All Forum Posts by: Rich Lopes

@Jay Hinrichs, to your comment on a badge of honors.. what do you call this man?

https://qz.com/india/1637208/rishad-premji-to-take-over-from-azim-premji-at-indias-wipro/

He bought a second hand Mercedes from his employee. 

@Jennie Monfried, sell the condo while the Market is hot or as soon you tie the knot so you can save on capital gains up to $500k. For $500 HOA you can borrow up to $150k @4% IO. Once you sell, buy a a duplex in LA which you can live in one and rent the other side - of course with no HOA or at least not close to $500. If you can buy $1M to $1.25M duplex or even a fou-plex if possible in a not so great neighborhood with ok school district since obviously you wouldn't need the school for at least 5years from today then you would be off to great start. Don't put your money in OOS unless you know the ropes of REI. OOS is not for everyone and I would advice you to stay away from unless you know someone closely.

If you pay more than 50% down then probably yes, but otherwise no. 

@Erik W.,  Wow! I am glad to see how you broke it down. That's why the guy I am working with seems reasonable - at least for now. Mine is close to 1900 sq. ft. but still $3500 was out of question. 

@Russell Brazil, perhaps billionaires had predicted like us before they became billionaires and probably still predicting but in their own circle of billionaires- yet another prediction 😊

@Erik Whiting, all that for just 10K?  I am guessing you are doing everything by yourself. Because I recently a quote for painting a 3 bedroom / 2bath apartment in Independence and my PM told me it would be $3500, although I was able to get someone else provide another quote for under 2k. But with roof and all it seems darn cheap or I am just being gouged. 

@Erik Whiting, you get properties at 2% even this market in a C neighborhood? Is that in MO?

 @Lee Ripma, do you know of you have the specific contact at NREIG that I could possibly talk to?

I feel lot of those TK houses  comes with tenants who are paid-for-by-TK to stay in the houses for few months to keep the TK's 3/6-month contract guarantee valid. Once that's up, these so called good tenants either break the leases and leave or stop paying forcing the new owner to evict them. On top of that some TK companies hire third party management, thereby leaving the new owner at the mercy of this PM company who will just do whatever they want. 

Having said that, it's always good to buy directly from TK companies with in-house PM, so you are not dealing with all the middlemen who are basically just there to complete the transaction. Some TK middlemen/salesmen are worst because once the transaction, they will just ignore you for as long as they can.

@Patrick Fraire

1. Not knowing the entire family history and why the family is in a situation they are in today it's hard to comment.. but my 2 cents
   1. Your GF can probably still help them by finding an apartment they can afford - I am sure if they look hard enough they will find some place that will allow them with no so good credit - perhaps with slightly higher deposit.
   2. Have the Boyfriend's mom put up for the deposit on the above property if she really cares so much about her niece and is confident to co-sign.