All Forum Posts by: Jim Shack

Home depot is my go to place, especially if you get their card. For bigger things like 20 dry walls, they deliver. 

Home depot is my go to place, especially if you get their card. For bigger things like 20 dry walls, they deliver. 

Thats a good way as well. I found that going to local RE clubs in the area to be a good source.

@Caleb Heimsoth is right. its probably not good to advertise how much money you got on this site. You will be hounded with the next big thing. 

On second thought, Did you know the lakes of the ozarks have more coast line than California? I know a guy in the ozarks...

The interest rates on some of those loans are ridiculous, especially with rising school costs, more and more students are graduating with more debt. From an investment perspective, loaning 50k+ to a person straight out of high school is completely out of the question, imagine a bank giving out mortgages to 18-20 year olds with no credit, no assets (or barely any), no experience, or anything.

But on the other hand, if a person cant borrow, how are they going to get an education and move up in the world(assuming they get a somewhat useful degree)? If not, education will be a middle class and up thing. 

@James Free is somewhat right, in that, if they are dis-chargeable, many lenders will not lend anymore, especially to people with degrees in art, history or philosophy and will lend only to people majoring in STEM or business, something they know will end up making money. I have read Many stories of people with "useless" degrees working at starbucks or target making 10 an hour with 50k, 100k and some with 150k debt. These people will NEVER be able to pay off the loan. the interest alone is more than what they make. 

Maybe their could be some middle ground, like partial bankruptcy (if that makes sense) and 25% or 50% of the debt will be discharged or free, Mandatory student debt (or finance classes in high school for example) classes for every single student going to college.

Otherwise, thier will be serious ramifications 10, 20, 30 years down the road.

Interesting how this thread (Reminds me about trump's REI strategy a week or two ago) started of with a rant, then bad brokers, then professionalism, progressing to public spaces, another rant, commercial real estate 101 and finally a lesson in gender studies.

Stay classy BP.

Yes, that could be a red flag, although i would still expect one or two cars, it could depend on what times the pictures were take, everyone could be at work or some use the bus.

Why not just drive by a few times one the weekend and late during the evening?

I think we can all agree that no matter how much sleep we get, its not enough.

I think @Mark Holmes is talking about the fact that despite the "low" cap rate of 5.75%, the property is bringing in 40k+ a month (emphasis on the amount of monthly cash being generated here).  But with the property costing around 8.5 million +/- 150k, you need to ask yourself (or your investors), with this 8.5 million, is possible to general a higher monthly income of 40k+ a month?( or 50k? 60K?) with other properties?

Hi @Nghi Le, I have a question. In your example with the 150k ARV, it is assumed that with the 90% LTC, the borrowers down payment would be 10k, not including any points, fees, or anything else and the 10k would be used to "finish" the loan, lenders 90k + borrowers 10k = 100k total money needed. I read here and on lenders websites that they loan 100% of purchase and rehab with a down payment of lets say 20%. the question is, does this mean they have a 80% LTC and use the borrowers 20% to "finish" the total money needed or does that mean they have a 100% LTC and the down payment of 20k is profit for the lender?