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my friend recommended that book to me about two months ago. I was a little skpetical because its pretty thick and didnt want to read through everything, but I found myself readin each section 2-3 times, it has very valuable information. I love the small calculations, the quote call outs, and the testimonials at the end. But it has really good info on how to get started. Im a newbie myself and this book made me think that i can actually one day invest. Motivational? possibly. Valuable? definately.

k:

ok so heres the scenario.
I came upon a 6 unit commercial FSBO mulit unit building in buffalo (128K asking), i wont go through the numbers because they are solid and the owner said hed sign a contract contingent all the expenses being accurate. but anyhow....

The owner has someone in contract who is financing the unit but had told them that if someone comes up with that money in cash in the next 7 days that he'd go with the cash offer. so he has given me 7 days to find the cash. Being that i dont have 128K in cash my only alternative is to find an investor. So i think i have a plan.

Lets just say i find an investor, who is willing to lend me 128K. I then tell him that i can re-pay him the 128 with 7.8% interest which totals him 138K in 1 and a half month time after closing. Now the way i figure to pay him back is this:

Once i purchase the 6 unit with his money i then turn around and retrieve a commercial equity loan (or is this called a second mortgage?), hopefully in 1 and half month's time i can pay my investor 138K. Now i hear that banks only give about 70-80% of the appraised value of the property for these type of loans but the property that i just bought for 128K is now appraised for 210K which the difference can well cover the line i pull out.

I then pay back the investor 138K, and i assume a mortgage on 138K hes happy im happy the owner is happy and we all win.

another thing is this, my credit is 580 and wondering if taking out a mortgage against this property after purchse is probable.

thanks for all the help!!!
keuminotti

thanks ryan!
where is your neck of the woods in case i happen to invest there?
so, i guess it would be good to put the %10 upestimate when determining the prop. value , and of course aiding negotiations in future endeavors. i love it! its such a numbers game, and kinda helps that im asian.

thanks again!

charlie

ok so i just came upon a website that i thought was useful to me to asses the value of a property. oviously the best way to find out the value is the neighboring properties and thier recent sell price. so, i began searching properties and came upon zillow.com.

and although, i was wowwed by the "big brother" widget, i must ask what is the difference between "tax asseed value" as it states in zillow, vs. and the value of a property or are they the same thing? was a little confused by that term.

any help would be awesome. also, if anyone knows another website like zillow.com and is free, by all means share!
yours truly,
keuminotti

ok so here are my numbers from my first post, thanks all for leaving me a message!!!!!!

3br/ 1 brm - 63K/ 10% down
owner moving out of town claims that it can rented out for $900-1000 easy. lets be conservative and say it rents for $800.

i would need to finance the place with a high 8% loan.
my monthly would be about:

$416/ loan
$160/ assoc fees
$73/ mo taxes
_______________
$649

$6300/ %10 down
$1200 for closing cost
-$700 seller is putting in.
------------------------------
$6800 investment/ ConC return $1812 %26 percent

does this sound good at all? did i miss anything here?

any help would be appreciated!!!

is it reall hard to find deals in foreclosed homes? heard you can just go up to the city clerks office and join an auction. does anyone know of a good one in bridgeport ct?

thanks!
charlie

can someone suggest ( i mean serisouly suggest ) a good book on commercial property that was written recently and will be very helpful for the first timer?

any help would be great!
so far i read Rich Dad Poor Dad, Millionaire REI ( Keller) and though those two were good starts.

thanks!

Anyone have any idea how how waterbury is? if its bad let me know, and perhaps can you tell me an area that you think is better in CT.

i think i found a deal, the numbers bring at least 250 CF every mo, and it even seems like the neighborhood is good.

any help would be Appreciated!

8)