All Forum Posts by: Loc R.

That's too bad.

I've got to imagine that if you are located/based in the right area, be it Memphis, Indianapolis or (pick your city), there's plenty of money to be made by buying properties at a discount, and selling them after rehabbing them & renting them out.

Theoretically, you'd make your money on the sale, and your cash-flow would come from management fees, and possibly even maintenance fees.

There was a BP member who was a big Indianapolis guy a while back...I wonder what happened to him?

2. It is up to you. You need to figure out for yourself what your strengths & weaknesses are, and what your short-, medium-, and long-term goals are.

3. Stay away from rent-controlled areas.

4. A good deal on a 2-unit building is better than a bad deal on a 4-unit building.

5. Look for upside. If the rents are maxed out given the neighborhood, then there's no upside.

6. You probably won't be meeting with the seller face-to-face, but if you are, I'd find out his motivation(s).

It's been a while since I last followed his blog...good for him.

I follow J Scott & Steve L's blogs...they are full of good stuff.

Yes, as long as it is 4 units MAX. 5+ is commercial, regardless of whether you live there or not.

Commit to yourself and your daughter's future. There is plenty of information out there.

Make a pros & cons chart for every type of investment. Invest in what you understand and know. If you don't know or understand, teach yourself, and/or get someone (who has no financial interest) to mentor you.

Good luck.

You should be able to have a note servicing company calculate to a T the exact #s, based on the amortization schedule, as well as penalties/fees your contract calls for.

Normally there is a clause written in the note as to whether or not a loan is assumable. Most of the time it falls under the Due on Sale Clause.

Fannie and Freddie have had pretty strong DOSC language since the early 2000s if I'm not mistaken.

Nic,

First off, congrats on becoming a broker. May you have a prosperous career.

Second, as to pricing and #s, don't be ashamed to put in your numbers. You will soon realize how incompetent a majority of those agents out there are...it's pretty scary actually.

If you can get commercial MFR financing at 5% over 30 years, you need to get me the name & number of your bank(er).

How much lower could you possible go on a refi? You'd have to ask yourself whether it was worth it to go through all that trouble.