite frustrating.  At this very moment I can't honestly tell you what I need answers for because like I said earlier on in BP, you don't know what you don't know!  Ignorance is not bliss; it's a curse.

I don't know about anybody else, but I am very frustrated.  Why? 

Because to me, I am reading reading reading reading reading reading reading reading reading reading reading reading reading reading reading, and then reading some more, and the result? 

Not having a solid understanding!  I don't make a move unless I understand it!  But you if are not understanding too many things, and it is keeping you reserved from making the move how then do you approach this? 


I can't emphasize enough to say that I have done too much reading to not get anywhere!  And I don't know about you, but I don't have $300 to shell out every time I would be asking a lawyer!  And virtually everything I read has a disclaimer suggesting you talk to a lawyer - in other words: what good is all this reading really doing any of us?  I am sick and tired of disclaimers, because it's the same thing as saying "My article is bunk, and at best it maybe just pie in the sky!" 

Your thoughts?

I greatly appreciate everyones insight!

@Penny Clark @Michele Fischer @Mike Sattem @Jay Hinrichs

You know, I took time to realize I made a splash recently, and to my knowledge I introduced myself! 

I am Craig, I am an aspiring individual looking at real estate as one method to achieve certain life goals.  I currently live in Oklahoma.  I spend most of my time here reading as opposed to writing.  Been here for a while now. 

Buy&Hold, renting is where I am consistently looking, with the occasional flip. 

I tend to be a no nonsense person.  One of my greatest challenge tends to be being tactful in explaining why a brick is a terrible life-raft!  But then there are times I have been too tactful, and never get the message acrossed.  I would rather get the message acrossed than let someone use a brick as a life-raft. 

But I do appreciate feedback, because there are times I hope I am incorrect, or don't know that I am incorrect;  I would rather be told a brick isn't a life-raft!  I come from a military background, you won't hurt my feelings. 

I decided to write this after My 2,000 hours posting. 

Hopefully, this is a decent introduction.

Hello BP!

@Melissa Szanati

Assuming the numbers makes sense, and everything else appears to be in order I would try:
 https://www.google.com/?gws_rd=ssl#q=personal+loan...
Or lendingtree.com

And see if I could make something work that way.  If not, it's not the end of the world. 

Me personally, I don't want to get family involved with business matters.

Good luck! 

Thanks @Jay Hinrichs, I really appreciate your insight!