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All Forum Posts by: Jason F

Jason F has started 32 posts and replied 271 times.

Post: If YOUR party looses-How will YOU react?

Jason FPosted
  • Real Estate Investor
  • Gainesville, FL
  • Posts 296
  • Votes 6

Again, Flipper, you have managed to skirt the issues I brought up and stick mainly to the insults on me.

90% of your post that clarified your first post was aimed and calling me 'clueless' and 'ignorant' rather than examining or answering the questions I brought up.

Sorry man but I don't consider your cheap shots, one-liners and strategically capitalized words real responses.

But keep up the good work of posting extremely irresponsible statements and then when questioned, attacking the character of the person asking for an explanation.

As much as you would like to think, the world front is not Candy-Land right now.

Post: And your friends do what?

Jason FPosted
  • Real Estate Investor
  • Gainesville, FL
  • Posts 296
  • Votes 6
Originally posted by Erik Garcia:
Yes, Chemical Engineers makes big bucks but their income generation is linear as compared to an entrepreneur. Basically, entrepreneurs earn very little to begin, however, as time progresses, it explodes far beyond an employee.


You know, it's possible to do both.

Post: If YOUR party looses-How will YOU react?

Jason FPosted
  • Real Estate Investor
  • Gainesville, FL
  • Posts 296
  • Votes 6

I am very open minded to people who have different beliefs....as long as they express them clearly and are able to back them up.

I can tell from most of your posts (such as the one quoted) that you say strongly worded things and rarely back them up.

A cooperative and civil government comes will need the exchange of good ideas as a one of it's many backbones, not empty "drive-by" statements.

Post: If YOUR party looses-How will YOU react?

Jason FPosted
  • Real Estate Investor
  • Gainesville, FL
  • Posts 296
  • Votes 6
Originally posted by **********:
Most will agree that we have made those that ere angry with us as a nation, 1000 times MORE ANGRY!

We NEED a President that will attempt to repair our international relations, NOT one that will be an iron fisted tyrant like BUSH!


When are people like you going to learn that these people are going to hate America....NO MATTER WHAT WE DO!

Do you honestly think that how religious fundamentalist groups view us should be high on our agenda? You know how we can make Islamic terrorist like us? Kill ourselves, that's about it. No one that we elect is going to make these people hate us less. Their 2,000 year old religion dictates how they should feel about us, not Obama, McCain, Bush, Kerry, etc.

If you care so much about what the rest of the world thinks about this country, maybe it's time for you to join them. Go take a trip to Iran and see if those are the kind of people you want to 'please'.

I really don't understand how it is the Republican party that is using 'fear tactics'. Right now I can find about 200 websites that have a sole purpose and goal of eliminating my country and my family from the face of the earth. There are groups all across the world who's main focus is killing you, and for some reason, the worst guy you can point your finger to is Bush.

Since you say things with so much certainty, why don't you outline some of the 'international relations' you would like to see repaired? Really, tell me who's relationship has been soured that you would like to see repaired. Venezuela? N. Korea? Iran? Russia? The Taliban? Come on man, which one of these is lacking and you would like to see better?

What would YOU do to make these relationships better? Do you think you can change these people's mind about how they feel about our country?

Post: Possible First Deal

Jason FPosted
  • Real Estate Investor
  • Gainesville, FL
  • Posts 296
  • Votes 6
Originally posted by slinger2424:
Driving around and looking at the for rent signs is going to be a problem for me, as I am in CA and the property is in NY. Just trying to make this thing work if I can. I am very interested and just looking for a little help from people with experience to help hold my hand on the first one. I am sure you remember the feeling ;)


Just my opinion, but it really wouldn't be the best idea to purchase a property that is clear across the country, especially if you are a new investor. Not being able to drive around and look at comps is just the beginning of problems you may have.

If this is your first investment purchase, why not look around your area. I know Cali is more expensive, but the lessons you learn are priceless when it comes to your investment career.

Post: I am so confused....Please help

Jason FPosted
  • Real Estate Investor
  • Gainesville, FL
  • Posts 296
  • Votes 6
Originally posted by Brian Gibbons:
This is where mentoring helps alot.

Background:
* I bought a foreclosure for 28,000.
* Put 11,500 into it and now its appraised at 70,000.
* Of this money 5,600 was out of my own pocket for the down payment.
* The remodeling was done out of a construction loan with interest only payments for now. So with that said when not considering my down payment I owe the bank 32,400.
* I am just getting into a contract sale with a very good prospect. With this I will get a 10% down payment. Sell for 67,900 with 6,790 down. I have it set up were he will pay me 650 per month which included p/i/t. The taxes I will hold until due but he will be responsible for insurance naming me and the bank as additionally insured and providing proof.

