All Forum Posts by: Stanley E.

Thanks gentlemen for the words of wisdom. If I decide to make an offer, I am going to ask for between a 20 and 30% discount on the price. It's a hud home so I've got to wait a few more days anyway. Thanks again.

Hi Steven. Thanks for the nudge. This will actually be my second property. I think it would be great also. College students don't need a lot of space. Yeah, if it weren't in the city or near the University, I probably wouldn't consider it. Thanks again.

There is a 676 sq ft, 2br 1 ba SFR a few blocks from a major university on the market in my area, but my realtor says he is concerned about the small size. Since I'm new to real estate investing I want to take his concern under advisement, but at 19k with A/C I'm thinking I can get a 30% Cap rate. What are your thoughts/suggestions BP?

There is a 676 sq ft, 2br 1 ba SFR a few blocks from a major university on the market in my area, but my realtor says he is concerned about the small size. Since I'm new to real estate investing I want to take his concern under advisement, but at 19k with A/C I'm thinking I can get a 30% Cap rate. What are your thoughts/suggestions BP?

Thanks everyone. I feel a bit better now. I did have a major hiccup. I had an A/C issue that cost me a little over 1K. Made me a little sick because I saw my profit dwindling. All of the Income from the property goes back into my retirement account. As for other expenses, i footed the bill for imutilities until I got it rented and now just minor repairs. I don't do the landacaping unless it is vacant then I get in the weeds...literally. Thanks again everyone.

Hi BP. I purchased my first property last July and fixed it up. Got it on the market and rented it this March. I paid cash ($12,500) for it using my self-directed retirement account. My question is, does the 50% rule still apply if I don't have debt service? I do pay a property management fee of 8% and the property is renting for $600.00. Thanks.

Thanks Stuart. I'm sold. Off to find a RE lawyer. Thanks gentlemen.

Thanks Kevin. Would simply using my RE agent suffice or is gettig a lawyer better? If getting the lawyer is better, I need to start building a relationship with the right one now, before I need him/her.

Hi BP. I wanted to get some insight on owner financing and creative financing. If you are doing a deal where the owner finances, do you need a lawyer to draw up the agreement or a RE agent? Same question for creative financing? Thanks.

Russ Brantley I ran into the same issue with a credit union I use here in Little Rock, Arkansas. They only do personal loans. How has that worked for you with leveraging your REIs?