All Forum Posts by: Eddie Starr

I came across the following items. I really could use help trying to figure out what to do with them:

1] Gold & Silver Mine

FINANCIAL DETAILS
Asking Price: $20,000,000
Gross Revenue: $65,000,000
Cash Flow: $50,000,000

2] RICH AND ABUNDANT GOLD MINE

Asking Price: $40,000,000
Gross Revenue: $50,000,000
Cash Flow: $45,000,000

3] RICH GOLD MINE

FINANCIAL DETAILS
Asking Price: $25,000,000
Gross Revenue: $478,800,000
Cash Flow: $60,000,000

4] Gold & Silver Mine

Asking Price: $7,000,000
Gross Revenue: $50,000,000
Cash Flow: $43,000,000

5] VERY RICH PLACER GOLD MINE ( 80 ACRES )

Seller Financing Available!
Asking Price: $80,000,000
Gross Revenue: $90,000,000
Cash Flow: $85,000,000

I don't mind giving most of what is made off of one, to help make something of it, so that I can work through the others. Besides the mine, this could be a huge new construction deal, making mining towns, and working to be able to make the towns be able to stand, independent of the mines. I think wholesaling them [maybe the ones without seller financing, to get those with?] would be the best, but I don't know how to go about it with items this big. Any help?

Hello, Randy. I'm Eddie, a US Navy Veteran, living in Spokane, WA, but am looking at options in Portland.

I, too, am looking at MFH. I believe, reading through some of the info on the site, that 1 - 4 units, in some cases, can be SFH. For example, a vet can use their VA housing loan, to get a 4-plex, and rent out the other 3 units.

What sort of MFH are you interested in? As you may know, the main site with info is loopnet.com There are two sites, one dedicated to mobile home parks, and the other, to rv parks; some of which have members that stay for months or years, and even other facilities on hand.

My current project, in Spokane, is getting a SFH, and working with my church, to covert it into a transitional group home. I'd love to chat, and network with you. Feel free to PM me.

Just wondering: I've seen some properties with seller financing. What options would be available, to cover the rest, without putting my finances credit? Is there.

I've seen HMLs covering 65 - 70, but they want to be 1st. So, would they cover the 65 - 70, and the seller, if willing, cover the rest, without being subordinate, covering their perecentage?

Without going into all the details, a few years ago, I was the victim of ID Theft. I now have a lot of "black marks," and am trying to get things cleaned up.

I've been looking around, on BP, and other sites, and one thing a lot of lenders look at [pro PML firms, HMLs, etc.] is credit, to make sure that I "won't be an issue." The problem is, being an ID Theft Victim, I have a lot of "issues." I do have the police reports, although I don't know if that would help, and not sure I want to, or even should, share that info. It would be very difficult to prove "what's mine, and what isn't" to a lender.

So, what would be some options? I'm interested in buy & hold of small multifamily [small apartment buildings, multifamily].

Hi BP!

I've been looking at a few different MFH types, from plexes to mhp, and I've seen some listings where assumable loan is the only purchase method, or one of the options.

My 1st question: Let's say it's a MHP that's going for 300k, assumable loan. Does that mean that the total of the original loan was for 300k, and that I'd be paying the balance? Or does that mean I'd need to assume a brand new loan, to begin making payments on it, to buy the prop?

On assumable loans, will the bank or other lender want to review my finances, credit report [score/fico], etc? Or, as long as the prop is still generating revenue, to pay the monthly rate, they lender won't do so?

@Raymond B.

I'm not sure what you're saying. I've tried to use Quick Reply, and Reply Here. I put @ and tried typing the name. I tried @? and the name, and nothing. Like if I type a name via facebook, a drop down appears, and I can select from that list, but I'm getting nothing here.

So far, the only way I can get a successful @name is if someone else has, and I copy-paste theirs. I have no problem using other forums, or FB. It's just like if I accidentally highlight something and type over it, instead of being able to undo it, it undoes the previous lines of typing. Something weird about this forum, that causes my netbook to not like it; sort of like the pop-up for G-mail, and I have to go into full screen, to close it out. It doesn't resize for smaller screens.

,

I just wanted to ask something, on this subject. I've heard that you would be better using an S-Corp, because of the taxes one would have to pay, on the LLC, like an C-Corp, so from that perspective, an S-Corp would be better, right? On a different board, I read that you may want to consider having an LLC and S-Corp, and have them [somehow?] be joint venture partners.

Anyone have LLC vs S-Corp comparisons?

Hi @Gerald K. I actually just posted in the new member section: US Navy Veteran in Spokane. Feel free to comment, and if you have a suggestion, cool! My friend is actually on the west side, up in Woodby Island area. Love to connect. [=

Thanks, @ZackSchwarzmiller

I'm looking to add Africa [thinking Egypt], South America, and Antarctica to my list of travels! Some years ago, I saw a documentary, and there's charter boats in Chile, that take tourists to Antarctica, which I think would rock...get to do 2 continents in one trip! =]

I visited the Gonzaga campus, as I know a couple people in that area, but at this point in life, I'm all "schooled out," at least, so far as on campuses go [physical or online]. Looking to learn lots, on BP.

As I mentioned, I'm working to help a friend with his housing situation, and looking to turn it into a transitional home for my church. If you have any suggestions, or know of someone who can "show me the way of the Schwartz," that would be great! ;]

I'm new to this, and I'm in the Spokane/Cour d'Alene area, so that is where I will plan to start. My GF has family over in Montanan, and I did see some potentials, there, so that may be for consideration, too.

@Zach Schwarzmiller just thought this Navy Vet in Spokane would say hi, since you listed Spokane as one of your areas.