All Forum Posts by: Scott Mac

You bought this with only $30,000 ??????

Maybe you could fill us in on the particulars of the deal.

This place looks really nice.

You bought 168 units for 30,000 out of pocket?????

Be careful of hyperbole.

To invest, when the rubber hits the road you need traction. 

Traction is cold hard cash money seasoned in a bank account.

Cash Accumulation is the most needed thing for many people.

You cannot invest what you do not have.

Initially before you invest, your success is measured by how much you have in (for instance) your Vanguard Money Market Fund, or an FDIC insured Money Market account, or stuffed inside your mattress, etc...(whatever it is you use).

Some people borrow against their personal residence with a HELOCK for this needed cash, but I've seen those go bad in several instances, and the results were not very pleasant for the borrower.

In many instances working a second job can allow you to set aside cash, or you might inherit it, or find a cash filled partner.

But the bottom line is, initially your success is measured by how much cash you have to invest.

And be careful of Hyperbole.

Good Luck!

You might want to talk to some of your family members to see if they might want to invest with you.

You are you a long way away from Detroit, and that may make them uncomfortable. So you might want to find a way to make them comfortable with that.

You might want to visit Detroit if you have not, and drive around the different streets in the city- but I warn you it is very dangerous in many parts. So you might not want to go alone, and always be very careful.

"...push for sustainable and community-focused living?"

A pull for sustainable and community-focused living might lower the risk.

Who is pushing for that- and why are they pushing for it?

How is this different from lower income roommates each having a bedroom and sharing The rest of the house?

I would assume this is not something someone would have a goal for as their living environment, but would have to settle for it due to their low income. 

I would assume these would be class C and D properties with Class C and D renters???

Low FICO scores, Income stability issues, rugged rental pasts???

Definitely not the American dream as a way of living.

Know the lenders requirements for the loan types you will need.

For instance you may find you need to have liquid cash of 9 Months P&I and 100% of the loan amount as your personal net worth in order to avoid personal guarantees on the loan, and your retirement accounts may not count towards your liquidity.

Know the requirements of the loan products for the apartments you want to buy.

There are no books for that, that I know of--just lenders info.

Because without that all else is just scholastic exercise.

Good Luck!

Pics please.

Nice house, I like the window over the bathroom mirror.

It will make that space nice and bright for the homeowner for years to come.

Good Luck!

An Eagle hunts alone.

Easier Fruit -- and the band played on....

As any gambler knows:

https://www.youtube.com/watch?v=7hx4gdlfamo