All Forum Posts by: Michael S.

Mike:

My last sale was of the house I am currently using as my avitar and it was on a busier road. The road was a definate factor in alot of people's decisions. The home sat on 2 acres and was approximately 150 from a busier road. It did not matter that it had great views looking at a ski resort, sat on over 2 acres, had it's own private stream, backed up to woods and was well shielded from the road via mature trees becuase the majority all said " It's a beautiful house, but it's too close to the road".

I always try to find out what potential buyers think, especially if they have no further interest. In this area I was very friendly with the local realtors and knew most of them, so I was able to get good feedback. All would report back "It's too close to the road!" Unfortunately, this was one thing I couldn't easily change.

This particular home was in in a second home area and in most communities 150 feet from the road would be very desirable, but it wasn;t in my case and the reality is that a busy road will kill alot of interest.

Homes in this area were taking 5 to 9 months to sell. Mine finally sold in 18.The lesson I learned is" Location,location,location. I would think twice before buying on a busy road.

Thanks for sharing. I found it insprational. I have been critisized for being to rigid by my family, but I am positive that his is the only way to conduct bussiness.

I have had awesome response to craigslist and yard signs. Best part is craigsluist is free and the yard signs are re-usable and cheap.

I am interested in hearing from investors buying homes under 15k and holding on to them for cash flow.

What areas are you doing this in?
What kind of properties? sfh,condo, multi, mobile?

Major rehabs?

Are you self managing or are you turning over to property managers.?

Typical rent roll?

Section 8?

Are you blanketig these homes after you have a certain amount?

Eric,I am not aware of any site that helps you calculate your burden. I have done 4 deals in NY, 3 in Greene county and the most recent in Renssalear. I found that the taxes differed in each deal and the time they were collected also varied. I think your costs will be dependent on where your deal falls in the collection cycle. I had one property that village taxes in addition to the typical school and town/county taxes. Basically I call the tax collector and find out what is exactly due and when and then I ballpark the taxes that I will have to pay based on where I fall into their collection cycle. Another cost to consider is deed filing, that cost went up on most deed filings from $165 to $250. Ultimately though my attorney gives me my final costs as we near the closing date.

Thanks to everyone that has chimed in. It answerd my questions

I just thought of a second part this the first question. Say I decided to take a commercial loan out for an investment property and am asked to personally guarantee it, will this scenario count towards my overall count also?

I am looking for clarification on how my primary residence impacts my ability to max out the amount of loans I can take out. Regardless if I can do 4 or the maximum 10, is my primary, owner occupied residence (mortgaged) part if this count?

Rich Dad Poor Dad - Helped me structure my thought and basically confirmed what I already knew deep down.

Miilionaire Next Door - Interesting to read about how the ultra rich function.

I have a question about your added unit. Was your additional unit filed with the town? How long did it take to get their approval? What effect did this additional unit have on the property taxes? I am currently look at a triplex that would be a great candidate to become a fourplex, but I am wondering what hurdles I will have to jump through to make it happen.