All Forum Posts by: Mike K.

 I'm gonna make some money with a local or web business and wait until we get some blood in the water in the housing market. It's coming and there will be good investment opportunities.

 Lynn, I'm looking at buying an existing business with a track record and documented income and expenses.  Ranked website with good traffic and 160 existing customers with recurring monthly billing. Not much risk compared to buying a 100 year old duplex.

 I disagree.  The best time to buy real estate is when everyone is selling and there is an oversupply of properties available for the buyer demand. Right now it's clear that there is a significant undersupply of available properties to meet investor buyer demand. Too many real estate agents enticing out of state buyers to invest in Ohio. 

 Looking at a local service business that currently generates $60k a year with limited owner involvement, no inventory, and very limited equipment required. Basically no overhead and can be scaled up to increase income. Should generate at least $500k wealth in my 10 year time span with very limited risk. I've analyzed numerous 1-4 unit residential deals for both cash flow and appreciation and haven't seen anything close to those numbers.  

Also, I think once the Marxists take over the first people they are going after is the landowners. That's how it always happens.

After looking at the opportunities available in RE investing and analyzing the risks and rewards I decided that there are better options available to build wealth.  It pains me to say this since I have been an appraiser for a long time.  In my 10 year time horizon until I retire I believe I can build more wealth as a small business owner and have decided to purchase a business.  I would like to personally thank everyone for sharing your experience and advice. Best of luck to you all.

 Are 90% of them in Cleveland?

 Modular homes are built to the same building codes as stick built homes. The inspectors go to the factory and sign off on them.  They have the same quality as a stick built home. I work in the mortgage industry and the appraiser can use stick built homes of similar quality as comparable sales for modular homes.  

 Stay out of Columbus.  Fixer property I bid on had 30 cash offers in 3 days.  Too many investors chasing too few properties. 

Great discussion.  I would like to thank everyone who shares their experience and knowledge on this forum. I'm a little older and I understand that knowledge earned from experience is very valuable.

I'm on my 6th teenager and most of my kids are young adults in their 20s. I give them advice and most of the time they ignore it and face the consequences. That's how it goes. They don't know what they don't know.  I'm sure I was NOT like that when I was young....

 It's adjustable rate that is indexed to the Prime Rate, not a teaser rate.  Rate can go up or down with the index.  Max rate is 21%. The lender's AVM valuation came in about $20-$30k above the value of my home. 

I read the fine print....