All Forum Posts by: Jesse Poll

@Julie; I no not know anyone that has bought.

@Nathan, Thank you for sharing this post.

I am a new investor in Las Vegas as well. I keep hearing that inventory is down but I have nothing to reference that to. I just started searching for properties a couple months ago. I look at it this way, if I start in a very tough and competitive market and eventually succeed I will have learned a great deal more and become a better investor than if I started when it was easy. Not sure that this business was ever easy, but hopefully my point is clear. We just have to work harder and be patient. Good luck in your search.

Jesse

Jon K mentioned Khan academy, they have all kinds of videos on the subjects that Bryan H mentioned if anyone is interested.

@Robert, since I posted this I have done more research and learned a lot more. I feel good about the offer on the table. I came up with the same numbers you did basically. At first I was a little skeptical and unsure of how to analyze the deal. As I have been analyzing more properties I am getting more comfortable. Thanks for your input.

@ Jon K. yes my wife is somewhat on board. I think because of her fear about all of this I am moving forward with more caution. This is probably a good thing in the long run.

I will check out the leases and find out about the rental history of the property. I have not talked to the seller. Thank you for your input.

I do not have enough experience to answer that question. I know that some here on BP have said it is mortgage fraud. To what extent and seriousness I do not know. I guess worst case I would get charged with fraud and the loan would be called due. Best case nothing would happen but I am still committing mortgage fraud. Not something I am interested in doing. Thank you for your feedback on this. I will check all this out.

In my original post that is what I proposed. Is it legal for me to approach this during the due diligence period? This is not something that I can assume. I have 60 days from the time of purchase to move in. The earliest lease is 1/2013.

Thanks Jon. I was going to call an attorney on Monday about that. They all have leases. The last thing I want is to open myself up to a legal battle.

Sorry Richard. I was not sure of the abbreviation of mortgage insurance, PMI for an FHA loan. I thought I stated up front that this was an FHA loan. Sorry for the confusion.

I am unclear about this 50% rule. Does it account for all expenses including property insurance? I don't mean PMI insurance. I know that that is calculated in with the P/I payment.

Let me try this again.

$1050 includes P/I+PMI+ property insurance payment. If insurance is already included in the 50% rule then I need to back out $150.

Doing this I am actually at $75 cash flow.

Does that make more sense or am I still confusing everyone.

I guess the question I should have asked is, Anyone actively pursuing 4 plexes through FHA, what kind of numbers are you getting and what factors do you use to get there?