All Forum Posts by: Calixto Urdiales

Once again Jon I know that this is irrelevant for the area that he is in but I wanted to give him a starting point. And if you read my posting you would have noticed that I asked how many bedrooms each unit had so as I could guide him in the right direction.

Section 8 is a government program that helps out low to moderate income renters. They will not allow the participant to pay more than 30% of their gross scheduled income each month in rent. They will also cover upto 70% of the actual rent according to FMR's in the area of said building.

You are allowed to interview each participant and decide if they are going to be a tennant of yours. Once this is determined (mind you your building needs to be upto HUD standards) the new tennant and you will sign a lease agreement for one year. Once that time is up you will void or reinstate the agreement accordingly. Right now there are too many participants of section 8 and not enough housing for these individuals. You can check with your local HUD office to see for terms and guidelines, and please note that there are many benefical programs and grants offered by HUD.

Thank you!

Thanks for the info Steve!

Okay Tony I was going to start the other day (no really), but I got a bit confused about some of the workout names. If it is not too much trouble can you explain in detail what each workout intails?

Thanks again!

This is true my friend but one thing that you will come to learn about me is that I never state on the high end. Meaning that the figures I gave were actually a lot lower than what is offered by the section 8. So if the :badwords: hits the fan then I still look good, but if it comes in higher than I am the hero.

1. Because you are doing calculations on the Total amount of money invested into the property itself and want to determine it's true cap-rate.
The Cap-Rate is the amount of money you earn each year on the total amount of money invested into each investment.

2. The way I see it is there is no advantage to taking a shorter term mortgage in most situations. But this can be an even more profitable deal to you than what you have before you, let me explain.

Now what you can do is get and ARM program that has a four option pick a payment plan (don't get worried just yet) and choose to make the interest only payment. Mind you you will have a fix for some time until the payment itself adjust accordingly. If you do this your interest rate will go down a bit and will be around 5% and a payment of $332 a month.

Now you have more money in your pocket and you can put it into an IRA account to build interest on the money that would have gone to the principle. Instead of letting the lender profit off your money why not let it work for you, and now your money will gain an interest of 9%.

You can drag out the loan itself and make the ballon payment when your 30 years is up. And the best part is you will have a huge chunk of change in you IRA account even after paying off the loan. Remember that IRA's gain interest tax free and can be taken out tax free (if taken out before the age of 59 yrs 6 months you are subject to a 10% penalty tax). And if something bad happens you will have much cash reserves in your IRA to make sure you can sustain any problems.

Thank you for your time.

No problem but I think it would have been much better info if I actually gave you advice on your deal. LOL 8)

Good stuff robmack-

If you are interested in stuff like this you should check out my sticky in the HUD, VA, and Tax sales forum and I think you will like what you read.
Oh and among these tax credits there are many programs and grants that will help you in your goal to become wealthy. Thanks again.

P.S. I haven't forgot about those forms so just send me your contact info and I will remind you everytime I see one of your postings. :roll: LOL

When will us stuborn men realize that when it all comes down to it we own it all but she controls everything. I think if we have this concept of whats mine is hers and whats hers is hers then life just might be a lot easier and us men will live longer.

P.S. I had to write that my girl was standing next to me, so here is how it really is (lol just kidding), no real we need to live longer. 8)

Yes I can send you those forms.

First you have to know if this is going to be a profitable deal or not, so I have you done your reasearch? As far has comping the property and finding out how much the owner owes on the property itself. Soon after if you can get you foot in door, never give an offer before inspecting the property (there may be hidden damages) so ask the owner if you can have your GC give you a quote on repairs.

Once you have determined that it is worth looking at you need to take action. Now you said that you called and left a voice mail, there are several things you can do at this point. By now you must have their new address, cause you all ready have a phone number.

You can keep leaving messages
You can mail him/her letters of interest

You can visit him/her at their new place of reidence
(unless their new residence is out of town, but if not I would suggest this to be your best bet)

P.S. Please send me your contact info so as I can get you those forms my friend.

Not too sure if anybody else needs it but I have had a hard time finding a good architect in my area. And for some reason they seem to disappear and never come through, not that I am saying architects are bad people but I have had some not so good experiences.

Thanks for your reply Josh.