All Forum Posts by: Isaac El
Isaac El has started 49 posts and replied 257 times.
Post: Trying to do my first investment - can you help me evaluate deal?

- Springfield Gardens, NY
- Posts 258
- Votes 63
@Joe Splitrock Hi Joe, I really appreciate the advice, you are right hard to find properties here that fall into the 1% rule, but I also want to be local I am sure I will learn so much owning it.
Post: Is it better to lease or purchase my car?

- Springfield Gardens, NY
- Posts 258
- Votes 63
@Ellis Hammond 100% here they are all over
Post: Is it better to lease or purchase my car?

- Springfield Gardens, NY
- Posts 258
- Votes 63
WOW this is such a good thread - this is a discussion that always comes up.
IMHO the answer is IT DEPENDS ON THE PERSON
I have done both, I have bought a new car (financed it for 5 years) and I have leased cars.
For me personally I prefer leasing. Here is why.
1. It depends how many miles you drive a year, you can get a lease with 15,000 miles a year, typically leases are 10k - 12k miles, to bump it up to 15k miles increases your payment slightly, If you drive over 15,000 miles a year - then 100% buy your car.
2. If you are the type of person (and not saying anything is wrong with it) that takes care of their car, and drives lower miles on the spectrum, lets say around 10,000 miles a car, and is OK holding it for 7+ years your better of buying - financially you will be ahead, and when you want to sell it to buy a new car, your car compared to other cars (same model/same year that are also 7 years old for example, yours will have lower miles = more value)
SO THE MAIN THING IS HOW MANY MILES YOU DRIVE A YEAR
3. This is one I really didn't see anybody mention - REPAIRS/CONVENIENCE
When you own a car after the warranty expires, that's when you have more "problems" with your car and your car needs to go to the shop more often (not usually an issue with a new car 1-3 years old) So yes you don't have a car payment, but what about taking it to the shop and paying for this, and paying for that. now the AC broke, now the heat broke, now the transmission is going, now the radio stopped working, on and on and on......
4. What about "time is money" when you lease a car, any issues, I call the dealer - everything is covered under warranty anyway, set up appointment, come in, pick up loaner car, then come back pick up my car don't have to pay anything, and I can worry about real estate, not about my car and the mechanic, I am sure that has some value.
5. And LASTLY - My car is my office, I am driving around from this property, to that property, etc etc, so I am spending a ton of time in my car, I am sure many of you are also - so yes it does make a difference when you have a new car, you are more comfortable, you work better (again it depends on the person, some people get comfortable and get lazy, some other people driving a new car makes you work harder) the newer technology does make you more productive/efficient, you work better, would you rather spend 4 -5 hours a day in a brand new car or a used car?
Again that's only my opinion and I know you can look at it differently.
It goes with out saying - You should only lease/buy/finance car you can afford, if you go in over your head, neither makes sense.
ohhhh and as a tip, if your going to lease a car USE A LEASING BROKER!! Car dealers HATE leasing brokers!!! Leasing broker will get you the same brand new car, at the lowest price (they move a ton of cars, so who do you think gets a better price? you that lease 1 car every 3 years, or a leasing broker that leases 50 cars a month? also depending on what car your looking to get you should shop leasing brokers, certain ones focus on different car companies and get better deals than others) the leasing broker delivers the car to your house, and everything else is the same, you still make your payments to the same place, the dealership still honors your warranty, loaner car.
Post: Trying to do my first investment - can you help me evaluate deal?

- Springfield Gardens, NY
- Posts 258
- Votes 63
Thank you Lori
Post: Trying to do my first investment - can you help me evaluate deal?

- Springfield Gardens, NY
- Posts 258
- Votes 63
@Ted Tackeberry Hi Ted I appreciate you breaking it out like that, and that is what I need to start learning how to do also to start evaluating deals. Once broken out like that it is not worth it at all. Can you break down or tell me how you got to the $8,400 figure?
Post: Trying to do my first investment - can you help me evaluate deal?

- Springfield Gardens, NY
- Posts 258
- Votes 63
@Lori Greene Hi Lori I appreciate your feedback and would be very interested working with a good agent in Springfield Gardens.
Post: Trying to do my first investment - can you help me evaluate deal?

- Springfield Gardens, NY
- Posts 258
- Votes 63
@Dennis M. - thank you Dennis, I appreciate that but around here the 2 families start around $550k and up
Post: Trying to do my first investment - can you help me evaluate deal?

- Springfield Gardens, NY
- Posts 258
- Votes 63
@Caleb Heimsoth Hi Caleb, thanks for letting me know, I have been thinking about investing out of state, but think as a beginner maybe that will be more difficult because the property is so far away, any places in PA specifically I should look at?
Post: Probate list and leads - where to find the list?

- Springfield Gardens, NY
- Posts 258
- Votes 63
@Tarik Turner so not to sound stupid, just go to the county court and say "I want to buy the probate list"
Post: How is upset price set for auction???

- Springfield Gardens, NY
- Posts 258
- Votes 63
Hi Frank, thats a pretty crazy story, yes I see what your saying about why not giving out the upset price, but I see your from Queens too, so you know they do the foreclosure auction every Friday at the court house - all the foreclosure properties are auctioned there every week. And I get what your saying about the bank not knowing what its worth, but how in the world do they come up with that upset price????