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All Forum Posts by: Josh Saul

Josh Saul has started 4 posts and replied 10 times.

Will J. Scott be present? Or will this be virtual?

Post: Starting for COMMERCIAL ONLY??

Josh SaulPosted
  • Atlanta, GA
  • Posts 10
  • Votes 0

I’ve had 3 residential rental properties in the past, but sold them all. I really do not want to deal with residential tenants anymore. I now own one small office condo, but really want to focus more on commercial real estate investing, build up to more and/or larger units but want to get more educated about how to do this properly and not just fly by the seat of my pants -like I’ve done so far. If you’re a commercial RE investor what do you wish you’d known when you first started out?? Help! Thanks!

Thanks Patricia.  I'll look again.  When I google "List commercial property for lease"  the only major one that comes up for me is LoopNet and I thought you had to be an agent but I'll investigate that further.  What other sites have you found successful?

I own a 1000 sq ft office condo in Dunwoody, GA and have decided to lease it rather than sell it. I’m considering getting an agent to list it but am also curious how hard it would be to find a tenant myself. Are there sites where you create listing as an owner? Other recommendations? 

Post: Replace your mortgage with a HELOC

Josh SaulPosted
  • Atlanta, GA
  • Posts 10
  • Votes 0

@Don Konipol

I'm glad you think amortized mortgages are the answer to creating wealth equality through home ownership.  Although I get the feeling you don't believe in the concept of wealth equality and are more a feudal tenure type of guy. That's ok.  Things change.  There will always be "the way it was before" and a need to create something new that works better.  BiggerPockets exists because people are tired of following conventional paradigms.  This may not be the best place for you.  

And I get that you want to bash an entire of generation for trying to shield their kids from the challenges of growing up.  Maybe they should see the big bad world for what it is.  I'm guessing you made your kids suffer the same way you did.  It builds character right?  In any case, just remember that those bleeding heart liberals with participation trophies are going to be pushing your wheelchair in the not too distant future.  

Post: Replace your mortgage with a HELOC

Josh SaulPosted
  • Atlanta, GA
  • Posts 10
  • Votes 0

@Brent Coombs 

If someone borrows money and then pays back the money they should only be responsible for the amount of interest owed over that period of time.  End of story.  The banks and mortgage brokers make money originating the loan regardless of whether or not the money comes back to the lender the next day.  Borrowers are also required to pay mortgage insurance to get the loans further protecting the lenders.  They are protected all the way around - not to mention providing loans to unqualified borrowers that led to our last financial crises. (Yes I know all those people should not have taken out loans they couldn't pay - borrowers fault, don't blame the banks)  Lenders get paid upfront then again over the 1st half of the loan and the buyer only really starts to acquire equity on the back half?  Hold on to that all you want.  I posted in Innovative Strategies hoping there were some but it seems the only brilliant ideas you have to offer are to make extra payments towards principal.

Post: Replace your mortgage with a HELOC

Josh SaulPosted
  • Atlanta, GA
  • Posts 10
  • Votes 0

@Brent Coombs  So if we use your example and say that you are essentially getting $80K loan at 4% and it was not amortized over 30 years then paying the interest for the year would be $3200 or about $267/mo and $222/mo (for 30 years).  The amount in interest would decrease every payment because you would be paying down the principal.  You're telling me that it is more fair to the homebuyer to pay substantially more interest for the first half of the loan and less principal just to have an even payment amount over the course of the loan?.  Most lenders know that the average home buyer is in that home 10 years or less. They front load the loan so they get their interest money back first and keep the homebuyer slaving away to make payments without realizing equity in the principal until the very end of the 20-30 year term.  Then we're told that investing in your home is best thing you can do - for the banks.  You should pay interest on the amount of time you owe the money.  Lets see the amount we pay towards principal stay the same and interest decrease over time.  Or how about at least having the OPTION to pay it off this way if its possible you may not live in the same place 30 years?
 

Post: Replace your mortgage with a HELOC

Josh SaulPosted
  • Atlanta, GA
  • Posts 10
  • Votes 0

I think the model of the current conventional mortgage is outrageous. Why is it even legal to be forced to pay interest on a 20-30 years loan UPFRONT when you may not even have the loan that long?! You should pay interest for the ACTUAL amount of time you are borrowing the money. There are no justifications that excuse this financial piracy. So I like the CONCEPT of the HELOC but want to talk to people who have actually done it from start to finish. Sometimes we need to think outside the box even if the HELOC thing sounds nuts. There are definitely some products out now where banks/lenders are offering fixed rate HELOCS, 20-30 year draws and a built in banking account with debit card/checks. People are clearly interested. I just want to hear from someone with experience.

Post: Replace your mortgage with a HELOC

Josh SaulPosted
  • Atlanta, GA
  • Posts 10
  • Votes 0

Hey Folks,

I've been looking into the concept of replacing our home mortgage with a fixed rate HELOC as described on sites like Replaceyourmortgage.com. They want about $2000-2500 for their coaching and information. It seems like a good idea in a lot of ways but curious if anyone out there has done this and how it went. Thanks for any advice. This is clearly a big decision because if you replace your mortgage you can't get the same one back!

Thanks,

Josh

Post: What to say on bandit signs?

Josh SaulPosted
  • Atlanta, GA
  • Posts 10
  • Votes 0

Hey Folks,

I know people love/hate bandit signs.  I'm going to put up a few and see what happens.  (Gotta be able to provide some experience on that when they call me for the podcast right?!) What do you put on your bandit signs?? Seen anything clever or just keep it simple?  

So far I've seen:

We buy ugly houses. We buy houses fast. We buy houses for cash.   -- What else??

Thanks!