All Forum Posts by: Luka Milicevic

 You can get the statement before hand but sometimes there is not all that much time to do a detailed review. Yesterday I got the final closing numbers about 30 minutes before I was supposed to meet with the closing attorney. 

 Hi Adam,

I'm sorry to hear of your experience. I too have had bad experiences with both professions. 

I am a newer investor so I haven't dealt with too many realtors, but I have experienced 1 VERY unprofessional realtor and 1 somewhat shady realtor. I did also experience professional and ethical realtors and I sure do prefer working with them! I think sometimes you just get unlucky. 

Car salespeople are probably going to end up saving me a ton of money in my lifetime. How you might assume?

Well, my experiences have been so bad that I refuse to buy a new car until my current cars wheels fall off. They have given me such a bad experience that it has removed all temptation of me buying a new car.

Hello everyone,

I just wanted to share a quick experience I have had with conventional lenders over the past 12 months. 

There have been multiple times now that I received a closing statement with incorrect numbers. Mostly incorrect closing costs and I just wanted to caution/remind everyone to CHECK your numbers! Do not assume that what you receive from your lender is correct. 

I am a full-time accountant and I have to admit that understanding the numbers and supporting schedules on a HUD statement is not all that easy. If you don't understand how something was calculated or where it came from; ASK!!!!

I went into a closing today and it happened again. I ended up saving $400 in closing costs that was very easy to miss.

I just wanted to let everyone know to check their numbers and don't assume things are correct. 

Happy investing.

I don't allow smoking in my properties. It is absolutely NOT because of the people who do the smoking, it is simply because of the smoke itself. 

Even if people do smoke outside 100% of the time (which they don't) the smoke smell still makes it into their clothes and then into the house. The smell then seeps into the carpet and drywall.  It gives it a very distinct ashtray smell and isn't easy to get rid of.

Again, nothing wrong with the people. I have friends that smoke like chimneys, but I can't handle the smoke smell going into my properties.

I'm not so sure that you can get a mortgage for 20k. I think that is just too low for most lenders.

You could get a personal loan for 20k depending on your credit or you could put it on your credit cards if you have a high enough limit. I would caution you on the high interest rates on credit cards so it depends how fast you intend on paying it off.

Welcome! 

I think one of the benefits of you having been a mail man is that you know the areas/neighborhoods better than anyone else as you have driven by them so many times i'm sure. I think that is a huge advantage. 

Best of luck in your real estate ventures!

Welcome! CHeck out the podcasts! 

My opinion:

Keep the arches. 

Remove the canopy entirely and put some nice shutters on the windows. Replace the door if you haven't already planned on doing so. 

Fireplace: I would put stone over the brick. It's really not that expensive and a warm/inviting fireplace sells a house really well.

I have an extensive background in stocks and I know that Jim Rogers is a very well respected individual. His market calls are almost always correct. 

The market might be at a top, however; real estate is a long term game especially for buy and hold investors. If you plan on holding a property for 10 years and it's cash flowing, then market conditions won't impact you as much. If you are breaking even and hoping for appreciation then market conditions will impact you so much more. Not sure why you would want to do that strategy in the first place!

I have also read that the real estate market is still recovering and yet to gain traction, so how can a market be at a top if it's still in the recovery stage?

The US is such a large country that has many different markets and I think it's difficult to predict exactly which markets will take a hit and which will stay intact or even do well while the rest of the country might suffer.

I am a small investor and my investments cash flow and I don't count on appreciation. I am not as concerned with market conditions as someone that owns 1000 units across the country.

Personally, I believe that the market is doing fine and will continue to do well. I believe the reason the Chinese are buying up real estate is because, well.....China is not doing so well and the US is probably a safe haven compared to the rest of the world right now. Then again, who am I to question the great Jim Rogers?

I don't think you're going too fast.

There is of course a balance, but most people seem to have the problem of going too slow! 

I also think it's fine that you don't have an actual team in place. If you are only getting started it's rare to have a team in place. You will build that up as you make more deals.