All Forum Posts by: Ed L.

Please take no offense about the Minority comment. I meant to remove it from the title and don't know how to now it's posted.

I'm equally scared of all poor people, race has nothing to do with it.

I just ran across a 4 Unit Brick Apartment Building for real cheap.

It's in a good location with regards to proximity to town.

I'm trying to determine if the area would be classified as a war zone or perhaps it's just a low income housing.

My city doesn't have much in the way of gangs or crime.

The units should rent for section 8, 450 per month x 4 = $1,800 x50% = 900 NOI. Like 550 monthly cash flow??

Give me some input
[url]http://maps.google.com/maps?q=107+SHEMPER+Dr.+Hattiesburg+,+MS+%3B+39401&hl=en&ll=31.344612,-89.349221&spn=0.004664,0.009624&sll=31.344603,-89.348698&sspn=0.006295,0.006295&layer=c&cbp=13,82.92,,0,9.66&cbll=31.344616,-89.349109&z=17&panoid=8xZTBsFoIDJqgeUPlJo9-w

My thoughts exactly Bryan! I can't imagine begrudging my children who are trying to save and better themselves.

My Sister, Brother in Law, and New born nephew moved back in with my parents after they sold their house about 2 years ago.

They could easily afford to have rented, but my parents loved having them there.

They saved like crazy for a year. Paid off alot of debt and saved for the down payment on their new home. By having time to really shop for a home they were able to find a amazing place for a steal.

I sleep good at night knowing that no matter how bad I screw up I will always have a place to live and a hot meal.

I plan to return the favor when my parents are old and unable to care for themselves.

I really can't see many draw backs to instant available cash @ 4% interest. No yearly fees only pay when it's in play.

Is there long term fixed private money out there for 4-5%??? If there is I would love to get in on it!

Most the deals I come across are bank REO. Cash gets you a better deal, and often is the determining factor with multiple offers.

I do agree that LOC are a bad option for holding properties due to loan calls and principal reductions. That can sink your ship pretty quickly.

Please elaborate what passive activity losses are. I tried a search but didn't come up with anything.

Please elaborate a bit more on how to do that?

I despise writing that check to Uncle Sam every year. Although it seems like a necessary evil to do any type of bank financing.

Mickey,
I know exactly what you are talking about. I just started pursuing rental properties and at first my wife was skeptical. I had the numbers in my head, but it was hard to explain things to her. BP has been a help seeing that there are other people out there doing the same exact thing even in todays battered real estate market.

If you decide to start buying in MS just let me know. I'm originally from Poplarville, and am still quiet active in Pearl River County board of Realtors. (Think I was #3 in total sales and I don't even live there anymore LOL...)..

I also have some great contacts for financing in MS.

Best of Luck!

Was supposed to get a 50K unsecured, but there was a problem in underwriting with the structure of another loan. They gave me 15K and offered to raise it once the other property sold. That was Hancock Bank

If you are over in East Tx. you might want to try Shelby Savings Bank. My dad has a pretty huge unsecured LOC with them.

House looks great! Way to knock it out of the park on the first one.

My wife is working with a client on the first VA loan we have ever handled, so I don't have much advice on how that works.

I can say avoid Wells Fargo if there is any way. I'm pretty sure Satan himself handles the underwriting for WF.

I can't believe the laws in this great nation of ours.

It seems the only person who benefits from our legal system are the people who have nothing to lose.

What is the difference between squatting and Trespassing??? Here in MS. you can shoot people for the latter...

That's almost as bad as the Adverse Possession laws. My dad has been in a messy case over 20 Acres a old man is trying to steal from him. Never paid taxes, has no deed, but he still thinks he deserves it because he had a fence on the property back when it was timber company land 30 yrs ago.

Attorney's best advice was to wait for the old man to die.