All Forum Posts by: Ali Samana

I haven't been to egypt yet, would love to go some day though.

I will check out the sites that you posted on the other thread for the deals. My wife and I are expecting right now, so it would be hard to go right away. But we do want to go soon!

Perfect example of Atlas Shrugged.

Here is another article that was forwarded to me. If everything in this article is true, than it is a disgrace that we would treat our soldiers like this.

http://www.thenation.com/doc/20100426/kors/single

Eddie,

those are some great points. On some of the tenets in this building, the owner has not increased their rents. He has a lady that pays 375 while others are paying 450. He says she pays on time every month and has been there for years, so why mess with her.

I thought If I bought it, I might raise the rates by a small percentage at the beginning of the year (1Jan) but try to keep things as they were.

I figured 2600/month was pretty good for 140k. I think I am going to be looking for a better deal.

Originally posted by Mike M:

Health Care is a SERVICE that anyone should be able to BUY. Just like Lawn Care, House Care, Babysitter, etc.... Why should Health Care be any different?

I agree with the notion that people that make bad choices should suffer the consequences. Culturally, we have very few people that are on the path to financial prosperity. It is their choices like stated above that puts them on the path to ruin.

I don't however, agree with denying someone access to medical care because they made some bad choices. Even inmates have access to basic health care, and thus, so should regular Americans.

Eric,

I did get some great advice from this thread. I don't think I will be moving forward with the deal.

The property was priced very high (for the area and for the rents) the 2% rule which many people have talked about would put the price of this property at 130k, so when he offered 140k, I figured we weren't too far off.

The seller has had very limited expenses with this property and it has 4 long term tenets. Also, the area has a very low vacancy rate. I figured that might justify 10k more than buying in an area with a high vacancy rate.

Just my thoughts.

Thank you guys. I appreciate all your help!

Hello everyone,

I am looking to buy some rentals here in CC, TX. I came across a deal that I think I am going to move forward with. I wanted to run it by here to make sure I wasn't making a mistake. I do think I agreed to pay too much.

The deal is for units (4-plex and a duplex)
They are 100% occupied with the total income of 2600/month
the owner pays water (300-500/month)
He wanted $151500 for them. They do need some work from my standards, but if they are already rented then it wouldn't matter that much.

I offered him 140k with him repainting all of the outside on both buildings (we told him what color). There are also some electrical units that are going to be replaced (just faceboards ertc)

So, shortly here are the numbers again.

Purchase Price: 140K
Total Rent: 2600/month
Utilities: 3-500/month

Is this a decent enough deal to get involved with?

Thanks in advance for your help.

Thanks for the replies guys, here are the answers:

@Jon- I was being told by the bank that escrow changed, however the taxes online reflect the same value. I am not sure I believe her. I have a TPA, but the bank was still being very uncooperative in helping me. I am suppose to be selling the house, so I should be done with them in the next few weeks.

@Steve - it doesn't seem like either taxes or insurance went up. I guess I will find out later today.

@Max- It is not an ARM, thus I don't think the interest rate could've done it.

That is what has baffled me about this situation, the only number that seems to have gone up is the PI but they won't tell me why or how it went up. They wouldn't even admit that it did go up. She kept telling me that payments were always at 1014.

I should find out by tomorrow what the deal is. I will post it here.

I have a house that I have as a sub2. Yesterday I found out that the bank raised the payment on the house from 759 (PITI) to 1014.89. When I called to inquire about it, the bank wasn't very helpful and I was being told that it has always been at the higher amount. When I started pointing out conversations (I take good notes) when I was told otherwise the lady got abrasive and refused to help me.

My question is, has this happened to anyone, what are some of the reason that a payment would increase by this much?

The taxes on the house are 1500/year and insurance is about 1300/year. The balance is about 50k on the note.