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All Forum Posts by: Grand Wally

Grand Wally has started 28 posts and replied 148 times.

Post: Income for life... Rob Minton

Grand WallyPosted
  • Real Estate Investor
  • Louisville, KY
  • Posts 159
  • Votes 13

Actually that's not called investing either...assuming you have equity is called speculation.

Equity is a subjective word that is a moving target at best....the housing market of the past 10 months has proven that.

Remember, something is only worth what somebody else will pay for it, regardless of what an appraiser says.

Post: New member San Francisco Bay Area

Grand WallyPosted
  • Real Estate Investor
  • Louisville, KY
  • Posts 159
  • Votes 13

Ddesousa:

Welcome! How are things in San Fran....I've never been there but I've always wanted to go.

Sounds like you are very seasoned in REI and will benefit from this board a great deal. Can you please PM me so we can exchange information.

Thanks

Post: Presidential race, 2008

Grand WallyPosted
  • Real Estate Investor
  • Louisville, KY
  • Posts 159
  • Votes 13

If Dumbya...sorry....Dubya....would have never been elected, Obama wouldn't have a chance. It's the reaction to having 8 years of ineffective leadership that is driving his popularity.

Post: Presidential race, 2008

Grand WallyPosted
  • Real Estate Investor
  • Louisville, KY
  • Posts 159
  • Votes 13

I'm not for Obama simply because he wants to triple the minimum wage and punish companies for making too much money........but the reasons people like him are...

a) He is eloquent and articulate. This is something the US is not used to when looking at the past 8 years and they like the idea of it.

b) He didn't have anything handed to him unlike Dubya did (and Al Gore did for that matter).....he worked his *** off for it. That's very respectable. Then again, the same could be said for McCain....worked his way to where he is at without "daddy" doing stuff for him.

Post: Fannie Mae scraps higher downpayment rule

Grand WallyPosted
  • Real Estate Investor
  • Louisville, KY
  • Posts 159
  • Votes 13

Fannie Mae scraps higher downpayment rule

Fannie Mae says it is doing away with higher minimum downpayment requirements for borrowers in distressed real estate markets.

Click here: http://www.msnbc.msn.com/id/24665862/

Post: what can I do

Grand WallyPosted
  • Real Estate Investor
  • Louisville, KY
  • Posts 159
  • Votes 13

In some jurisdictions, the Sherriff's office will actually escort you to do an eviction as well...

As for her son's "bike gang".....haha....get proof that she threatened you somehow....and throw her scrum trash a$$ in jail.......

Post: Lender won't lend on NOO

Grand WallyPosted
  • Real Estate Investor
  • Louisville, KY
  • Posts 159
  • Votes 13

Call small community banks around your area....don't call the big banks. You are a number to them, nothing more.

Post: what can I do

Grand WallyPosted
  • Real Estate Investor
  • Louisville, KY
  • Posts 159
  • Votes 13

What is the difference between her son, who is not on the lease, and a homeless person, who is not on the lease?

Her son is trespassing. Period.

Get an attorney and evict him yesterday.

Post: Armando Montelongo

Grand WallyPosted
  • Real Estate Investor
  • Louisville, KY
  • Posts 159
  • Votes 13

Each time I see that guy on TV, I seriously want to puke....my stomach turns. He is absolute living proof that the ignorant think the only way to conduct business is to be an a-hole with a lack of people skills....

Post: So I want to be a landlord???I am stuck on which way to go.

Grand WallyPosted
  • Real Estate Investor
  • Louisville, KY
  • Posts 159
  • Votes 13

See my input below in red....

Originally posted by "jchrisd":
Thnak you for the input Wally..

I have another question for you all..My father is interested in getting involved in this me. He is a VERY straight shooter, and isn't interested the least in fixing toilets and cutting grass and 2am phone calls. Then he needs to be a silent equity partner. Landlording is not for him for sure. What he does have an interest in is helping me get started and making the right moves. I had suggested borrowing EQ loan against my house to get things rolling and he is TOTOALLY against that..He is old school. NO debt. Smart man. Listen to him.

The mortgage broker ran his numbers for a approval not long ago and told me that with him backing me I can do most anything.. the debt to income ratio was .7 He owes nobody period. the only reason there was a single debt was the fact that they went to Europe for 3 weeks and charged things, but it is now payed off.

My problem with taking advantage of this situation is that even though we set up an LLC, there is no real cash in it. (10k..) Why is this a problem? You won't be buying the house through an LLC anyways...just buy the house as a personal guarantor and then you deed the house to the LLC at closing. My father doesn't keep alot of liquid cash around (maybe 50k max) the rest is tied up in retirement accounts. If for some reason one of these tenants sued us, he could lose everything if say a 4 million dollar judgement was made. Consult a GOOD attorney...seriously. They will need to secure his retirement if he is to get involved in the LLC with you.
Is there a way to titl a house in an LLC anme, but be personally responsable for the note?? This is the way most RE investors buy houses if not for straight out cash. See above. Buy as yourself then put house in the LLC at closing.

If we just got a blanket insurance policy would that be just as good? I know my father wants to help, but I have a real problem putting someone else at risk, especially someone who has done with out alot of things all his life to aquire a 2+ million dollar retirement.

Again, consult an attorney...spend a couple of hundred bucks to secure what your dad has accumulated.