All Forum Posts by: Vince Mayer

If the original mortgage was 145K in 2006 at 6% interest for 30 Years, the payment would be $869.35 P&I.  In 8 years, with ontime payments, the motgage balance would be $127,269.70.

If you're doing $30K in repairs, and ARV is $160,000, this is not a good deal for you.

Darn it! It seems like my link goes nowhere. Do a search here on BP for Lee Arnold.

Terry,

Check out this link. It's an old thread on Lee Arnold. After reading it I can't tell whether he's legit or not. Cam Dunlap is legit but makes a lot of money pimping other guru's products and you have to trust that he did his due diligence.

http://www.biggerpockets.com/forums/92/topics/8236...

I have a couple of small deals under my belt and have a friend, that I've known for years, that has approximately $40K to $50K he wants to invest. He is afraid of the stock market and wants to invest in real estate with me.

This is obviously good for me but not having a lot of experience, it is also scary. My thought is to joint venture on a 50/50 basis with him supplying the money and me the work. We both want to eventually have a business that supplies passive income but start out by wholesaling to build up the funds to go into rehabbing and then land lording. However it may be better to acquire property via creative financing and then do a lease option strategy using his money for marketing.

I really want to be conservative here to protect his investment. Any suggestions?

@Terrance Carr Welcome to BP! KC is a great town and I'm a fan of the Chiefs! 

Thanks Tom. I talked to her today and told her if she can get $27K to go ahead and take it but I'm out. Too much uncertainty when politics are involved in buying and selling Real Estate.

I was contacted by a Memphis resident about a house in St Louis, where I live, that she inherited from her Mother. The house is a 2/1 built in 1962 on a small lot and her brother is living in it although he says he is moving.

The neighborhood used to be called McCreetown and is now Botanical Heights and was a gang and drug infested area just 7 or so years ago. It is now undergoing revitalization with some buildings being torn down and rebuilt as SFRs and some as restaurants and some as office space. There is a new Charter school and playground and a neighborhood garden as well.

This lady is obviously no dummy and has called numerous people she found on the internet including Homevestors and got offers ranging from $15K to a high of $27,500 for the property. a RE agent told her $30K to $40K.

I looked at the house and talked to the guy next door who is building a new house and to me it was a tear down and rebuild proposition and no possibility of wholesaling because of all the folks she got involved.

Anyone have any advice for me in the future on this type of situation?

I have been told that you can't make a profit by insuring a property but only make up your loss so I'm guessing that you would insure it for what you have in it. There would be a specific type of policy for property being rehabbed.

Did you purchase the actual property or a piece of paper that says you will own the property if it's not redeemed in the next 2 years? If you purchased a tax lien, the property can be redeemed via paying you plus 8% interest. I believe that's the rate here in Mo.

You did say it was a tax sale and not a foreclosure purchase.

I'm up for it. I work part time but maybe I can work around that. I'll be out of town May30th through June 2nd.