All Forum Posts by: Mark P.

Liberal policies destroy every industry they touch.

Hey... Southeast Missouri here. Go Redhawks!!!

I would ask if it is:

1. A wireless or hard wired system?
2. Self monitored or monitoring company?
3. Who is installing it?
4. Are they licensed and bonded?

If it's a self monitored wireless system, I'd say go ahead. If they are signing a contract with a provider and getting free equipment hard wired in your home, I'd be hesitant to do that.

There are two opinions on this. Nails will allow the drywall to flex in the summer and winter, thus preventing the popping. Screws do not give, and pop more. The head will also break off of a screw. Nails don't break like screws do.

Maybe it depends on what region you are in.

Maybe I am missing something, but that sounds absolutely crazy!

I put this in another post, but thought I would recycle it to introduce myself, tell how I got started, and why I am here:

I started a year ago and just bought my second house. I was three years post a financially devastating divorce and realized I had to make a move to recover. I am an IT guy with a master's degree and a pretty good income, at least for this area. I also do consulting on the side. I worked with a guy that was liquidating all his properties and moving to Florida to retire. We talked one day and I asked him if he would help me out. Long story short, he gave me a 5 year note on a house that he already had rented. We did the math and worked it out so the cash flow would cover the 20% down after the 5 years. We had a lawyer do the paperwork and amortization table for about $700. He had nothing to lose. Five years free payments and if I default or can't get the loan after 5 years, he gets the house back. He knows I'll take care of it because I want to own it and I am motivated. With the cash flow from the house, and I had a good year with my consulting work I accumulated enough money in one year to buy another property. I could have just bought the first house, but he gave me a 2.75 interest rate and the bank is 5.75 for rentals, so I figured I would be stupid not to milk that for as long as I could. I still have four years to save the down payment when the note comes due and I am confident I will have that more than covered. I closed April 30th on my second house and rented it in one week. I am working now on trying to get a multiplex or a VRBO, but I am low on cash right now.

Here is a bit of knowledge I have learned for other newbies: A big bank wouldn't talk to me about my second property, but I had a friend that was a banker from a small town bank. I always stayed away from the small town bankers because I didn't want anyone to know my personal business, but I figured I do as well or better financially than most of the people in my town, so what the hell do I have to be ashamed of? I spoke with him and he had a LOT more flexibility on the loan for the second house I bought. Build a relationship with a small bank...that's my advice.

I started a year ago and just bought my second house. I was three years post a financially devastating divorce and realized I had to make a move. I am an IT guy with a master's degree and a pretty good income. I also do consulting on the side. I worked with a guy that was liquidating all his properties and moving to Florida to retire. We talked one day and I asked him if he would help me out. Long story short, he gave me a 5 year note on a house that he already had rented. We did the math and worked it out so the cash flow would cover the 20% down after the 5 years. We had a lawyer do the paperwork and amortization table for about $700. He had nothing to lose. Five years free payments and if I default or can't get the loan after 5 years, he gets the house back. He knows I'll take care of it because I want to own it and I am motivated. With the cash flow from the house, and I had a good year with my consulting work I accumulated enough money in one year to buy another property. I could have just bought the first house, but he gave me a 2.75 interest rate and the bank is 5.75, so I figured I would be stupid not to milk that for as long as I could. I still have four years to save the down payment when the note comes due and I am confident I will have that more than covered. I closed April 30th on my second house and rented it in one week. I am working now on trying to get a multiplex, but I am low on cash right now.
Another tidbit of personal experience: A big bank wouldn't talk to me about my second property, but I had a friend that was a banker from a small town bank. I always stayed away from the small town bankers because I didn't want anyone to know my personal business, but I figured I do as well or better financially than most of the people in my town, so what the hell do I have to be ashamed of? I spoke with him and he had a LOT more flexibility on the loan for the second house I bought. Build a relationship with a small bank...that's my advice.