I have a two part question here.
1. Do I use a straight contract with balloon or a lease option? What would benifit me best? I am not sure how a lease option works or how you write it up.
**************
My answer:
REI has to do with risk analysis and exit strategy implementation.
Rule #1 - Conserve personal cash.
If you have to break rule #1, get a partner.
To buy in this market, you can sub2, land contract, seller carry - JV, option flip, etc.
To sell in this market, you can lease option, land contract, all cash consumer, carry a second and keep or sell in 6 months.
To make cash flow, consider being a consultant helping others sell CREATIVELY, and get fees.
That said:
You bought for $28K, out of pocket is $5600 down, owe bank 32.4K
Have you considered your carrying costs?
You have a real appraisal for $70K that a bank would honor?
How about:
Get a doctor to apply for a 20% down at a commercial lender.
Get a tenant buyer that will pay 20% over PITI (rent plus option payment)
You have less risk with TBer LO than Land Contract.
********************************************
2. I will refi to a conventional loan as soon as possible. Since I have much equity should I take my profit now by cashing out? Or wait until the balloon is due and use a 1031? I typically want to at least get my down payment back plus have the buyers down payment so I can buy another property. ????
********************************************
Know tax first.
Holding for 12 months + 1 day is 15% on profit.
Selling under that sucks, 33% plus on profit.
Refis are loans, not taxable.
Learn how to sub2 when you buy and get cash when you buy and avoid banks when you buy.
Only buy something that, when the market turns better, it will be attractive. Like 4B2B, good location, fenced in yard, good schools.
If it is not something attractive, say a 2 B or bad location, try advising the person on seller financing, like LO or Seller Carrying a 10% second. And get a fee to do so.

--------------------
I wish you all the best,

Brian



Please help... I have many questions.

Your post should have started with:

"Here is how mentoring can be a complete waste of time"

Seriously, did you consider this compilation of ideas/facts/jibberish a serious answer to this guy's questions?


"To make cash flow, consider being a consultant helping others sell CREATIVELY, and get fees"

This guy is wondering how do sell his property using a L/O, you think he should be advising other people?

Post: Red Box Franchise

Jason FPosted
  • Real Estate Investor
  • Gainesville, FL
  • Posts 296
  • Votes 6

If you are wondering whether or not they would hold up to an 'axing', I would say no. I don't think there are too many vending machines that would stand up to 3 hodlums, and axe and a night to spare.

I would say concentrate on your security systems first.

Post: Joe The Plumber? OR HELP McCain?

Jason FPosted
  • Real Estate Investor
  • Gainesville, FL
  • Posts 296
  • Votes 6
Originally posted by **********:


You are really young and will understand more as you grow. LOL JUST Kidding, but think about what you wrote!
I do believe we need to focus on our own war at home and not saving the world, BUT we still MUST deal with the world on many levels.


Guess I missed this joke.

There is a difference between 'working' with other nations and making a voting decision based on what other nations think or who they would like our president to be.

If you can honestly say that other nations care about the US for anything other than how our actions will effect them, you are wrong. I don't blame them at all, in fact, I think that's how it should be. Now, more than ever though, we need to put America first.

Post: Joe The Plumber? OR HELP McCain?

Jason FPosted
  • Real Estate Investor
  • Gainesville, FL
  • Posts 296
  • Votes 6
Originally posted by **********:

Could YOU imagine John McCain at a world summit, listening to a leader that he despises, rolling his eyes and using the facial expressions he used last night? :roll:


I think we have been spending too much time thinking about what the would thinks about us and not enough time thinking about our own country. It's time we realize that we come first and solving the problems of the world comes a distant second.

Honestly, the minute I care about how my president comes off to the rest of the world is the minute I don't vote. I'm tired of hearing people talk about "who the world likes" or that "Germany loves Obama" or "what will the islamic terrorists think about electing McCain". That should be the last thing on your mind.

Post: So here's my plan..

Jason FPosted
  • Real Estate Investor
  • Gainesville, FL
  • Posts 296
  • Votes 6

Alex,

The other thing you need to consider is the sellers. A lot of gurus try to create a system that looks great on paper, but when presented to a seller of a property is very confusing. Usually if the sellers don't understand something, it's harder for them to sign things.

You will need to find a seller that is:
A. able to hold a note for the purchase
B. willing to hold the note for a short period
C. willing to sell for 20% of appraisal
D. willing to sign an option to sell the property to you while understanding you are going to flip it to someone for more money
E. willing to accept the fact they will be relying on a 'note buyer' to purchase the note after they sell the property

You will also need to find a note buyer that is able/willing to pay you 85% on a non-seasoned note for a sub-prime borrower. The note most likely isn't at the best rate either.

It just seems to me, if you find this person, why not buy the house yourself with owner financing and flip it OR buy it in an LLC and sell the LLC to the buyer, allowing you to 'take over your payments and avoid closing costs'.

All I'm saying is simplify your idea. If you have a seller at 80% of value willing to hold a mortgage, why don't you buy the property and rent/fix up sell.