All Forum Posts by: Phillip Gainey

Don't focus on the interest rate. The devil is in the details. Loan orignation fee, and other fees, points...etc.

Read this book. It was written by a former mortgage broker and tells about the various scams and games they play and how to shop for a mortage the smart way.

"Mortgage Rip-Offs and Money Savers", Carolyn Warren

PG

But what have they done? My current home mortgage and one rental mortgage is with them. I did try to refi a couple years back on my home. Some scheister from BofA called and tried some slick selling. Tried to get me to put down a 500 buck deposit, which is a red flag and you should never do that. Other than that....

What do they do to investors who just stop paying the mortgage on a rental property. I have a friend who is thinking of doing that with his nightmare in Memphis.

Rotten bastards!

I say, LET THEM FAIL!!

The Investor Nation Memphis nightmare is continuing.

Turns out the property which was supposedly had inspected and renovated by Investor Nation in 2009, needs a new roof. $4500 or so, ching-ching! Turns out there was a leak in the roof the PM they recommended didn't inform the owner, and there was a pissing contest going on between the pm and tenants (now evicted).

The new pm hired someone to look at the roof. The guy said the shingles were cracking and breaking apart and the leak couldn't be fixed without replacing the roof.

Oh, also, tenants backed their car into the garage and caused damage. PM didn't tell owner about that either.

This is the kind of crap that happens when you buy from "Turkey" packages from out of state.

Owner had thrown in the towel and is selling.

PG

It's not just Detroit. It boils down to demographics. Stick with areas where the demographics mirror the national average. That will eliminate properties within the city limits of most large U.S. cities. Detroit, Cleveland, Atlanta, Memphis...etc. Don't listen to people with something to sell who will tell you it just depends on the neighborhood. It is what it is. And it's NOT for most out of state investors.

Stick to the suburbs.

PG

P.S. I don't go to biker bars. Don't like rowdies and don't want my butt kicked. So does that mean I need to pick "the right biker bar", or does that mean I should "avoid going to biker bars"?

That is speculation at this time. Authorities are still trying to figure out who was responsible.

http://www.msnbc.msn.com/id/43859395/ns/world_news-europe/

Who was responsible for it? Do they know yet?

PG

I thought not "raising a debt ceiling" meant not raising one's "tab". IOW, you can't borrow any more more. You're tapped out dude! Work on paying down the debt you have, don't increase your existing debt.

It doesn't mean, "meet your debt obligation". That means "pay your existing debt when due".

In the federal governments case, they're like a person with an gambling problem. In order to keep gambling, they have to take on more and more debt, and make lenders more and more nervious.

PG

Best thing to do is read books about buying "turnkey" properties for high passive, low stress RE profit!!

I'm such a trouble maker!!

I most don't do OOA rental anymore. I mostly fund a select few local investors who buy the properties. Or, buy discounted notes and let someone else play "Judge Judy" and deal with the idiots! The investor makes money, I make money.