All Forum Posts by: Kyle Gregory

alright it appears as if i am heading down the divorce path again :cry: and in the agreement i will get the rental property we just bought 1 year ago. Now i have been rehabbing the property for about 1 year, i had the top floor of the duplex rented out since the begining, and my daughter was living in first floor during my rehab (long story, but she just wanted away from her parents). So to make things more interesting.... She just left for basic training (army) but she said she wanted to keep paying me her rent just in case she didnt make it through basic.... That being said, my plans are to live in the first floor apartment and finally get all the work i need to get done finished... So what are my options for refi? and should i do that while i am in the process of divorce? or wait until afterwards?

welcome... and i will give you big old ROLL TIDE

was it a mistake? or was it a marketing tactic to get someone to lease the place? after all you already have someone lined up so i wouldnt sweat it!!! So does the orignal lease state that they can get out of the lease after 6 months? worst case I would sign and have them sign a lease cancelation.... but then again I am not a lawyer, nor did i stay at the holiday in express :lol: But talking to a lawyer would not be a bad idea.

alright nathan i will be the first, but surely not the last on this one... First and foremost, unless you have HORRIBLE credit that 9% is way too much with 20% down.

now for the basics...

Purchase price $36,000
down payemnt $7200
financed $28,800

monthly payment $293
insurance/taxes about another $100
lets figure $400 a month for all this

total rents $700 per month x .60 (assuming you are going to manage the property)= $420 - $400 for mortgage payment = $20 cash flow per month...

now the norm that people seem to shoot for is $100 per door, so you are about $180 short of that. So you will either have to increase rent to about $500 per month or lower the price down, or get a better interest rate or get a 30 year or 40 year mortgage.....

And finally your last problem, which might be your toughest hurdle (as i had this problem) Unless you are in good with your banker you will be hard pressed to find anyone to give you funding for such a low amount

tim in all reality wouldnt strip clubs be a GREAT place to invest? it is part of one of the recession proof industries!!

:D

ummmmm my magic 8 ball says "ASK AGAIN LATER"

i do not think there is a politician that has the intestinal fortitude to do what it takes.... One that is not afraid to buck his party. McCain, does buck his party but i still dont think he has the gonads to get the job done

we are spending trillions in iraq/afghanastan because we (the US) started something and now need to finish it. If you remember when we (the US) pulled out of vietnam, millions were slaughtered. So If we (the US) pull out of iraq and afghanastan it will be a very very very ugly picture... Not that i am for spending all that money, but i am for ensuring the job is done right!!!!

and thanks for insight on the other issues... So why dont the feds tell wall street to go pound salt? If anyone knows the risks of investing it SHOULD be those on wall street... I understand the concept of giving a loan on a hand shake, but i would be hard pressed on lending someone money without first meeting them face to face....

hey alexis nice screen name !!! :lol: having been married to a nurse practicioner now for 3 years i have discovered that nice and nurse do not belong in the same senetence :lol: :D

good luck with it.... sounds like you have a lot on your plate with this one. Are you doing the work by yourself?