All Forum Posts by: Michael Bracken

Well the "make an offer" is a pro response to your inquiry, not an armature one. The fact that the family lawyer is involved off the bat indicates they may be educated now to the process and value. You will want to offer much lower than what you would actually pay for it. Do not worry about insulting the sellers. If you do, you are already operating from a disadvantage. Let this property be only one of ten you make an offer on.

OH BAM! You said it. From this Army Vet, stay on BP and DO NOT buy the whole life insurance that will be worth 1million when your 70. At 19 so would a hill of beans. ( and you wouldn't have to pay premiums all your life)

You have said a lot and have a lot going on. The first this is you are young so just try to relax a little. You got a lot a life ahead. Make sure above all you are doing right by your family. The second thing is you mentioned "no longer stand my job". That means you have options. My advise is stick with your job for now and find ways to make it more personally rewarding. Your not going to replace your income with investing anytime soon. The thing about money is, its not how much you make its how much you spend. Your student loans, don't worry about those. There probably the cheapest debt you have. Get as many forbearance as you can if possible. I would suggest not using a cash rewards credit card, that is what your enemies want you to do. Think about liquidating some of your stock portfolio if needed to keep in cash for emergencies. Fix the car, plumbing etc.

In summary: Keep working hard at you day job for now. Spend less, save cash.

You can get through this time. You have a good skill and obviously a desire to learn. You have already accomplished a lot!

Thank you for serving our country!

My wife and I did one of those fly to Florida and pay thousands of dollars to learn to invest in real estate. We did learn plenty but there is no way the time and money spent is comparable to the resources and connections on BP. Hey am I writing off my BP pro expense???

Pay close attention to expenses on this one. I have to file with the city, pay fees and have an inspection to meet code before I can legally be a landlord in my city.

I think knowing why the owner is selling is very important. Why is he moving a good property? There could be legitimate reasons. Also, I would want to see the owners tax filings. Income and expense/ profit and losses. Those will be yours.

This is a great exercise for your business. Where I operate a state controlled board is mandated to review all customer complaints. Some people are actually just crazy. They do their part and you do yours!

Try purchasing a 4plex with conventional financing. (from a bank) You might need %25 of the purchase price to put down. Unless you can live on one of the units? Can anyone tell me if you can owner occupy a 4 plex to get a FHA loan? How about a VA loan on a owner occupy 4 plex, no money down! sweet! Actually the above thread answered some of my question.

The issue is not that the one potential renter wants to see your DLS. The issue is you only have this one positional renter. Always operate within the law but to your advantage. Figure out how to improve the rental prospects and then take your choice of renters,