All Forum Posts by: Christian Lincoln

Wall st buys up foreclosures

http://m.motherjones.com/politics/2013/11/wall-street-buying-foreclosed-homes

Justin,

me too. Of course I'll leverage but why not have the beautiful light weight feeling of owning free and clear and seeing that big rent check come directly to you? if you can do that of course. With bad credit I have to consider this idea.

I'd like to be included on future meet ups in NYC if that is still an ongoing idea.

thanks

christian

Just out of curiosity...where are these 100k houses? asks the New Yorker....

Just to be a total contrairian... D.)

Buy a nice condo on the beach in a depressed E.U. country like Spain, now selling for about this price. Rent it out nightly and weekly, weekends to rich Europeans. Stay in it the few weeks its not rented.

any obvious red flags? other than taxes. still seems to cash flow okay.

275k. (I'll only take it at this price)

owner will hold note if necess (I have low credit. she's open to discussing)
9 room rental property - college town 2 houses no repairs needed (I'm a.contractor - I looked at everything)
600 per room includes utilities
10,000 taxes yearly (prop/school) uggg.
2,400 insurance yearly
3,400 gas heat yearly
400 electric monthly
500 lawn & plow yearly, waste

60k down? 240k mortgage. 1300 month. I figure

5400/2200 net?

i'm getting a cap rate of about 7.

Yes, I have some buddies who are buying up condos in the South of Spain for cheap. They are extremely confident a Euro nation will rise. And they seem to be loving the culture. Spain is where the deals are right now. And Detroit of course.

Jean,

great advice. tough is good. I want to write more than I want to feel a sense of comfort in something beautiful I created. I will always have the memories. I've been renting it for 4 years now. It's got an apple orchard and stream and thousands of acres behind it of State Land. The barn stores all my things. It gave me a lot of peace, but it's tied to my ex in multiple ways (who I get along great with). Unlike my other investment prop. which has no baggage. I got a lot of encouragement from family to keep it because they are all artists and have never owned houses, so they just see it as real stability. But stability to me is breathing room to write, i.e., cash flow.

I'm thinking about student' housing - a 10 bedroom or something near a local college, i'll be the prop. manager (part-time) for maybe a year and then replace myself. If it works, then do it again.

thank you everyone for being straight. Hard pill to swallow but I have to let go, and move on to better cash flow. There are many fish in the sea.

Thank you Colleen. I agree. It's partially furnished. wouldn't be hard. it's a mental thing with this house as it was tied to my sense of stability for so long. Which is not the position you want to be in to start investing and making money and moving forward.

Tenants have said they would consider buying it.