All Forum Posts by: Chris G.

They havent "made" anything yet. The "almost" $3MM number would be AFTER 18 months of payments have been made on all 300 houses.
I'd like to see how many of those 300 make it all the way to the 18th payment... or even the 12th.

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Yes, but it will become a case of lack of supply and too high of demand, as the houses won't be able to come on the market quickly enough due to the lag at the courthouses (which is what the article is saying will take so long).
So then we may see a boom in new home building, with still a ton of old foreclosures sitting on the banks' books.

1 Vote

Originally posted by Mitch Kronowit:

I'm super tired, but the way it sounds to me is that BOA tool simply needs to pre-qual you according to their guidelines which requires 20% down. That's it. It's just for pre-qual purposes. After you have that, how you actually succeed at closing escrow is really none of their freekin' business.

This is exactly as how I understand it as well.
No need to get frantic about it.
You are fine. You have been pre-qualed with BOA for the loan WITH 20% down -- which is what their requirement was -- to make sure you are Qual'ed with BOA.

However, since you are not financing with BOA then the 20% does not make a difference to you.

They just want to make sure that you are capable of being qualified for a loan from BOA in case your back-end financing does not pull through, that way you can still buy the house and cant back out of the contract.

So if your back end financing does fall through, you will need to finance with BOA, and they will require 20%.

1 Vote

Originally posted by Joel Owens:

Invest in owning businesses.There are businesses right now I can purchase for 60,000 that make 57,000 a year net after expenses.

Let the people pay for build out,infrastructure,grow it a little and get burnt out or want to retire and sell for cheap.

Then come in and buy for cheap and increase sales for more profit from the current position.Of course I have business experience so I know systems to put in place to turn a business around or extract more profits and increase sales.

Yes, more information on businesses please.
What types? How do you find?

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Just from my own experience, I think multi-unit buildings of this size should usually be around $50/month per door approximately.

That quote puts your per door at approx. $66/month, which is a little high -- and thats even with your $5K ded.

1 Vote

I wouldnt feel rich without a monthly income stream derived from wherever/whatever, that covered all my expenses. If I was eating away at principal every month then I would definitely keep trying to grow my recurring income (unless I had some obscene amount in the bank, such as $10MM).

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I have a thing for cars ;)

Now:
'11 BMW 550i V8TT
'11 Chevy Camaro 2SS/RS
'09 Yamaha FZ6R
'05 Jaguar STR (G/F's)

Gone:
07 Maserati QP SportGT
09 Nissan GTR - 535AWHP
09 Merc SL63 AMG
08 Porsche Cayenne GTS
08 BMW 335i
05 Merc E55
07 Toyota FJ Cruiser #2(off roader)
07 Toyota FJ Cruiser #1(off roader)
08 Honda S2000
04 Merc SL55
07 Jeep SRT8
04 BMW M3
06 Ford F150 KingRanch
++ many more

1 Vote

If you are looking for a turnkey property, this doesn't sound like it.
If you know that you are getting into a property that you will need to actually manage better at the beginning (and not just rely on that one property manager), then it sounds fine to me.

My major concerns would be building integrity, if thats good, then the tenant situation is up to you to fix. It obviously has a lower value since the current tenant portfolio needs to be shaken up a little and brought up to snuff, but you are already getting it down from 340K asking to $176K.

You just need to invest some time in the beginning to turn around the renter situation and get occupancy higher.

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Originally posted by Jim Stardust:

Don't accept anything from them, some people can easily produce fake tax returns. I had a tenant once say he's a professional poker player, plays poker on the internet and gets paid from an offshore account, but he said he doesn't include much of that income when he files his taxes, he wanted me to trust him he could make the rent...

I now request the annual 1099 (equivalent to W-2), certified copy of IRS-1040, and letter from accountant (preferably CPA) which should state nature of business and income holdings, annual income expected for current year, amount of annual personal income applicant takes from business, and bank references, credit report, etc.

So basically you should just have a notice that says "if no W2, need not apply".
No one would do all that, they will just move on.

1 Vote

Originally posted by OracleofMN:

Fantasm,

Then let's make a deal! Tony has it at $155. What will you offer? My broker fee is only 2%. Ha!

Seriously, what is your criteria? Do you own many rentals?

- Phil

I'll pay Tony a 2% finders fee if he gives me the deal :)
My email is in my sig, Tony :mrgreen:
I own 5 SFRs (S. FL) and 1 expensive condo (L.A.) (that I currently live in).

Looking for more buy&holds to build up portfolio ASAP.
Why? You got something good?

0 Votes

All Forum Posts by: Chris G.

Chris G. has started 26 posts and replied 159 times.

Post: Man makes 3 million in 8 months flipping Detroit properties

Post: Lenders' shadow inventory is real- and worse than you thought

Post: BOA REO Prequalification Requiring 20% Down

Post: if you had some spare $ and wanted to invest outside of RE, what would you do?

Post: Insurance on a 4-unit - Commerical Policy?

Post: Is it still possible to get really RICH

Post: What do you drive?

Post: Would you consider this 10plex and if so, at what price?

Post: How to verify income for self-employed? First time landlord needs help!

Post: 8 unit multi family - Would you buy it?