All Forum Posts by: Tony L.
Tony L. has started 2 posts and replied 41 times.
Post: 1,000 BP Forum Posters Club

- Lakebay, WA
- Posts 48
- Votes 0
I'm working on it. Congrats Will.
Post: What Do you consider a good Cap rate?

- Lakebay, WA
- Posts 48
- Votes 0
I'm totally with Mike on this. All investments must have positive cash flow to be an investment. If you expenses are higher than the income after all tax breaks, etc the property is not a sound investment. Look for high discounted properties and don't be shy with your offers that support a positive cash flow. Have supporting documents with your offer.
Joshua, Good commentary throughout here. If you have created an LLC or Corporation and have reached the point that your passive income from your investments that are kept in one of these entities you can create your own 9-5 job by making yourself an employee of your company with pay ofcourse thus having a W-2. Don't think any lenders have a problem with this.
Post: Are any of the investors a realtor?

- Lakebay, WA
- Posts 48
- Votes 0
I agree with Rich. I am a licensed Realtor and resently hung my license up as it seemed to complicate matters for me when making offers for myself. Chris, If you have a steady job keep it and invest as you can until you feel the investments can support you. When you reach the point that the passive income from your investments will take care of you and your family then would give up the steady job and begin investing full time. If you haven't read Secrets of the Millionaire Mind by T. Harv Eker please do so. Harv has great information to share. Suggest you read the Rich Dad Poor Dad series of books as well. Never can have enough information, even if you don't use it, provides good thought.
Post: Is the Auto Bailout Needed?

- Lakebay, WA
- Posts 48
- Votes 0
Some where in the post I thought I read that Detroit, Flint, or? was a terrible place to live and unsafe and so forth. A few years back the mayor and I believe Fire Marshall developed a plan to revitalize their great city and state by taking property from the owners and auctioning them off with the premise that the new property owner would have to develop the property under a time line or loose the property and their investment back to the city. Looking at the major areas of Michigan now it seems that they are no further ahead than they were back them. This plan came back to me after I heard resently that one of the top execs for an auto maker lives here in Washington State and refuses to live in Michigan due to poor livability conditions and the concern for safety of his family. I only mention this because of the cost this individual costs the investors of his company. He uses the company jet at $20k each week travelling back and forth from Washington to Michigan, is paid $26mil per year plus bonuses and the company pays for his apartment in Michigan. Great ways to spend the money dude! As I said in an earlier post here, let them fall and go the BK route as some of the other major companies have in the past. There will be better days regardless of how it all shakes out but we will survive the pain and grow in the future.
Post: Is the Auto Bailout Needed?

- Lakebay, WA
- Posts 48
- Votes 0
I'm for letting the auto industry giants merge. The industry will survive without the bailout and there will be jobs either with the newly created company or one of the foreign competitors that builds their cars here in the states when demand for cars increases. Unfortunately many will fill the pain as many are now.
Post: Tax Assesments - The next ripple effect?

- Lakebay, WA
- Posts 48
- Votes 0
Generally speaking tax assessments in the past have been lower than the market value of a property. In many of the counties assessments are done every other year with a percentage cap that limit Big Government. But lets say an areas property values go down significantly. A property owner can at anytime ask for a reassessment of their property and in many cases the assessment is lowered. Happens all the time in my home state.
Post: Tin Can Investors Houston, TX

- Lakebay, WA
- Posts 48
- Votes 0
Michael, Are these mobile home sale primarily owner contracts? My understanding is that bank financing for this product is very difficult, what do you see in Texas? Can't come to your forum, live in Washington State. :mrgreen: :mrgreen: :mrgreen:
Originally posted by Michael Matthews:
Originally posted by Rich Weese:
I prefer Depreciation on my home as a mobile truly drops in value according to paperwork. But the people that buy mobile homes do not care about price, they only care about the monthly payments/
How often do you buy a home for 10k and sell for 30K at 13.5% interest?
I have owned 18 single family homes at one time, Now I am down to 10. I have not purchased anywhere as many as you, but my mentor claims I am his best student and he has purchased over 400 single family homes in 4 years.
Yet I go back to mobiles. I make 5 times the money with mobile homes. The down side is financing is more difficult for them. And you MUST be strong if you Landlord Mobile homes.
If you want to find commercial properties not advertised and not currently on the market go to any Title/Escrow company and ask them to provide multiplex owner list for properties that have been owned in your selected area of interest that they have owned for 20 years. Reason for this criteria is these owners having owned these properties for a long time generally have a small mortgage and some may want to sell as they get closer to retirement. Another benefit to these owner's is that they often will hold a contract (no bank contact) at favorable terms to avoid the capital gains. Really too much to explain for a post since there is a lot more to tell but you may get the meaning here.
Post: Is the Auto Bailout Needed?

- Lakebay, WA
- Posts 48
- Votes 0
American Airlines course of action would be my preferred action. The government did not bail out AA but let them file bankruptcy and reorganize their opporations under BK protection. The auto maker's as well as the unions are at fault for a lot of their problems. Let them ride as they are and be forced to make a new working game plan. No more CEO million dollar parachutes and bonuses, pay for performance is how it should work. Also, when has the government ever paid back the public for money they have more or less taken from us without our permission, social security is a great example of government borrrowing money without paying it back. I think Boeing in Washington state is next big company that will fail if the company and the unions can not build a better mouse trap to operate in.