All Forum Posts by: Joe Pitrolo

Buy some rentals, shore up your Tax sheltered investments. Consider converting any IRAs to a Roth.
Pay off any bad credit cards.
Invest in your favorite charity.
Invest in additional education for your career or real estate.

Looks like the cc companies are responding to gov't intervention with more annual fees and rate jumps up to 27% for late payments.

The Government plans have plenty of deductibles and copayments also. Most of the Vets, Seniors and poorer people also need healthcare the most. I think we should take care of those that need healthcare the most, but to jump to the conclusion that therefore we should insure the entire country including non citizens?
My question is why is it all or nothing? Why can't we attempt to make substantial changes gradually? Why not cover everyone for preventive care or for emergency stays and let the insurance companies fill the gaps?
The Insurance Companies have way too much leverage. They make huge profits and can drop people on a dime or refuse to cover certain conditions. These are things that can be fixed without a complete overhaul that the Dems are demanding.

How does the 50% rule apply take into account the legnth of the mortgage, 15, 20 or 30 yrs.
I've needed more cash flow while in school so I have gone with 30 yr. mortgages, paying extra when I can.
Is 2% the rent one should be able to charge, 2% of the purchase price or appraised price? A 200k home wouldn't necessarily bring market rent of 4k per month?

The numbers do not seem too bad.
You might try offering 4k or 3k cash.
I would check electrical and Plumbing, roof and windows. You could clear $250 month after expenses using the 50% rule.
78 is fairly old though.

Jim,
Great reply. That's encouraging that you succeed regardless of the distance, or in spite of it.
I was thinking of working with the homes and current lot rent, about $1500 month and then gradually renting the other 30 or so spaces.
Also raising rent. Sounds like your philosophy is to bring your own homes in? What about just renting the spaces? I know it would take time to fill, but if you advertised?

good stuff. Greentree can pretty dirty.
Ultimately, I think the park is too far away to manage, but with that many spaces, it sounds tempting.

There is a lady named JoAnn Musa that has been sending me a lot of free courses on Tax liens. She seems to have some good information and not just selling sizzle.
Does anyone think that around 50k could yeild a really good return? Obviously if you multiply Kyle's success, I think so.
I know a lot of people using their IRAs to invest in tax liens.

I'm in WV, but you should be able to go to magistrate and only be out $50 to $100 to try and get back you deposit plus court costs, maybe some additional damages, it wouldn't hurt to ask.
Second step is to garnish the guys wages. I've done that a few times successfully, especially if the person has a job they have had for a while.
If the Defendant doesn't show up, you'll get a default judgement and you have a long time to try to collect.

Foreclosure for around 75k with 45 to 50 lots and currently 16 tenants. The homes do not belong to the Park and the city has liens on them as well as Greentree.
Area of town is weaker. Park across the street has 50% vacancy. For such a low price, this could be a gold mine? Lot rent is currently only $75 , but could be raised. Realtor seems to think one could work out a deal with the Lien holders for the homes in exchange for lot fees due. There are 16 homes.
If anyone has any genuine interest, I may consider partnering for a flip.