All Forum Posts by: Account Closed

Being a trainer, do you make your own schedule? Can you carve out a couple days a week to devote to RE sales and getting into it slowly? That's what most people do with a full time job.  Say, Wednesday and Saturday you have time to go to the office, do research, meet people for listings....there is no reason you can't do both.  

@Joe Kim 

Yes! I want to do the same! My Subaru hatch back will be my work car and I will drive my Tesla on my day off! 

I think we all agree that we work hard and we want to make sure our money is all working for us no matter what we spend it on.  I just want to make sure I enjoy a little bit of it.  Otherwise, what is the point? I know plenty of rich people who have tons of money and all they do is sit around worrying about it. 

Make money, spend it, make more! 

@Steve Vaughan I "feel" just fine knowing that I financed my 25k car at 2.99% and I have a dependable car to get me to work and my investment houses.  I live in the country so I am 45 minutes from town and my rental house.  I have always driven used cars and pushed my fair share of cars off the road when they stalled out.  And in 10 years when my Subaru has 250k miles on it and smells like blood, sweat and tears I am sure I will have gotten my money's worth.  

My justification is this: If I Pay Cash for a $7,000 car every 3 years - I drive a lot and have worn out 2 used cars in last 6 years... Then I have 21k tied up in cars.   If I ever need to use any of that 21k for repairs on rental, down payment or closing costs on an investment house, I can't even begin to borrow that money at 2.99% 

I believe keeping the money liquid for investments is better than paying cash for a new car or multiple used cars.  The best things  about a new car are better interest rates, warranty for a while, and you can keep it maintained.  If you keep it until it is worthless you get all your money's worth.  I chose a Subaru because it has the best maintenance reviews and it can handle high miles.  

So if there is something that you can finance for a low interest rate, do it! 

I also have financed a roof for my rental house for 5.99% interest on my Lowes Card.  This way I came up with none of the money for the roof and the cash flow pays the payments.  - - Leverage isn't always a bad thing.  Debt is only bad if you have no plan to pay it back. 

I am a PF junkie and this is exactly how I justified buying my new Subaru.  I was driving a used car that was a gas hog, starting to break and was a constant worry.  The cost of the car + the savings of maintenance and gas + keeping get it for 10 years = I can focus on making money.  The cost and 2.99% Financing is pretty close to chasing a good deal on a used car every 3 or 4 years. I drive a lot of miles, so I also had to factor in a car that can handle the miles.  This car is a tool to make my job easier.  I have not reached - anywhere close - to letting my business buy me a luxury car so this is how I handled and justified my new car purchase.  

@Daria B. 

Yes, your broker might have many investments of her own, but she isn't that good at finding you a list of them to look at. The foreclosure Realtors usually work with investors and know what they are looking for as far as numbers. Also, ask for properties that fit your profile that have expired listings. Those sellers will likely be motivated to sell. 

Maybe there is a local REIA in the area you want to buy and you can contact them to see if they have any members that work with investors.

Sorry you are chasing your tail. I am starting the course to get my RE Liscence. I am going to focus on working for investors. I know what they want and hopefully they will buy cheap from me and let me list it to sell it for full market value.

Let me know how your weekend goes!

Raven

You need a Realtor that is Investor Friendly! What you are asking for is not out of the question for any investor starting with a Realtor. Maybe if you called a brokerage that dealt more with foreclosures and short sales. This way you know that they know the difference between a purchase and an investment. If you are looking around my area (Ocala) I can recommend someone. 

@Steve Ellison

There are lots of people that can't get financing right away or need to get their life in order before trying for a loan. They still want to take ownership in something. Have pride in their home. Like us, we needed time to set up our rental to show on the books that it paid for itself and took that time to pay off some cards and get our finances looking just right. I wanted the house. Someone might want to live there and need a little time. Time that others will not be able to give them because they want the cash now or just strictly rent with not option to buy. -Because I took the time to get everything in order I was able to get a USDA Loan with 100% financing. So, giving them time is a bonus for both of you. 

You should look into if you can put your condo into a Land Trust. Then, maybe you can sell it Subject To the existing financing and somone can take over payments and use the loan you have in place. That is kind of tricky, so it will need lots of research and someone experienced in Subject To financing.

I am not an expert in this, but I also have a dream of developing something. I have started by finding an area that I would like to build some duplexes. I called the zoning department and had them send me a map of the streets/lots that are zoned for MF homes. I then found the list of the owners on those streets and wrote letters to all of them asking if they would like to sell. I am negotiations to buy a lot on the street that I like. It is not huge, but it is a start for me and I can't wait to own a lot that I can possibly build a duplex on! baby steps. I think the first step is to own the land or have the land picked out and reasons why that area. Do you have an area you are interested in? 

And you are not foolish! Don't let a Condo and Mortgage hold your back from living your life! There are ways to make it take care of yourself! I didn't let my Upside down house ruin my credit or stop me from moving. 

I did almost the exact thing! I bought a house in 07...should have never done that, but I learned a lesson. After 4 years we decided we did not want to live there and had the option to buy my Aunt's house, which was perfect for our Forever House. I asked her if we could rent her house until we had our finances in order to BUY her house. She said yes. We quickly moved into her house and our old house became a rental. Like you, I eventually refinanced with HARP and lowered the payment. It was hard, but I was able to show on paper that the house paid for itself. The bank doesn't exactly look at your taxes and insurance. They wanted to see that the Rent Paid for the Mortgage Payment. It took me 2 years and 6 months to get it all organized and get my financial stuff is tip top shape so I could buy our new house. It Worked! I don't know if you will be able to manage your condo from far away, that is another expense to consider. I was able to manage mine myself. It was not easy, but that is another post in Tenants From Hell thread. 

I know a lot of Creative Investors and they love the Lease Option Deals! Lots of people looking to buy that want to take ownership in something but need to get their finances in order look for Lease Options. This is also something to look for yourself when you move. 

Good Luck!! I really think Lease Option might be your savior! @Steve Ellison

Raven Dorminey