All Forum Posts by: Greg Smith

I am planning to use a line of credit against a house I currently own to fund my down payment toward buying a new SFH (pulling out the equity from one house to buy a different house). It is pretty easy to estimate interest... what I'm wondering:

When calculating my CoCROI, should I use the amount I'm pulling from the other house as my cash in number?  I figure that's fair because I'm could use that for any other deal as well.  It seems not quite right though because it's borrowed.

I found it isn't easy to hide it from people that I am close to.  I manage my own properties so they hear me take calls sometimes.  I enjoy getting advice about home repairs from a couple people so we talk openly.  I do get the slumlord comments and the "must be nice to have his money" kind of talk. I just take it in stride.  I will add though, that I have a day job where taking tenant calls and talking to a realtor isn't frowned upon.

@Brian Frazier

Thats a great story.  It seems like things never work out like that in real life.

@Steve Rountree  I'm so sorry.  That sounds really hard.

@Behrooz K. Is your offer still valid?  Most offers expire in a day or two.  In my case, as my offer was expiring they called me to see if I would sweeten it.  I didn't so it just expired...

I just offered on a short sale as well.  As I understood the process, the bank has a sales price below which they wont go.  In your case, it's likely none of the previous offers met that criterion.  In my case, all the offers came in above that mark so they accepted several in case one fell through.

@Scott Weaner HA! that's great

@Greg Parker  That's a good tip on the sloping floor.   Also FYI I was just reading on the cast iron thread your plumbing suggestions.  I think we might be cut from the same cloth. :-)   I didn't want to say anything there... too strong of opinions.

@Peter Sinclair 

I am looking to get that exact marble looking porcelain tile.  Can you tell me where you got it?  Was it tiles or in a sheet?

@Greg Parker

So that would make it hard for the tenant to store anything in there.  Right?  That seems annoying to me as a tenant.