All Forum Posts by: Alexander Felice

Not sure how much liability it's going to protect you from in any real life scenarios. There are MUCH better uses for that cash though, I say reinvest don't pay down early (unless you have a high PMI or something)

he won't accept a conventional loan?

Seems like the guy just wants to earn his 14% and no way around it. Deal seems good but I'm not sure it's worth it. 

I wonder if you can put together a traditional seller finance mortgage, agree to his terms but then just pay him off early. If he sticks you with 14% and no ability to pay early, I would pass. 

 I think (HOPE!) he meant 3000-4000 per month. Which would be a very conservative $80/door. 

Yeah I also think you're missing expenses, and like Joe said, you're not calculating the cost of capital.

How it's financed makes a huge difference.

What about vacancy, capEx, maintenance? 

Does the property need any Rehab? what about closing costs?

$16.5k income on 60k is 2.33% rent/price which is FANTASTIC if accurate, but rare, so it's important to be sure and not rationalize out of emotion. 

Depends on what you want to do first? I usually tell people to buy themselves a primary home first. While a primary isn't a great investment, it is still better than renting, and it gets you through the traditional buying process. 

You can buy a multifamily as your first as well to create some income.

If that's an option for you then just need to get a preapproval letter, find an agent, and start looking at properties. 

If you want to flip your first home then you need to find find some capital. Put together some sample deals, a prospectus, and start shaking hands until you find some cash.

yeah intellectual property claim is a joke. You can take a picture of pretty much anything you want. If that claim had any validity you wouldn't be able to take a picture of anything! 

I can just see it now, you take a picture drinking some soda or something and COKE sends you a cease and desist LOLOL 

reality is that the guy doesn't want to be bothered with the ad. Just edit out his info off the picture and rehost it with just the picture of the house OR don't do any of that to avoid helping a lazy agent who would probably give a similar level of service anyway. 

Month late on payments - evict

Changed locks - DEFINITE evict

Inept property manager - Evict tenant and fire PM 

You'll probably have an easier time having the PM in place evict the tenant. Afterwards you can fire them. 

Where there is a low cost of entry, and the ability to spam, people will spam.

No different than people on facebook selling their wraps, herbalife, monavie, or any of that other junk. Easy enough to determine it's a time waste and just move on from it. 

25% CoC is fantastic if it's accurate.

Based on a quick analysis and using only the #'s you provided to earn those returns you're going to need to rent both units out for at minimum 1100 each. Post your expense projections and we can make sure you're accounting for them correctly. 

If you want to lend money, then I would assume you'll need money.

If you have money to lend, only thing you need to find now is buyers!