All Forum Posts by: Scott Mac

You might want to talk to some of your family members to see if they might want to invest with you.

You are you a long way away from Detroit, and that may make them uncomfortable. So you might want to find a way to make them comfortable with that.

You might want to visit Detroit if you have not, and drive around the different streets in the city- but I warn you it is very dangerous in many parts. So you might not want to go alone, and always be very careful.

"...push for sustainable and community-focused living?"

A pull for sustainable and community-focused living might lower the risk.

Who is pushing for that- and why are they pushing for it?

How is this different from lower income roommates each having a bedroom and sharing The rest of the house?

I would assume this is not something someone would have a goal for as their living environment, but would have to settle for it due to their low income. 

I would assume these would be class C and D properties with Class C and D renters???

Low FICO scores, Income stability issues, rugged rental pasts???

Definitely not the American dream as a way of living.

Know the lenders requirements for the loan types you will need.

For instance you may find you need to have liquid cash of 9 Months P&I and 100% of the loan amount as your personal net worth in order to avoid personal guarantees on the loan, and your retirement accounts may not count towards your liquidity.

Know the requirements of the loan products for the apartments you want to buy.

There are no books for that, that I know of--just lenders info.

Because without that all else is just scholastic exercise.

Good Luck!

Pics please.

Nice house, I like the window over the bathroom mirror.

It will make that space nice and bright for the homeowner for years to come.

Good Luck!

An Eagle hunts alone.

Easier Fruit -- and the band played on....

As any gambler knows:

https://www.youtube.com/watch?v=7hx4gdlfamo

Look into holding your shares/memberships in an inter vivos trust.

It can make operating seem like moving in quick sand, but it might be something you wish to discuss with your estate planning attorney.

One other caveat on these multi-member deals, is to take in to consideration divorce proceedings by any of the members, And the affect the divorce court may have on the operation of your LLC company.

Good Luck!

Some people like to live at a higher standard of living than others . 

Some people are comfortable driving a clunker car others want a status symbol vehicle of some sorts . 

Some people must have a status symbol vehicle so they believe for their professional purposes . 

Some people are Ebenezer Scrooge living on one lump of coal in the winter . 

Others are Mr Howell and his deck chair with the drink with the umbrella in it in the shade . 

Many people live paycheck to paycheck even at higher incomes, I have seen this . 

Once somebody gets over 300,000 to 500,000 dollars you would think it would get hard to live paycheck to paycheck , but I have seen people finance incredibly expensive furniture for their mortgaged incredibly expensive homes and the money just runs out at the end of the month . 

I've also seen people who squirrel money away and then lose it in the stock market or some other investment like strips or something . 

If you're the kind of person who would benefit from a monthly budget microsoft Excel is probably your best friend . 

But the trick to a budget is making sure it satisfies your needs so you can stick to it - like they say about some diets - compliance is the science . 

Meaning you need a budget that is comfortable to stick to and is not sticking you like a sword every month . 

Good Luck!