All Forum Posts by: Jim M.

thin deal each way imo. buy at 110 + 25 is 135 and if you can get the 165 you'd be looking at about a 20k profit after fees but this is assuming you don't run into any problems along the way. buying at 110 and renting at say 1100 and using the 50% rule would leave you with 550 for the debt service. its a bit tight.

you sure got a lot out of that 25k rehab budget. nice work.

Like any area you have to be careful and especially in Buffalo...I transplanted from there a few years back. Stay away from the west side, east side and be careful in south buffalo. North Buffalo has the UB, Canisius and Daemen campuses so college kids could be your tenants. Its funny that the population has been dropping there for decades but developers are still building. Check out Buffalo Rising online for news about whats going on. All the old factories and machine shops are slowly being turned into lofts and mixed use stuff.
Your property won't appreciate much short term and it's a big gamble longterm so cash flow is what you would be looking for. I think I met the guys that were starting that business(than merrill students?) and I think they were concentrating on turnkey section 8 housing. It could be a different company though but section 8 could be something that could work.

It seems to me that since they didn't use the money on the property you should hold them personally accountable. Why haven't you sued them?

This guy is great...can't show proof that he has 100k in his own personal account yet somehow qualifies for a 10 million loan? Also, doesn't have 30k in his own account so that he could qualify for the 4.5 mil loan?

that place is pretty sweet but the overhead on that place is gotta be through the roof. 16000 sq feet of an aging stone castle has about a million different possibilities of things that have to be repaired over the years. You could be looking at 100k a year in upkeep on the place.

New investor here in Charlotte

I would make sure the main bath has a dual vanity and plenty of storage. A rehab I have going on right now we have a 3-1.5 and we put a huge shower with a bench and rain shower head, jets and more in the master. Point being, kitchens and baths sell the house.

I understand misspelling one or two words blogging quickly but when you're putting out an ad for your company you really need to proofread. also, him not being responsible while the property is in his possession sounds fishy.

1 million