All Forum Posts by: Kyle Gregory

i have to agree with mike on this one. Obviously some of those families are going to need to sell their homes, but you need to find a respectable time frame. Also I have heard of people buying homes of the deceased at an auction and have gotten very good deals... It almost seems like this is the wave of the future

i think every newbies biggest fear is making a mistake that will cost you dearly... and i also think that not getting in over my head has overcome that fear

what part of kentucky are you in? if it is in northern ky i have a contact for you

oh and btw here is my personal feelings on "mentors". I have talked to many people, i have even traveled 300 miles in a snow storm to talk to two people in cleveland oh (and that was extremely valuable lessons), I have e-mailed many from this web site (and every last one has been extremely informative and willing to give their opinion)... But ultimately it is YOU that needs to make the decisions. I for one would have a hard time bringing a mentor to look at a house that I wanted to buy.. After all isnt he/she in the business to make money also? so long story short, I like picking the professionals brains, then go out and make my own decisions.. right or wrong!! Oh btw that was some of the advice i got from the 2 guys up in cleveland

alright yet another newbies opinion... so go get your blood pressure checked with all this salt you are taking in :) If you have a mentor or not, ultimately the one that is responsible is YOU. My personal feelings for my first purchase has been... buy somehting that if for some reason does not sell or rent out, i can afford to make the mortgage without putting my life savings in jepordy. That way if i do really screw things up i can take it as yet another lesson from the school of hard knocks.

alright a general question here. I am getting into this with a buddy of mine, our plans our to purchase multi family homes, rehab them and rent them out... and of course for the right price sell them..... But is it a good idea to get a formal business plan? Will this help with future financing?

now i know we all have a business plan, but as of right now ours is written down on a bar napkin (yes i am joking)..

arent verbal agreements in some states legally binding? Better yet, as you have no proof that he agreed to this contract, he has no proof that he has given you any money, other than a canceled check. And that would only prove that you 2 had entered into an agreement.

james there will ALWAYS be deals. Rember what PT Barnum said, there is a sucker born ever minute. Heck, just look at the reason the housing market is in limbo, the lenders were giving money to people that do know what to do with it... Anyway, i think your example might be the exception and not the rule for a while. Just like everything else that has to do with money it is cylcical. That being said i am taking a harder look at building a rental property empire, and when the housing is looking goood again i will go to that... That isnt to say i would ever pass up what i thought was a good deal

i dont know mike donald trump does a good job of it :lol:

james if there are going to be less people being able to purchase home due to the sub-prime industry then doesnt that have an impact on your deal? simple supply and demand will tell us that if you have more single family homes on the market than there are people to buy them .. then the prices will have to come down, which will mean less profit.