All Forum Posts by: Chris Masons

Thx for the info Jerry. I am the oppposite of you. I am starting to look at single family homes now b/c prices have come down so much that they can actually cash flow now.

I will shoot you a PM.

thx,
Chris

Thank you Steve! Info is very helpful. For some reason I wasn't sure if the 1099 was required if it was a one shot deal. VS a continued weekly basis like being paid 1099 status working as a consultant.

As always thank you
Chris

To get Realtor access to it you need to be a licensed Realtor, well at least her ein NJ you do. Otherwise you have general public access which is very watered down.

IT is a very sought after tool b/c yu see much more info and have access to much more resources and tools as opposed to general public access.

Chris

Hi Steve,

I am a bit unclear on the 600 dollar threshold. Suppose I hire a handyman to do a handful of odd jobs that he takes care of in a weeks time.

Now suppose the total cost I incured was 700.00. 300 in labor and 400 in material. It this scnario I would not have to issue a 1099-Misc correct?

Now suppose 2 months down the road (same tax year) he again does some odd jobs and I pay him 500.00 300 in labor and 200 in material - I then have to issue a 1099- misc b/c I have now paid him personally in excess of 600.00

Is this correct?

As always thx in advance!

Chris

Hi Jerry,

I have a question in regard to your financing on properties 5 and above....

I have 5 properties 1 primary SF) and rest multi families. a 4 fam, 3 fam, and 2 2 families. My next multi 2 family deal I am working on will be little tougher as I am breaking into the 5th investment property realm. While Fannie and Freddie will do up to 10 (per their special guidelines section) I am finding banks have their own overlays that won't do it just because it is more risk for them and more work involved.

have you ran into any problems between the 5- 10 mortgage range? I am curious what national banks (if any) did your financing on properties 5,6, and 7. I don't want to go to local banks/portfolio lending as this will kill my cash flow as I focus primarily on the positive monthly cashflow.

as always thx in advance!
Chris

OOPS, sorry guys, I confused part of this thread with another thread I was reading.

Please disregard the last parat of mym post regarding financing on 5 to 10 properties as it was meant for another thread!

thx!
Chris

Nice topic/discussion with actual examples on what is required to acheive such a tough goal.

I often think about trying to move into cash flowing properties full time but realize how tough it actually is to achieve and work involved.

I have a nice supplemental income from it and continue on working on increasing my NET monthly + cashflow from my properties but kind of took a step back and am not trying to do this solely now. If I was younger and single, you bet I would be much more agressive and maybe I could achieve this.

I have 5 properties 1 primary SF) and rest multi families. a 4 fam, 3 fam, and 2 2 families. My next multi 2 family deal I am working on will be little tougher as I am breaking into the 5th investment property realm. While Fannie and Freddie will do up to 10 (per their special guidelines section) I am finding banks have their own overlays that won't do it just because it is more risk for them and more work involved.

Jay, have you ran into any problems between the 5- 10 mortgage range? I am curious who national banks (if any) did your financing on properties 5,6, and 7. I don't want to go to local banks/portfolio lending as this will kill my cash flow as I focus primarily on the positive monthly cashflow.

as always thx in advance!
Chris

Good call. We had an UG oil tank on a 2 family here in NJ (built in 1950s) that was still being used. Once I aquired the property we converted to gas and had tank filled with sand soil samples taken and the town signed off on it that it was properly abandoned.

It was a biiger tank 1000 gal. that took up good paart ofo fron lawn and then underneath part of the driveway. To rip it out would have made a big big mess.

Chris

There use to be piping referred to as orangeburg pipe used here in NY,NJ and PA and I am sure lots of other places up until around the 40s I believe. also knon as fiber conduit. It was made from wood pulp and pitch and was commonly used as sewer laterals from house to the cirt main. It also was used in plenty of other plumbing applications like runs where gutter downspouts would connect into the ground and run to the street.

Joel, when you say clay piping is this what you are referring to? OR do you actually mean clay?

thx!
Chris

What about trying to sell it as a contract for deed sale where you hold the note. If you can get someone to give you 20 or 25% down or enough to where you feel comfortable with. You can give them the terms of the mtg 5 year or 10 year balloon or no balloon payment even. The interest rate would be hopefully higher then what you are at now on teh house so you would be making money on the loan as well as some positive cash flow from the house.

This would give you the needed cash to purchase up to a nicer area or home like you are looking to do.

Of course it may be hard to find a buyer to fit this criteria. I actually just did this on a 2 family property I sold. He won't take title until he is done paying the loan off. He bough tit for what I paid for it in 2003 a price I could NEVER get in todays market. He was not able to get conventional financing for reasons I won't go into but it ended up working out for both of us. I set it up so the existing tenant pays me direct and he just comes up with the difference every month.

regards,
Chris