All Forum Posts by: Matt H

Ya but it's best to strike a healthy balance between making money and enjoying it right. Seems like some people spend way too much and never save or invest. Or some people are way to frugal, never buy anything nice and do nothing but saving and investing. I think it's best to be somewhere inbetween where you still enjoy life without putting too big of a dent in your budget. Actually the cost of living there is not going to hurt my budget in the least so I'm ok.

I can't believe what happened to me the other day. Me and two friends go looking around at big homes here in my city. One of my friends is a realtor so he lets us all in to look at them. The first one we look at seems just amazing. And initially in doing some quick math I thought they would be leaving about $200k on the table. Then we looked at it later that day again and I just was sold. So I put in a list offer at $640k that was accepted the very next day. But here's the kicker...There's houses all around this one that are about the same size most of which are worth over 1m. One of those is listed. It's about the same size as mine is and it's listed at: 1.3m. I have a feeling as though there is a chance that they have left as much as $500k or even more on the table on this deal. However, even though it would be a good flip, I'm just gonna keep it rather and live in it.

Tell me your thoughts on this... I bought a building last year. It has 15 units. I paid $725k. My existing mortgage is for $610k. However, in Edmonton in 2006 properties appreciated by a whooping 51%. I've also increased rents and my building is now estimated to be worth between about $1.2m and 1.5m. My thought is that if I could sell it, I could realize this huge amount of appreciation right now. Pay out the first mortgage and be left with anywhere between about $600k and $900k cash. With which I could by a much bigger building. I had my eye on a few that had about 90 units. Not locally, but that would be netting at least 3 times the cash flow as what I have now. So in your opinion is a move like this worth doing?

Yellow pages under Mortgage Brokers. Find a mortgage broker and tell them you my need to go with a lender who's willing to lend based on "Stated Income", in case you don't qualify using full disclosure.

A deal is where you make money in the end.

What isn't a deal is when you break even or lose money.

Kinda a weird question because it would be different for everyone wouldn't it?

the question was how to start with no money.

I never said to lie about it did I? I just said that's what the lender requires. And they approve you with no verification. You should see some of these websites from reputable lenders. They brag about the fact that they'll lend with no verifications of income. Because like I said, they'll take the property if you don't pay. Same with a bank. If you have a good job what does that matter. Because if you got fired or laid off for example then that job means very little to them. The lenders security is your property. You and your pathetic guarantee is just a back up and a back up measure if they can't sell the property for at least what the amount of their mortgage is. That's why they'll usually only lend up to 85%. Now go and get high on OPM. You know opium, the stuff they grow in Afganastan?

Be there or be square, and remember, the shortest distance between two points is a straight line.

Buy a house, live in it just long enough to fix it up and then flip it. Don't worry about tax consequences either. Time is more valuable than the small amount you might have to pay in taxes. Then just keep flipping properties. But try to find situations that you could make at least $50k net when you flip it. That way doing even one flip gets you off the starting block. If you can do two flips per year you'll be making $100k per year net. Then start to educate yourself on buying apartments with little to no money down, using combinations of first and second mortgages. Then eventually find a nice sized apartment building, and just buy and hold your apartments. Apartments aren't usually worth flipping. Just hold them for cash flow. Then eventually if you did say one apartment purchase each you'll be well on your way. Remember you don't need your own money to buy realestate. You can use other peoples money. So get high on OPM. Opium, you know the stuff they grow in Afganastan? lol