All Forum Posts by: Mike Sales

Tim, I'm actually going to do the same thing beginning the new year. I'm going to buy a cheap house for cash, rehab(I have some family members that can do the work for cheaper. Then the next year do the same thing. I hope to build up a nice portfolio of SFH's, eventually I want to get into 4 units etc. This is a buyers market and houses are simply too cheap not to buy, I prefer a buy and hold for long-term cash flow myself.

I've been thinking of the prospect of buying cheap properties in cash, and then just holding them for passive income. What is the best way to learn to DIY to save on labor cost, are there any good reads on the subject. What are some things to look for etc?

I'm interested in section 8 rentals as well. The area I plan to start in is perfect, but section 8 is pretty strigent. But you know you'll get a check. If you screen properly. If you do it right it could be extremely lucrative.

How does one get a slice by being an agent, I'm a bit confused sorry.

Doesn't take a genius to see the property will cash flow. I can look on the MLS and pretty much find properties that cash flow great in some areas. The thing is I always wanted to leave Indiana, but I know the real estate market here is strong for my long-term plans so I may have to stick around for another 10-15 years.

With that said, if I just get the agents license, would I have access to the MLS, or do I still need a broker to work under?

Really 66%? I'm assuming you mean big cities like Indianapolis, Fort Wayne, Gary etc?

I will be attending a meeting in the near future. I'm in the Gary area.

If I were you I would look into the FHA 223f program for commericial loans. If the building qualifies, than you can get a higher LTV loan of 85%, and the seller is allowed to take back like a 7.5% so in affect you could get it at a max LTV of 92.5%. I take a little comfort knowing that this program will like able avail to me, when I wish to purchase a commericial property in the future.

Yes, Indiana property is cheap, only thing bad about living in Indiana is the weather.

I've always seen bad areas as a cash cow if you can deal with the tenant relations. It's way easier to find cash flowing properties. The cons are obvious as you may have a liquidity problem as well as hard time managing tenant relations. I like the idea of investing in low income areas, becuase of the guaranteed. With my strategy, I'm going to use them as passive income.