All Forum Posts by: James Barnes

Hmmm...Wouldn’t be a good enough deal for my liking even if it was for my primary home. I highly doubt the appraisal will come in at the “high end” of comps. Best case scenario..you’ll get it for what it’s worth(retail $). When I bought my short sale the bank didn’t want to negotiate. Ended up getting the property for about what it was worth. If your happy with paying “retail” for your forever home then go for it. Just know that you might be overpaying...

Awesome answer Marcia..treat people like people and good things will come in return.

What are your intentions with the property?

Hmmm. I'll look into the discount brokerage thing. I'm still pretty uneducated on the fees and such a brokerage charges the REA. I wonder if these discount brokers exist in Maryland ...

Hey Jeremy,

Did you ever find out the answers to your questions? I will be in the same boat after March...I like my job and would love to do real estate in between my shifts(I'm shift work). Brokers? Fees? Smart?

I'm in Southern Maryland as well. Not an experienced investor but I can let you know of some of the neighborhoods to keep your money out of. AKA- Places you don't want to live.

This is turning out to be an awesome thread and a reality check. Us new people come on here and get all excited and hyped up about our first deal because the moderators make it sound rather "simple" or straightforward.

@Kevin Yoo @Jay Hinrichs

 Thanks for shooting it straight and not beating around the bush guys. I think more experienced investors need to do this to the newbies that get on here and stop feeding them this "its easy and simple bulls***". I can handle tough love. I am not as rich, educated or as investor savvy as you two but that is why I joined BP. To learn, educate myself and to get advice from people like you that have "been there and done that".

I'm trying to do what's best for my family's financial future and I will take any and all advice from the more experienced investors here.

@Brandon Hall

I've been pointed towards this article from another BP member

https://www.nationalfamilymortgage.com/afr-rates/

Should I abide by these rules and regulations?

Does the loan or income she receives(from my wife and I) even need to be documented?

What if we were to just say that the financing I am getting from the bank to "buy her out" of her current mortgage is the one and only deal?

Her net worth isn't anything of significant proportions.

I think she may get an amount of a little over 4k a year from us for the loan. 3k principal and at 1% 1k interest. Why does this part of the deal even need to be documented?

Posted this when all of the Korean content was being posted. Just Bumping it.

Is everyone pretty much in agreement that if he doesn't have an insane amount of capital or reserve funds then he shouldn't look into rentals? Aren't there people everyday on BP that do the "low-to-no money down" because they don't have the funds? They "made it" right? I must admit, its a bit disheartening to hear all of you much more experienced BP members lend this advice as I am probably not as strapped as the OP but am basically in the same boat(although he does have more savings then me currently).

I've been under the impression that one can get into this game while not having a lot of capital or a crazy amount of savings?

People are doing this without being rich and wealthy already correct?

James