All Forum Posts by: Franklin Lee

So does this mean you can take advantage of the interest deduction? Like you don't have to pay it back because it is a "primary home"?

Hate to tell you, but real estate investing is not for the poor...

Very rarely, a poor person with huge debt would be able to secure a loan for a house. A working class person, maybe. A middle class person, he has some potential to get deals, but his real estate investment won't transform him to being rich(100 dollars to 3,000,000 million in three years)?

Real estate investment is for the rich who already had money from the start and are looking for money to grow 20 percent annually.

Think about the game monopoly. You start off with money you can use for a downpayment on the house. What else could you do if you didn't have money from the start? You can't buy a house!

Now, this may be an exception to some people on this forum who had done no downpayment deals but very rarely, you would see an average joe turning into a millionaire by just reading informations on this site and doing hard works to find those deals.

Hey guys, I've decided to skip this deal. Thanks for the advice though!

This is the area where Michael Vick used to grow up in. The part of the South where it is the real South. Dog bettings, gangs, etc...however, the crime rate around the Hampton Roads area is surprisingly low compared to Richmond, VA.

The thing that really scared me was when the neighbors nearby the duplex actually were getting out of their house to see who was coming down the street. It was an unpleasant visit I can tell you that. Pretty creepy too.

But it wasn't that bad. They were just actually surprised to see an 18 year old kid driving down the ridden down street with a BMW. (may have to sell that when I get the house).

So, I figure there must be at least some kind of repairs to this house. If the house is partially boarded up, what do you think is the ball park figure for this house?

Found a duplex in a crime ridden area. 4br 2ba, both sides rent for 650. It looks boarded up when I came over to see and believe me, I was scared to get out of my car...is that a good thing?

On paper, it sounds good but when you get to the real world, it's a lot different. But this deal is so good! I really want to buy it.

Here's the link but I'm taking it down after a couple of days. Just waiting to see some couple of advice from anyone especially Jon and MikeOH.

http://146ashavenue.canbyours.com/

What do you think the maximum price for this one should be?

I understand that if it's a working farm, the lot minimum must be incremented by 5 acres for each tenant dwelling on the land?

Just found out that it's a 100 acres farm(A-2) and my dad owns probably around 20 acres of it. No ideas or plans in sight for right now but probably when I graduate from college with some good downpayment moneys, I'll pay the land from him and then try to rezone it to A-3. That way, I don't have to go through their rules by incrementing 5 acres for every lots I own.

Then, yes, there are also huge amounts of expenses that I will have to deal with. Recreation park, roads, etc. I'm also trying to avoid this because I'm not really trying to build a major subdivision but I'm trying to maximize the amount of properties in order to make it a minor subdivsion. Does anyone know how to do this? Bart?

The thing here is that I'm trying to acqure rental properties on this piece of land that I "own" for a discount, hence the $80,000 homes that the contractors market.

I know that this land of ours will certinately be profitable because this area is set for a major boom after the end of this minor depression passes away.

Thanks Jenny.

One more question...what if the land I've acquired does not have running water and electricity? How much would that also add to the cost?

No, I meant that currently existing homes around in King George are around 255,000 dollars. Those homes aren't as the same as the model I was talking about.

So, let me guess, for a 150k home, you need a 1500 dollars building permit, would the price for the building permit be the same if the house was 79k dollars?

Sounds like a pyramid scheme...

Also, I found out that one of the person here is one of the leaders of ********************. Apparently, he lives in my county...that's how I found out about him because he sent me an email about this down payment assistance program.