All Forum Posts by: Joe Leonti

Hi Sarah,

Still trying to get all the calculations for ROI and the other indicators of possible profit or gains. There are many factors (income after expenses, appreciation tax right offs etc) It appears there are many ways to figure this out. My math is not as good as I would like it to. I am practicing doing this by hand so I understand what the numbers mean (each one). I am not about to make an investment of 40K - 50K or more and say....whoops forgot that expense. That is why I am posting on BP. Any ideas, methods or spreadsheets you can recommend ?

You have a management company taking care of the Memphis Properties ?    I am heading to Nashville net month. Might look out that way (Knoxville or Marysville areas.  How do you like investing out of state ? and how do you manage the properties ?    I am also looking in the North Idaho area as well. It appears that area (there are pockets) that are still undervalued.  

Thanks Mike - These are things I need to find out.  That is why I feel BP is SO VALUABLE.  I sold my house last year and am looking to re-invest the money in real estate.  I already have all the money I want in the stock market.  This is a diversification effort, I need to learn what is (fairly) 'typical" for loan fees etc.  I have not taken out a real estate loan for a few decades, so this process is still new for me, especially Non Owner Occupied.  I might just move into the place (I buy) and live there for 10- 12 months.  I am still trying to figure out the Pre-Paids part of this.  I am analyzing every fee and cost.  

Thank you for your input.  Much appreciated.

Mike,  

Buying and fixing up a place by "forcing" valuation is a good idea. However by the time you purchase it, fix it up and refinance the costs of doing the loans could outweigh the increased value.  Closing costs, appraisal fees etc.  It appears the best way to do this is find a low cost area to buy in ? 

Hi Brian, I am looking in Sno County (lower property taxes, well just a bit). Property has gotten way out of hand here. So getting in with a small down payment on a 150K piece of property is very unlikely.  I did the small business thing for about 10 years. It was OK ...looking for investment to take me into retirement. 

I am planning to purchase a duplex (or triplex). I am now working with a lender to get pre-qualified for a loan.  I wanted to find out what the real cost of a loan would be, so I am getting estimates.  Well, what happened to all the "low money down" purchases all these books are talking about ? I can't get anything under 20% down !  With the closing costs and lender fees, I am looking at needed to put 80K down on a 349K purchase with 10K in closing costs.  I have been researching this (real estate investing) for about 6 months and I am now getting down to actually looking for a piece of property.  I have a 795 + credit score and they are giving me a 4.75% loan Non Owner Occupied -  Any suggestions (other than find a new lender or find a cheaper property) ?  

Thanks -  

Shocked future investor

Sure you can paint masonry. I ran a pro painting business for 10 years.  Clean it as good as possible, wire brush the heck out of and Spray it with a VERY good quality Latex Paint.  You may have to back brush the mortared areas to get the paint to soak in and adhere.  Although you may have to repaint later in the year. A real fireplace like that will discolor from either smoke or heat after a while.  Make sure the flu and chimney are clear.  Your can use an eggshell or satin sheen for durability. You should spray the ceilings while you are at it with flat latex paint. From the photo it appears to be acoustic ceilings.