All Forum Posts by: James Mudd

@Phil Mays ..so the lenders would know this?

...not as easy as I thought. Where on public records would I find that info?

@Wayne Brooks

@Phil Mays

Thank you for the responses. I will seek out the management company.

I am having a hard time getting the bylaws for a condo purchase...I have been told I must make an offer before I can get a copy of the bylaws. They have 10-15 days after offer to get the info to me. Is this correct, or can I get a copy before placing an offer?...the questions I need answered are:

What percent of the units are owner occupied?

What percent of the condos may be rented out per HOA?

What percent of the owners are delinquent on HOA dues?

Does a single entity own 10% or more of the units?

Does the HOA have at least 10% of its budgeted income designated for replacement reserves

...will the bylaws reveal this information?

SFR are much easier to liquidate. MFR sit on the market a lot longer because your market is usually only investors. Investors are looking for deals and your pool of buyers is much smaller.

...when you go to bed thinking about RE....and you wake up thinking about RE...and it consumes most of your waking thoughts....maybe I need help :-)

...sounds like your friend is banking on appreciation. So, she thinks $300 per month positive cashflow is not worth the effort, however she wants to spend more money on a larger property and and hope it appreciates, that should always be a bonus, not the goal...also, the more you spend on a property typically the cash flow is less. You also can only obtain a few properties rather then numerous properties because you use up your debt-to-income ration.

Your friend also says it's bad for the local economy for investors to come in. Wow...She is way off on that! Think of all the properties that were neglected and investors brought there time, skill and money to turn it into beautiful properties.

@Account Closed ...I think what she is asking is: most people are limited by their DTI...so to accumulate more rentals, can seller financing make this happen sooner? We all know that we have an obligation to disclose...and we all know how the banks look at things...blah, blah, blah. But, being creative also involves some risk....so with that said, will seller financing help Jeri to reach her goals? If she has the money to pay the loans (regardless of tax returns, 2 years bank statements, and all the other required nonsense that irresponsible borrowers forces the rest of us to abide by)...let's here some real answers to this question...?

....what a lot of people don't understand is that with Roth IRA and 401k....it's a long term investment. Put the money in there and forget about the yearly ups and downs. @Thomas Dowell ...you are a couple years out of college, you shouldn't need your 401K for 30 years...so who cares about the yearly ups and downs...28 years from now, you can start looking at that. The compounding interest on even a moderate monthly contribution can be huge. I'm all about diversification...no way I'm putting all my eggs in one basket.

...I have heard that hedge funds are paying 110% of ARV...all they care about is the cash flow.