All Forum Posts by: Chris C.

see if you could partner with someone who flips houses? offer them XX amount. they won't have any holding costs, closing costs, etc. so you should be able to offer them less than they would normally make since they don't have to take as many risks

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Why can I fully deduction the cost to cut down a tree, but if I buy a chainsaw myself, I can't fully deduct the cost of the chainsaw? Or my time for that matter

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Originally posted by @Luis Valdez:

@Chris Connolly have you had any experiences installing a washer and dryer in a multifamily home?

Nope but dryer should be easy enough and the pipes for the washer would only be difficult if you don't know how to solder

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Originally posted by @Luis Valdez:

@Chris Connolly hello. There is a washer and dryer in the first unit but the other does not have any hookup

Depending on the layout you should be able to relatively easily add one. Or if it's just a mediocre deal, then pass on it

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Originally posted by @Steve Vaughan:

I don't like wraps for long term holds, but the DOS risk is extremely low for a flip. It will take the bank 3 months or so of threatening to call the loan after they discover it from your changing beneficiaries on the insurance policy. Do they own it free and clear? Doesn't sound like it.

SF would be beautiful for a flip as it will save a ton on borrowing costs and headaches. It may be necessary if the house has too many repairs to appraise unless you have the cash to buy it outright.

Mine are generally 10% down, 6%, 24yr amort. But mine are long term. Offer a 12 month balloon if you like (or maybe 8 months? ) to help sweeten for the seller maybe. A larger DP should help as well.

to be paying out 6%, your COC would have to be 6%+whatever percentage you want to make, correct? For example, if i wanted 10% COC ROI, the deal would have to be making 16% COC ROI

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if youre going with a 15 year loan so you can pay it off within 15 years for the what if.... what if the "what if" happens in year 5, now you're stuck with a higher monthly mortgage payment than a 30 year, and by extension, less cashflow to help out with the "what if"

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Originally posted by @Joe Villeneuve:

Originally posted by @Douglas Pollock:

@Douglas Pollock. I forgot to add something. For the sake of comparing payoff vs cashout, comparing the yearly cash flow, ROI, COC, etc against what that equity does while having 2nd, 3rd, 4th, etc properties would absolutely give all newcomers something to ponder. Personally, I think finding, financing, buying, rehabbing, and either selling or renting a house is easy to learn. The hard part is determining how to work your money over time. Time value of money, comparing investment vehicles, etc are tougher.

Two things to add:

1 - Way too many people have no understanding at all how money works. If they did, they would understand the importance of this number sequence: 1073741824

2 - Way too many REI were 100% correct when they were in their math classes, complaining about why they had to learn math since "they were never going to use it".

what does "1073741824" mean?

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you can buy a tax lien? like buying a 1st position note, but you're buying it from the government? if they don't pay, do you take their assets, and sell it off to satisfy the lien?

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All Forum Posts by: Chris C.

Chris C. has started 26 posts and replied 339 times.

Post: Knob and Tube Wiring

Post: Should I try and fix and hold or sell it and be done with it

Post: Should I try and fix and hold or sell it and be done with it

Post: Deductions for self performed work

Post: Buying a triplex next to ....

Post: Buying a triplex next to ....

Post: Owner Financing Questions

Post: Rental real estate strategy with 3k monthly savings 15 year loans

Post: Rental real estate strategy with 3k monthly savings 15 year loans

Post: Calculating repayment for delinquent tax lien