All Forum Posts by: Ciprian L.

Hi Zach,

If you don't have enough cash reserves just wait until you can save some more.

I know the feeling, I had to wait a few years before I bought my first property.

Bigger Pockets

Jason Hartman http://www.jasonhartman.com/podcast/

Bruce Norris http://www.thenorrisgroup.com/blog/category/radio/

Ric Edelman http://www.ricedelman.com/site/rss_feed_podcasts.jsp

Mark Kohler http://www.blogtalkradio.com/markjkohler

The real estate guys

Hi Ryan,

$400 is not the cash flow, you have to deduct the vacancy, maintenance, I use 8% (around 1 month a year) for vacancy and 10% for maintenance. Did you include taxes and insurance in your payment of $450?

Welcome @John Sinclair !

My closing costs are around 5-6%

From the numbers that you provided looks like a good deal.

Not a good deal.
What are the market rents for a house like that?
I think if you listen to one of the first BP podcasts they have some story about renting the property back to the seller, not a good story.

I wouldn't buy a property in a dangerous neighborhood, but that is just my opinion. Dangerous neighborhood and high vacancy it doesn't seems like a good investment.

Just for the future deals. If you get money from someone, keep them in your account for 2 months and then apply for the loan. If you have the money in your account for more than 2 months, the lender won't ask how did you get the money for down payment.

Welcome Nicole Pettis!

I have never listened to Dave Ramsey, but I listen to Ric Edelman every week.
In one of his books, he has an example of two brothers who purchase 2 properties at the same price. I found this link when you can read the entire story at Reason #10: http://www.ricedelman.com/cs/education/article?articleId=232#.Ue93nm3-6VA . This story made me feel confident about having good debt.