All Forum Posts by: Kyle Gregory

well i am glad i am not the only one to think that way... I figure buyers are going to be slim, but they need some place to live.. so renters will be a plenty

since i am starting out with my first 2family here next month i would like to get everyones take on where they think the market will go. Will flipping take a hit? will rental property be the place to be? how will the sub-prime scandal hurt the flipping business? how long will the down turn be?

i recall on poster in another forum saying you should check with the bank before you do the quit claim. I believe if you do that the bank has the option of calling the loan due at that time.

alright i am looking for some thoughts and/or suggestions on this one.
my story: me and a friend were sitting at our desk 1 day pondering our future, as the company i work for is going through bankruptcy. I currently own my own home, and he rents. Well for YEARS he has been wanting to buy the property from his landlord (it is a 2 family), but lets just say his motivation to get it done has been lack luster. So that day at work we started to get into the rehab/rental/flipping property. While my experience consists of fixing everything in my house (i am very mechanically inclined), his experience was that of a construction site foreman. So short of having to rewire the whole house we can do all the work ourselves.... Now to the questions. We came up with an offer of $60,000 to purchase the property. And the owner (whom inhereted the property and thought he was going to make a killing off of it do to some nearby activity) pretty much laughed at the offer. Since then we have actually found another 2 family at a cheaper price $34k and are going to be closing on the deal in 2 weeks. So, now his landlord comes back to us with another offer of assuming the loan, guess he just wants to break even at this point.... However, his loan is not assumable..... so any ideas on types of offers that we can present to him?

mike i know you were there once and it appears you are doing very successful. Now if i can toss my hat into the ring here, coming from a newbie going to do his first deal. Either fortunately or unfortunately me and a buddy got a small 2 family for $34k and plan on doing about $10-15k rehab by ourselves, now my partner is going to be renting 1 floor and my step daughter the other (this is where it might be unfortunate part comes in, but me and my wife are doing this to help her out)... Anyway, first, remember this is the internet . Second, for some it is a very scary venture, especially if you are starting out at the max (for my first deal i am making sure that if we get screwed over by my partner and step daughter i can do this alone) so maybe this guy is getting in up to his ears in it..Third, the best advice i got was from a guy in the cleveland ohio area .. and just do it!!

thanks for listening
kyle

a lawyer is just like buying insurance.... you dont plan on having a wreck? or getting sick?