All Forum Posts by: Jim Doine

Yikes!!!!! at least we know our government would never waste our tax dollars, I'm sure they know what their doing. :shake: :protest: :

Chaffe, good advice. Jim

Leesa, you lost me somewhere, you said the asking price is 299K and you say the comps are 220-230K, how is this a good deal? Based on the comps you should pay no more than 154K for this.

Dave, run for the hills, this is a terrible deal, I calculate at least $500.00mo. negative cash flow. I see your young.How much real estate experience do you have? This many units can be a disaster, if you don't know exactly what your doing. I suggest you start with a single family unit to get some experience. These forums are an excellent source of knowledge, study them. Jim

Dave,I think the issue is going to be that the seller will want proof of funds or a pre approval letter, hard to get when you don't qualify. Jim

Thanks Mike, They are a mix of single and multifamily properties. They are in multiple states and the insurance rates vary a lot from state to state, 120K single family in one state, landlord policy $350 per year 30K single family in another state, landlord policy $800.00 yr. Go figure, Jim

Heather, your figures look OK. I would subtract closing costs from the MAO since they are an expense. Jim

Wow Mike beat me to it!

Josh, not necessarily, I tried this a while back and the assessor said since it was an REO and a distress sale it wasn't a true indication of FMV. Jim

I've watched the 50% rule being discussed here many, many times, but I haven't seen my particular question answered.My investment property taxes and insurance vary wildly from one property to another. $30.00-$250.00Mo. for ins. and $50.00-$300.00 for taxes.What is the price point for insurance and taxes that the rule is based on.Obviously I need to calculate a lower percentage for expenses if T&I is only $80.00mo. and a higher percentage if T&I is $550.00mo. Jim :roll:

Woah! (red flag) If a lender is requiring that you take a course to get funding use great caution, especially if they are charging for the course, it sounds like one of the many company's preying on newbies. Jim