All Forum Posts by: N/A N/A

good idea thanks

airfare? whats that....lol I work for a major airline we dont pay airfare, funny thing is, I never go anywhere except for maybe once a yr to visit family. guess i'll have to save up to buy something in beautiful downtown Newark, NJ :roll:, on second thought....LOL

but yeh I get what your saying, you arent limited to your local area.

"hello, welcome to walmart"

LOL

r2,
I thought the mls/realtor listings were just a waste or time because seems the realtors dont want anything to do with you when you're offering 30% under FMV. maybe I'm just looking at it wrong and need to rethink my strategy.

I'm trying to get this place for our own residence and they are asking $190k, the realtor was acting like i'm out of my mind offering $120k for it. But I told her, look, thats just how the numbers work out. it's 3.5acres of property with a 1998 DW mobile home sitting on it (depreciation). I figured 30k an acre for the property and about $30k for the home
I dont think i'm all that far off the FMV for that.

well, so far my biggest problem is finding property to wholesale or even worse finding the owners of the property.

although I have been spending alot of time driving around and writing down addresses. take tonight for example, I left work and drove around the area and I found 4 houses. 2 of them looked abandoned, 1 was a FSBO and 1 turned out to be listed by an agent although it looked run down it was a commercial/office/residential building aka a home turned into an electrical contractors office.

so back to the two abandoned places. I got home , checked the citys GIS map online and found out 1 is owned by a place called MLQ Investments LP, out of deleware. the only info I could find on them was a bunch of lawsuits against them for unfair collection practices. So I hit a brick wall with that one.

the other one shows the owners name and I followed that to the tax roll and his mailing address is the same as the house address, sure looks like nobody lives there but sometimes you cant tell. Again, I'm stuck....

otherwise I think I have the procedure pretty much figured out, find the property, fill out an intent to purchase form and make an offer, if seller accepts, get it under contract and contact my buyers. If it's something any of the buyers want, I fill out an "assign to" contract and collect the assignment fee. am I missing anything?

r2, I should have stated they are 2/2 townhomes. when i said i was looking at them I was just looking on the mls listing trying to calculate what you were saying about purchasing an apartment building but I pretty much figured the same as you said 8 units wont cut it.

I have no idea how anyone is going to manage to get any cash from those places unless they have the cash to just pay them off, problem is they are still in a ghetto area of the beach so they still wont get any higher rents.

It's funny that it's hard to find a building with 12+ units in this city, I find fourplex deals and things like that but the only big apartment buildings I have seen have already been converted to big money luxury condos.

thanks for the clarification, I was just curious how you came up with those numbers thats all.

nice...is that $85k before or after uncle same gets ya? :cry:

which is exactly why i'm taking this very , very slowly and very ,very carefully.Each move I make is carefully planned and I run the numbers over and over then i run em again just in case. I'm starting with wholesale because A) it's the least risk B) I dont have the funds to buy a place to rehab just yet. I'll keep the cash i make from wholesaling and invest that into rental property.

thanks for the tips and now I know who to ask for advice in the future

just goes to show you how peoples minds work. They could care less about the structure and more about the decor.

r2, i'm confused so maybe you can set me straight cause i'm a noob to this stuff.

if I calc the mortgage on a 1.1mil [email protected]% interest and 10% down I get
Monthly Payment: $6,229.03 (Principal & Interest ONLY)
plus tax and insurance

so for shiggles lets say 8k a month in PITI, plus maintenance costs. now the building i'm looking at is 8 , 2/2 units that rent for $700 a month, i know cause i used to rent one. so thats $5600 a month in rent....which is $600/month negative without maintenance costs included.

you would need at least 10-12 units just to break even right?