All Forum Posts by: Christian Malesic

I have always believed that the goal is to complete the deal. If you are able to do that with this gentleman, even with his inefficiencies, then let it go. If you are not, then go above him or go to another bank. Often, going up the ladder, does not make things better, it makes things worse (for you).

Try to get the deal done, with kindness and patience, if possible, then move on or go up.

Welcome back. The game has certainly changed, but the rules and the strategy to winning has not.

There is a pretty interesting thread going on right now over in "Starting Out" that you may find of interest:

Confused where to start - start here

Check it out and let us know how we can help.

I have been told, and agree, that you should never get rid of medical records. The exception, of course, would be the check-up, the flu, poison ivy, etc.

All surgerys, x-rays, and major ailments should have a record kept.

Tim speakeths the truth.

I can't tell you how many folks have asked to 'partner' with me, once they 'thought' I was successful in RE. As he did/does, I ask WIFM (What's in it for me). Most of them have nothing to offer.

Back in the day, I would have surely accepted the offer of the red head :D , today I avoid temptation where possible as I am the loving husband of a loving wife - so I would run away as fast as possible

Just do it.

With all respect to Eric for his valuable time in preparing the long post above, the best part of what he said was to get out there and do it (I paraphrase).

Don't buy 20 properties, one after another. Buy 1.

Buy 1 and then pause and evaluate, learn, adapt, ask questions here, improve - then buy another. Within time, you can buy 20 properties, 1 after another.

This works for flips, birdogs, pre-foreclosures, buy & holds, etc.

NO.

The education and knowledge is well-worth the time, but the license is not. You will not be permitted to appraise any property in which you are involved as an investor.

Thus, only seriously consider getting your license if you want to be an appraiser when you grow up.

Check out the Meet the Investor section of the site.

Many of us have had the honor of answering this and many other similar questions.

There are many other tools down the left of your web page. Take a few minutes to review each and you will surely understand this game we call REI much better,

Hey Ryan...

I am not sure if my favorite game is Monopoly, Pay Day, or Risk. The 1st two are very much the same (finance and REI) whereas world domination always has its draw.

Glad to see you on board. Welcome to the community.

Question 1:

As the buyer, this would be an on-paper move from Mortgage Expense to Checking.

Think it through. If I get you correctly, you buy a property for let's say $100k. According to the RE tax breakdown you will break that up into Land & Building, which in rough numbers may be around 20%, 80%. Thus, Land gets $20k and Building gets $80k. Let's say it appraises well and the bank gives you $110k, what to do with the remaining $10k (I beleive this is your question, but correct me if I am wrong). It goes into checking.

Thus, on one side of the equation, we have Land + Building + Cash = $20k + 80k + 10k = $110k

And on the other side we have Mortgage Expense = $110k.

The sides balance, all is right with the world.

Question 3:
Mortgage Interest

This should be a separate account. It may be a sub-account under a master account of "Interest Expense" which is how we do it. If you use account numbers, it should be in the 60 or 6000 series.