All Forum Posts by: Jason Schmidt

Do realtors use a specific formula to determine the exact value of a home, and/or what it should rent for? I know they look at the houses that sold in the past, etc. but is there anything esle specific that they do?

I was told the only possible way to find this information out, is to have the realtor side access to the mls. Is this true? If so, how does that work? Do I need to become a realtor?

thank you! by the way, you must have been at arbys the other day. i think i saw you :)

very interesting - so for many people, after doing lots of residential singles, is the next obvious choice commercial? such as storage facility etc?

I would plan on doing this using this combination:

- any extra income from my business
- using the money i would have used for my existing house payment (would be free now because I would have already paid it off)
- using the income from the tenant

we are cheapskates here :)

It would take basically $5100 a month in extra payments to do it, but the $1000 a month saved from no house payment, and say $100 from our tenant in the property would mean we would need to come up with 4k a month extra for a year. This is doable because we have no debt. That is, assuming work continues fine as it is.

okay I see, so if I were to take the 100k line out, it would be, say, 1k a month for 30 years (just example) and that would be paid back by a property i purchase with that money?

My thought is to have our house paid off in a year or so, then buy a 100k property @ a 20% discount, while putting 20% down ($64k left) then pay that off in a year and continue to do so for 10 years.

i just found it and saw they have bank owned listings, pre foreclosures, auctions, etc. is anyone using it? Is it worth signing up?

I have read on it and i still don't think i grasp it. I read a story where someone had a 300k house that went up to 400k in value. they then pulled out the 100k extra and used it get another house. they mentioned that the 100k is like cash - how so? You have to pay it back, right? How would it work in this example?

300k house @ 3k a month PITI payment
increases by 100k to 400k.
you take out the 100k

then what? the monthly payment goes up, or what?

Is anyone doing this? I understand it is somewhat limiting, but it seems to me that paying off the house you have, buying another, paying it off, buying another etc. is the safest way to go. who else is doing it?