All Forum Posts by: Louis Leone

I would also agree with both @Paul Clark and @Mike York.  An additional idea is to put it up for rent immediately and have the renter pay first month (and maybe last) month rent in addition to a security deposit that will hopefully go toward the purchase of the boiler.

Brett,

You are on the money about Realtors educating their clients.  The problem is there is always some mediocre Realtor who doesn't have any business and will accept overpriced listings.  It ends up being a waste of their time (and the clients) and the 2nd or 3rd Realtor in will sell it in the end when the price finally comes down.

I would just keep checking back every several weeks.  It may be one of those deals that takes some time.  

Raj,

When considering whether to pull money out, a good approach would be to calculate your Return on the Equity (ROE).  For example, when you first buy a place, you may have only a small amount invested so your ROE may be good.  As time goes on, you pay off the loan so the equity increases and your ROE goes down.  In other words, your equity isn't working for you and you should pull it out.  The issue is the cash flow as you mention.  Just run the numbers.  Here's a sheet you can use to tailor to your situation (sorry it's not in Excel):

https://docs.google.com/document/d/1w93CChfvr8YUcY...

Raj,

I would definitely contact the broker.  Usually if you don't hear from the selling agent, they may be either entertaining another offer or worse, using your offer to get another offer they're negotiating higher.  I'm not sure of the law in Texas, but usually all written offers must be presented and you should get a response within 24 hours.

Good luck.

Thanks everyone for the welcome!

Hello, my name is Lou Leone and I live and work in Manhattan - NYC.  I have been reading many of the posts over the last several weeks (some very impressive people on the site!) and am finally getting around to this introduction.

My real estate investing has been on and off over the years and my current goal is to become very focused on increasing my currently modest real estate holdings.  My primary goal is to invest in apartment buildings with acceptable cap rates.

I look forward to leaning a great deal and contributing wherever I can.

Yes, will be there.