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All Forum Posts by: Mike Baker

Mike Baker has started 15 posts and replied 144 times.

Post: New Member

Mike BakerPosted
  • Contractor
  • Blackfoot, ID
  • Posts 149
  • Votes 52
Welcome and hooah!

Post: Another New guy-Wisconsin!

Mike BakerPosted
  • Contractor
  • Blackfoot, ID
  • Posts 149
  • Votes 52
Welcome!!

Post: Home in a Rural area

Mike BakerPosted
  • Contractor
  • Blackfoot, ID
  • Posts 149
  • Votes 52

So I am looking at a 4/2 in a rural area (public record actually shows it as a 5/3), that is a HUD home as well. It needs about $25000 in repairs and they are asking below 50k. I ran several comps and it appears the house would be worth around 100k fixed. I want to offer about 18k based on numbers I've run myself

My dilemma is this.

I want to buy and hold. The rents in the area for a house like this are about 7-800 a month. The numbers for buy and hold seem tight even though i would pick up what would seem like a substantial amount of equity once its fixed.

What am I missing?

Thanks for your time.

Post: Home in a rural area

Mike BakerPosted
  • Contractor
  • Blackfoot, ID
  • Posts 149
  • Votes 52

Did I list this in the right discussion?

Post: Home in a rural area

Mike BakerPosted
  • Contractor
  • Blackfoot, ID
  • Posts 149
  • Votes 52

So I am looking at a 4/2 in a rural area (public record actually shows it as a 5/3), that is a HUD home as well. It needs about $25000 in repairs and they are asking below 50k. I ran several comps and it appears the house would be worth around 100k fixed. I want to offer about 18k based on numbers I've run myself

My dilemma is this.

I want to buy and hold. The rents in the area for a house like this are about 7-800 a month. The numbers for buy and hold seem tight even though i would pick up what would seem like a substantial amount of equity once its fixed.

What am I missing?

Thanks for your time.

Post: stock investing book suggestions

Mike BakerPosted
  • Contractor
  • Blackfoot, ID
  • Posts 149
  • Votes 52
I would encourage you to google stock investment training. I found a couple of "practice" sites that let you trade stock in real time on a simulated basis. Lots of education in those sites as well.

Post: New member from michigan

Mike BakerPosted
  • Contractor
  • Blackfoot, ID
  • Posts 149
  • Votes 52
Awesome and welcome to BP!
I hate my job as well, and I understand how you feel. So as somebody in your shoes, I just wanted to encourage you not to jump into a property. My wife and I have been making several offers and still no deal, but we spent a considerable amount of time educating ourselves both in BP and outside BP. I just keep reminding myself that all things have to end eventually and my day to end my job and give my family back the time they deserve is coming. Patience truly is a virtue in this realm. My deals are coming and so are yours. Good luck!

Post: How to Get Money For Your First Deal

Mike BakerPosted
  • Contractor
  • Blackfoot, ID
  • Posts 149
  • Votes 52

Awesome Info. Thanks!

Post: Issues with HUD homes?

Mike BakerPosted
  • Contractor
  • Blackfoot, ID
  • Posts 149
  • Votes 52

I have heard the computer that handles the bidding is defaulted to take bids in a persons name over a business name.

Which reminds me, I was looking through HUDs online stuff.

Maybe I missed it, but do they pay the back taxes on the property or do we?