All Forum Posts by: Rob Smith

sorry for got to put the street  

Cottonwood Road, Memphis, TN 38118

My Brother is offering me a house to buy on this street a am try to find out if this is a good area and if the numbers sound good and ways to structure the deal Help if you can  

-Sale price $84,700

-Wants me to pay him 20% down and he will keep it all in his name and i just make his payments for 2 years then i get a loan for my self and buy him out ( I had a short sale 2 years ago i can not get a loan wright know) 

-so basicly i am giving him 20% and he is going to run it like he still owns it i will be responsible for keeping it rented and paying for every thing  

i am wanting help finding out if this is a good area and is it a good home to buy it should rent for about $975 to $1000  a month 

let me know your experience, if you have does anybody own any of there properties how is there property management let me know the good the bad the ugly 

Thank you very much 

here is there web site :  http://www.thrivedevelopmentgroup.com

Thank you everybody for the responses on @Derrick Craig it really helped me in my decision to buy my next rental and have him do my PM as well 

Thanks again everybody and thank you biggerpockets what a great site 

here is another thing you can do call your bank and ask them about loan reforecasting it keeps your loan at 30 years but it drops your monthly payment what you do is send them the 15K and they take that amount off your loan and reforecast it over 30 years and give you a new lower payment that is if you want more money monthly or your could just keep paying the same amount and pay off your home faster saving lots of money or like Nuno suggested and buy another home that is always smart 

Were i am getting my 9-13% ROI is buying 1 year seasoned loans they have never been late for the past 12 months and they still have 12 months left to pay they have 700 fico score or better, as with every thing there is risk but i have been doing it for a few years and am very happy with the minimum risk i have experienced

I am looking to buy a rental in Memphis TN i am looking into working with Derrick Craig with memphisbuyandhold.com has anybody worked with him any feed back would be great has anybody bought any rentals from him Thank you  

Hi Chris Masons i invest in notes with at least 18 months of never late pay history and 700+ fico scores 

Thanks guys for all your answers 

 I am 45 yrs old i have 4 rental properties 1 losing a few 100 a month i am going to be selling it in the next yr or 2 once it climbs in value.  i have another rental it is making a few hundred a month positive and i have 2  more rentals they are both making me about 300 a piece each rental. I have about 28K in savings and i am putting about 3-4k a month into savings i have no debit other than the rental property mortgages and i am positive on each home except one. So i am trying to find out my next move i worked it out in an excel sheet last night and it looks like what is going to be best is to pay off my lowest rental that will take me about 4-6 months then i am going to take the 3-4k a month and invest in a 7-10% APR vehicle  I am going to take the extra money from the mortgage that i payed off and snowball it into the rest of the mortgages by age 55 i should have 2.5 homes paid for and about 10 yrs away from having them all paid for and a million or more invested with a pretty good monthly interest payment and a business that i can think about selling for a few 100K  and maybe retiree but that means i dont buy another rental for 10 years i am not sure if i want to wait that long on buying another rental ether but i guess cash is king and i can always change my plan down the road 

I have $25K in savings and am putting 2-4k each month into this saving acc it is currently invested and making about 7%. My question is this should i keep investing it and make 7% APY or should i pay the $25k to principal  on one of my mortgages and also pay the 2-4k a month to the principal on my mortgate were is the better return on my money.