All Forum Posts by: Mark NA

Welcome to the site. I'm a newbie and would be interested in learning more about short sales.

Mark

Thanks all,

I appreciate all the advice and comments. To make this deal work I would have to purchase the property for around $110K. Or raise rents to about $650/unit which the market won't support.

I will keep looking.

Mark

I just used Countrywide and had no problems in Kentucky.

Rich,

I will keep looking thanks for the advice. I'm going to attend my first Auction next weekend and that was one area suggested by Mike.

Mark

Mike,

Thanks for the tip. I will try for an asking price at $220,000. But considering the money he put into it I doubt it.

I did read your book by the way. I like your no-nonsense approach without all the motivational stuff.

I have been finding it difficult to come by a deal at the discount you suggest in your book. My goal is to buy multiunit properties and hold. Do you have suggestions as to where to look? I have seen similar properties for about $100K less but the amount of repair required and the neighborhoods they are in make them prohibitive.

Mark

Hi all looking at a 8 plex . I have not yet contracted. Though i expect to contract for $255,000 Details follow.

8 plex renovated in 2006 and 2007: new roof, all apartments new carpet, painted, new windows, new lighting fixtures, new kitchen cabinets and appliances.

4 two bedroom and 4 one bedroom all with w/d hookups

Currently 100% occupancy with 1 year leases.

Sheduled gross income $3300/month
taxes and insurance $2500
estimated maintenance $1800
all apartments on separate water and electric
long time handyman on premises gets rent reduction for service. All ready calculated in schduled gross income.

I currently live in the building and the area is descent. I will manage my self. Mostly middle and lower economic people. Only 5 mins to US Army Post the major employer for area. Close to shopping and schools.

Estimated cash flow $900/month

Your thoughts would be greatly appreciated

Mark

WOW!! What a great thread. Great thoughts by everyone. I would just like to add my 2 cents.

The current Iranian government is dangerous. They support a brand of Islam that seeks to export its rather repressive ideology worldwide by force. It also supports and trains terroists worldwide. If it was in its interest I believe Iran would hand a WMD to a Terroist organization. Covertly of course but the effect would be devistating.

We (the US) can execute a war against Iran. It would mean shuffling troops around but it could be done. We have more resources than most people realize. What we may lack are the allies to legitimize such an action in the eyes of the world. So in my view military action should be ( as in all situations) a last resort.

It is true we helped Saddam when it was in our interest. Our greatest failing tends to be taking the high moral ground then falling short of that same high level of morality ourselves. Saddam was not the first dictator to benefit from the idealogical battle with the Soviets during the cold war. It is also true that one of our strongest allies, Great Britain, was once our greatest enemy.

I think we have entered one of the most dangerous periods in history since the end of WWII. The battle lines are being drawn and for the first time non state agencies have the ability to dramatically shape the world. These very small minorities would impose their will on us all. What is so ironic for the US is that we trained and funded many of the same people and organizations, we fight today.

If I have to choose a side I would rather be on the side that at least aspires to represent freedom to live, speak, and believe as you choose.

Also I want to say thanks to all the posters for supporting the Troops. As a currently active duty member of the military I want you all to know it's truly appreciated.

It's also awesome to see such diverse a diverse group of intelligent people discuss the issues of the day with passion, and yet with respect for anothers ideas.

Mark

I've got the paying yourself first part down. I sock a way 15% of my pay in retirement accounts. It's the living frugally part that's tough for me. I like good quality stuff. Does living frugally mean I have to buy cheap, low quality living necesities? Such as cars, furniture, clothing etc.

DH,
I have to agree with much of what's said about your situation. Don't by retail, and don't buy new. Save money, and increase your FICO score. Now as a military member myself I know we can be stubborn and hardheaded. So if you must continue check out your Base or Post credit union, sometimes they give a very good interest rate on a VA loan and wave the fees. Also you can use VA loans to purchase small (2-4 unit) ower occupied multi-family properties. Nothing better than having someone else pay part or all the mortgage. But as the gurus stated above you will need cash to handle certain expenses. Do the research for your area, run the numbers, and don't buy with emotion. Good Luck.

Mark

Welcome. Wish I had started right out of college thinking about making real weath and not just spending it. So good for you and good luck.