All Forum Posts by: Damon Armstrong

Thats 3 of us!  One more!!! 

In that case, I'm more than happy to be your first student. Fortunately, we don't have to start from scratch. I have some knowledge and some background (no closed deals yet, but some in process which I am stuck on).  I'll PM you.  @Mike Hepburn 

Do they have to be locals?

Call local realtors and ask them what they charge. Some do not allow it, some do. Hopefully you can find one that does. If you're planning on being in real estate for the long run, consider getting your real estate brokers license. They have access to MLS, and you can save thousands of dollars on closing fees in the future. Plus, it doesn't hurt to just have it.

Can you estimate the time construction will take, and include that amount of times mortgage into your loan, and pay interest on it? For example if the mortgage is 500 per month 10% interest and construction takes 3 months, you add into the loan  1500 to pay the mortgage while it is being built. At 10% you'll pay back 1550  for the loan + interest. So out of pocket will only be 150. (500/mon @ 10% = 50...50 times 3 is 150).  I'm not sure if this is possible this is just me trying to be creative. Any tweaks are appreciated. This is just a thought I had on it...

Have you considered private money? 

I'm not a buyer there, however I can provide you with a list of buyers in Lake Charles. 

10 names and a phone number to each.  PM me if interested. 

Have your tried going to the title company? 

cashflow

@Kim Book 

This may not be the smartest question...but I've been wondering it for quite some time. BEFORE you purchase the property, how do you calculate the expenses? I'm talking mgmt, vacancy, utilities, PITI, PMI, maintenance. Also how did you calculate rents for each unit?