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Being debt free is as simple as starving yourself.

 
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bebe88 View Drop Down
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Post Options Post Options   Thanks (2) Thanks(2)   Quote bebe88 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 7:56pm
All yall need to look into real estate wholesaling as well, Google it
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EPITOME View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote EPITOME Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 8:04pm
Originally posted by dreamz dreamz wrote:

Originally posted by EPITOME EPITOME wrote:

Originally posted by dreamz dreamz wrote:

Originally posted by SamoneLenior SamoneLenior wrote:


no credit checks, in this day and age? really?


that is extremely rare and ill advised.

get a broker specializing in foreclosure.  tell her what you're working with and that you want the best bang for your buck.  she'll tell you who will more than likely finance you and help you find as many properties as will fit into your financing.  our last rental purchase, we purchased three 3-4 bedroom homes for a $21k mortgage.  property taxes and insurance are built in.  since we don't mind section 8 (pays on time, errtime) the homes rent between $850-1100.

this is the time to funnel your money properly into a future where you can sit on your ass and annoy bhm if you so choose by the time you're 41.

LOL  i didn't know there were brokers for foreclosures.

my parents are thinking about buying this apartment complex w/one or 2 other people. it is expensive though


yes.  especially in lower-income areas.  and after you get in close with them, they will give you a pre-listing heads up on properties that meet your buying profile.  a lot of banks will list their foreclosures with a certain few realty offices, and those offices will have brokers who deal almost exclusively with those types of properties. 

apartment complexes are a lot of work and a lot of headache though.  i would love to get rid of our three but the roi is too good.  we also bought them as foreclosures maybe 12 years ago.  i've been  keeping my eye on one in the next state right now lol.




that's why i am hesitant for my parents to do it.  i rather them buy income properties in DC tbh
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bebe88 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bebe88 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 8:18pm
Your parents can start with a duplex-fourplex...then when they can afford it, hire a property mgr.
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SamoneLenior View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SamoneLenior Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 8:40pm
Originally posted by bebe88 bebe88 wrote:

Not yet, I'm literally just starting. I'm trying to find someone to take 2k down....the one person I found does not have tenants & I would need tenants up front. I may try to wholesale it though.
Originally posted by Cocoa Cocoa wrote:


Originally posted by bebe88 bebe88 wrote:

With owner financing with multi fam properties, u usually don't get credit checks.

See, you are paying this person mortgage with money u collect from Ur tenants. So if u make 8k monthly, mortgage may b 3k.

Not hard at all...

 

So I take it you are making it rain in your city.... nice!




I asked someone that works in a bank and does some loan work

I was told this is impossible

are people just taking cash, like no banks are involved?
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SamoneLenior View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SamoneLenior Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 8:42pm
Originally posted by dreamz dreamz wrote:

Originally posted by SamoneLenior SamoneLenior wrote:


no credit checks, in this day and age? really?


that is extremely rare and ill advised.

get a broker specializing in foreclosure.  tell her what you're working with and that you want the best bang for your buck.  she'll tell you who will more than likely finance you and help you find as many properties as will fit into your financing.  our last rental purchase, we purchased three 3-4 bedroom homes for a $21k mortgage.  property taxes and insurance are built in.  since we don't mind section 8 (pays on time, errtime) the homes rent between $850-1100.

this is the time to funnel your money properly into a future where you can sit on your ass and annoy bhm if you so choose by the time you're 41.


thanks dreamz


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bebe88 View Drop Down
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Post Options Post Options   Thanks (2) Thanks(2)   Quote bebe88 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 9:44pm
No banks, these properties r already paid off by the owners


Unless u get a property pointed to.
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bebe88 View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote bebe88 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 9:44pm
*subject to
Not pointed to lol
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oh_so_moody View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oh_so_moody Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 9:56pm
Another broke, cheap ninja in Atlanta?

Ohhhhhhh, okay.
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miana79 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote miana79 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 10 2013 at 11:09pm
 
 
If I have to suffer like that, makes no sense.....he could have gotten sick with that sort of diet and eating expired food. like wtf??
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SamoneLenior View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SamoneLenior Quote  Post ReplyReply Direct Link To This Post Posted: Jan 11 2013 at 8:28am
Originally posted by bebe88 bebe88 wrote:

No banks, these properties r already paid off by the owners


Unless u get a property pointed to.


okay, thanks again
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