All Forum Posts by: Jeff Sprunger

can't believe no one has asked, what's the toy?

is there a post here? or are we supposed to respond to the title?

if so, then the seller should not be able to alter the contract without compensation.

it will work as long as you have OPM willing to wait a year and only make 10%! and no monthly income to investors!

how about HELOC on your personal residence? maybe a personal loan? my bank will loan $35k with a signature loan. Bring in a partner and pay all cash.

I don't know about that particular company, but I used to work for a modular home manufacturer in the Midwest called All American Homes.  Their homes are built inside and are modular (which means they are built in pods offsite and then shipped to the site and erected onsite.)  these homes are anything buy cheap.  they are just as well built as any site built home, so I would argue that they are actually better quality because they are built in a temperature controlled environment.  the quality of modular homes across the US varies tremendously.  I would suggest that your brother do his homework.  visit the builders spec homes and check out the materials he is using.  also, does the builder offer all aspects of the home build; ie:  site prep, foundation work, waterproofing, landscaping, drainage, driveways, etc...as an all inclusive package? things to consider.  but quality is by far the biggest factor in modular homes.  ask more specific questions, we may be able to answer them.

Originally posted by @Brad Larsen:

@Pete Velasquez HOUSE HACK! You are in military city, USA. Use your VA loan and buy a 1-4 unit home. The issue is that you do not have the income to possibly support that purchase. Find out what you do qualify for and buy a VA home. Come PCS time, you rent it out and do this again at your next duty station. You may be short $100 a month - but the appreciation and depreciation far outweigh that.

Saving makes no sense.  Literally.  Listen to the Kiyosaki teachings and do not become Dave Ramsey.  Do you want to wait 10 years to save the "right" amount of money?  

This is like taking golf lessons but never playing until after your 100th lesson.  You just have to get on the course to fully learn the game.  

Good luck!

while I don't "disagree" with what Brad Larsen recommends, at 19, you don't have a clue.  Sorry, but it's true (I have an 18 year old son, and his vision, goals, future changes every 5 minutes).  If you stay in the military, you will move around, ALOT!  I've owned many rentals while in the military, some while I was overseas.  WHAT A HUGE PAIN IN THE BUTT! if they aren't cash flowing hundreds of dollars a month, they will suck hundreds of dollars a month from your wallet.  I would wait until you are stable and might stay in one location for a while, so you can manage the property(s) yourself.  You need to learn that side of the business before you turn it over to a property manager.  Leverage can be great, but if you aren't careful and leverage too much of the property and don't have sufficient equity, things can go south really fast.  continue to learn and ask questions.  I don't care what Mr. Larsen says, avoiding debt is true freedom.  having a huge chunk of change in the bank opens up so many opportunities and gives you many choices.  especially at your age!  good luck!

congrats! welcome to debt!

insurance garbage lawn/snow removal 10% headache/pain in the *** tenant fee!!!

$115,000 loan at 4%, 30 years = $550 for P.I. taxes and insurance = $1200 ($100 month each) total piti is $750. vacancy, capex, maintenace at 8% = $180/month ($60 each). management is $75/ month. flood insurance $100 (I like round numbers and it is my example). what's that leave us? total = $1105 month! what utilities will you pay for? water? add another $100. I always throw in a 10% miscellaneous fee, so add another $75. now we're up to $1285/month. you need to get it cheaper! your first offer should have been around $70k.

I didn't glue down my cement board. just screwed it down to the hardwood floor and began tiling. so far so good.