All Forum Posts by: Account Closed

Thanks, everyone.

I have a condo that is under contract. The buyer is now having some issues securing the financing as they are using stated income. I really don't want the deal to fall through so I've been kicking around some ideas in my head as how to creatively get it done. The financing isn't dead yet, but I'm preparing for it...

From what I understand, they might be about 5-10% shy so I'm thinking about lending them the money.

Does anyone out there have any other ideas on how I might get this deal done?

thanks in advance.

How do banks typically list their properties? i.e. do they have inhouse realtors with access to the MLS?

Sorry, Mike but that 2% target is going to be tough to pull off in most markets. I also don't believe it's the only way to cash flow and I certainly think that your expense ratio is going to depend on a few variables, i.e. the location, condition, caliber of tenant, and whether or not it's self-managed. I'm guessing 2% is not going to happen in Boston outside of picking up a meth house on the cheap.

I like to buy properties in stable neighborhoods that I know can be rented to young professionals. I self-manage. One of these properties is a triplex that I get about 1% on(I like to do better than that, but it was my first purchase). The property generates $21,500/year in income. at 45% expense ratio, that would be $9,675 a year in expenses... That's a new roof and paint job every year.

I've seen what 2% will get you around here and I wouldn't want to deal with most of those tenants.

Have any of you put together a comprehensive guide on what to do with your properties from a tax perspective? I'm pretty familiar with many of the concepts but much of the information out there is pretty convoluted.

If anyone has this info boiled down to a certain extent, I would certainly appreciate a copy of it.

Thanks.

HA! These shysters kill me. It ain't rocket science, people. If you're seriously thinking about spending thousands of dollars on mentoring... don't. Use it for a down payment on your first investment property, instead.

Not to be PICKY, but maybe you should proofread your own posts before you go handing out free english lessons. Last I checked, you're the professional trying to make a sale on a message board and your posts leave you coming across very sloppy and/or mildly retarded.

I would say find a one stop shop(agent/property manager) in the area you are looking to invest in. Engage in conversations with agents and try to get a feel for whether they're trustworthy or not. When you think you've found someone you can work with, consider flying out there and spending the day looking at properties with him/her to further build confidence that you're making the right decision. When you're ready, take a nibble, then give it some time and if everything falls into place - go full boar.

I'm an agent in Oklahoma City and we have multiple repeat out of state investors whose properties we also manage. It can be done.