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All Forum Posts by: Michael Mulrooney

Michael Mulrooney has started 1 posts and replied 64 times.

Post: Immigration Laws

Michael MulrooneyPosted
  • Posts 67
  • Votes 1

We are already seeing a problem in Flroida. Not enough people that want a job picking oranges! Sad to say but we have a shortage of hard working Americans in the US.

I think if they are paid fairly and taxed as we are then they should be allowed to come over to work "LEGALLY". They need to go through a process just like everyone else does.

I do think that the ones caught in criminal acts need to be sent back for prosecution in Mexico. I know that is funy, but Mexican Gang members should be put on a most wanted list and sent straight back over the border.

Post: Government and your phone records

Michael MulrooneyPosted
  • Posts 67
  • Votes 1

I have traveled to many other countries in this world, and trust me, there is no place that I feel safer and more comfortable stating my opinion and not have to worry about being put in prison or executed than the USA.

For those of you that haven't been out of the country try it and see how you feel when you return to US soil. It feels great!

I hear a lot of people complaing about wire taping, but keep in mind they are only listening to international calls. I could care less if they listen to my calls because they are very boring and I am not doing anything illegal to worry about the FBI showing up on my door step. If the government had not been doing many of the things they are doing now, including listening to calls and we were hit again, then we would want to know why our government isn't protecting us. Bush can't win for losing and he certainly can't make everyone happy. I am not a huge fan of Bush but I would rather have someone like him in office that is not scared to go after the people who have been trying to change the way we live today and detroy our freedoms.

Post: how to make money on the internet

Michael MulrooneyPosted
  • Posts 67
  • Votes 1

I currently work as an IT Project Manager full time and Real Estate in my spare time, but anyway, never ever reply to any unsolicited messages from banks or what may be pretending to be your bank or PayPal. They have the ability to get your personal bank information.

I have fell for several of the get rich quick scams in the paper when I was younger. (Sad to admit!) It should be illegal to list those things.

Post: low balling

Michael MulrooneyPosted
  • Posts 67
  • Votes 1

I once offer $70,000 on a property that did not need much work and it was worth easily $120,000. The agent presented the offer and the sellers turned it down. A week later someone bought the property for $72,000. I should have made a second offer. Moral to the story, always make the offer even if you think the seller will not accept it. All they can say is no.

I still kick myself every time I ride by the proeprty!

I grew up in a family that didn't have a lot of money and my dad was laid off quite a bit. So when all my friends were walking around in their new leather shoes after Christmas, I was walking around in my converse chucks. I didn't want my children to have to live a life with nothing. I paid for college with a credit card. Believe it or not, I got interested when I saw Carlton Sheets on TV. I later found that most of those deals do not work, but he inspired me. I made several offers from what I learned from Carleton and people laughed at me. I then ran into a Realtor that helped me out a little bit and I was on my way.

I don't believe in the TV informercials either but it is motivating to catch them on TV and see the deals people talk about. I am sure most are not real deals, but if you take out the deal, the concept of making a lot of money in Real Estate is real! It takes a while but very possible to retire rich one day!

I just raised rents this year by 5% and some of the homes I have had for over 5 years. I probably should have raised them over the years but I was always scared of the tenant moving out. Funny thing....I had a few people a little upset, but no one moved. So, be prepared to get an ear full or a coupl eof excuses but for the most part. No one goes anywhere if you are treating them right!

Post: Hard Money Lender

Michael MulrooneyPosted
  • Posts 67
  • Votes 1

My personal opinion is to try and find a local bank to work with. Hard money lenders are good for a last resort but typically the interest rate is pretty high compared to a bank. I use an equity line of credit and if the property costs more than I have available then I have a local bank that will do temporary interest only financing that I use to get into the home. Then I refinance it later.

REI can become a cash cow or a money pit. I am sure all of us have made deals that cost us more than we thought and if you bite into one of those the first time then it willsour you onthe business for good. If you don't have a lot of cash now, then tying what you dona't have into property will hurt. A fiance is also considered a partner and I don't like partnerships. I agree with all cash, buy it yourself first until you are married.

Post: Next step? First step!?

Michael MulrooneyPosted
  • Posts 67
  • Votes 1

I would rethink the partner thing with a family member. I would not partner with anyone. The cash flows can be very slim when starting out, not to mention, one person always feels like they do all the work and they begin to get irritated. I would start out buying a single family home to see if you even like the business first. It isn't always glamorous but very rewarding one day, so I have heard.

Post: Intro/Starting Out

Michael MulrooneyPosted
  • Posts 67
  • Votes 1

Just stay motivated. I would probably try and use the cash you just made off your car to put down on a home for yourself first, and probably sell anything else that wasn't nailed down to generate some more cash. Once you build equity in your home then you will be able to use the equity to buy other properties, or move out and rent the one you bought for yourself then buy another property. You have good thoughts and many of us started out that way. I bought my first investment property with down payment from a credit card. I don't advise it, but it worked. It was an owner financing deal.

I even sold a motorcycle once to but another property!