Excuse you, but how do you know if I have visited homes? How do you know if I have been comparing comps on MLS? How do you know anything about what I've been doing?
We know what you haven’t been doing based on your posts - your own words. What you don’t say is more telling that what you do. For example, I asked you in the very first post in this thread how many houses you’ve looked at and how many banks you’ve talked to. You ignored the “how many houses” question and made an excuse for not talking to banks.
As a landlord, I earn my money deciphering what people are trying to say to me (reading between the lines). If an applicant asks if we do a credit check - they are really saying “my credit is terrible”. When you fail to say how many houses you’ve visited, that says to me that the answer is “few or none”. Am I wrong? When you say in your post that the realtor says that the property is a steal, that says to me that you haven’t done your homework or YOU would know if it was a steal or not.
It also speaks volumes to me that you come on here to ask questions and then are elusive with your posts. Instead of just responding to the questions, concerns, and observations that Keith and I have had, you respond with
you dont know if I’ve done my homework or not, and you dont know anything other then I tell you.
It would be much more productive if you would simply state the facts instead of playing silly word games.
I don’t know how you can expect to succeed with an attitude like that. Why even ask if you don’t want to hear the answer?
Here’s how your original post may have looked IF you had done your homework:
Hey guys, I’ve been MIA for a while doing my homework. In the time I’ve been gone, I’ve made up a business plan and talked to several lenders as Keith suggested. I’m approved for financing up to $500K. I’ve looked at dozens of houses and feel very comfortable with the property values in my target area. I went to my first REIA meeting and made several key contacts. I also met a great realtor who specializes in working with investors. She found a great property, here are the numbers:
Purchase Price $205,000
Repairs Needed $5,000
Gross Rent $2,500 per month
P & I $1,650 per month
Maintenance Allowance $50 per month
Taxes $200 per month
Insurance $75 per month
Vacancy Allowance $125 per month
What do you think? Am I missing anything?
Do you see the difference in this post and yours? This post says that you’ve done your homework and are ready to begin. Your post, well …