Fantasy Football - Footballguys Forums

jeff_eaglz

Staff
  • Content Count

    1,421
  • Joined

  • Last visited

Community Reputation

0 Neutral

About jeff_eaglz

  • Rank
    Footballguy

Recent Profile Visitors

1,925 profile views
  1. General announcement. Since many now know me from this thread, I'd thought I'd make it known here that I'm changing my name on this site - for the better. You'll know me now as "Jeff Pasquino", new staff member. Carry on.
  2. Go FSBO for a month, then see what happens. Contact your neighbors and give them the incentive that they get to "choose their neighbors". Many people know someone who wants to live near them. Think college / rooms on same floor. Happens more often than you think. Of course I'm assuming houses aren't 1000+ feet apart. What state / zip code (PM if you feel better that way). I can comp it. Find the pricing from realtor.com, domania.com, zillow.com, and check the newspaper. Look for recent sales in your area. That gives you an idea as to what the going rate is. Consider owner financing if (A) you don't need some / all the money right away, (B) want to avoid a capital gains hit from getting lots of $$ all at once, and © if you want to have an "investment" at 8%+ interest or more from your new buyer. You may even get top dollar for selling with partial owner financing - many people, even today, have issues getting good mortgages.
  3. Hmm, the interesting thing here is that in most states, this really isn't even a real estate deal.Mobile homes are considered just that - mobile. DMV/MVA for each state usually record them (auto departments), not land records. If you think about it, that makes sense. No land is sold here - so there is no "real estate". I'm not ducking the question though. What state are we talking about? How old / young is the mobile? Often selling a mobile home can be done best by owner financing a note and selling the note. Basically, let's say you wanted $10,000 for the mobile home. You get a buyer to give you $2,000 for it down and you will take $350 a month for five years so they can pay it off. NOTE - Typically you want to price the payment ($350) plus the ground rent (from the MH park) to be about equal to the price of renting a 2 bedroom apartment in the area. Just a guide there. Back to the math. $350 a month for 5 years is a $15,000 note at 12%. So you're selling the mobile for $17,000 at face value - but you're selling it to the buyer as a home for $350 a month. MH's and lease options are sold like cars - you sell the payments, not the price. So Ira Investor comes along and has $8,000 that he wants to invest. He sees that you have a note, secured by a mobile home. You sell him that "income stream" of $350 a month for 60 months and you walk with $8K. (You'll notice that Ira gets a sweet deal for his return on investment, but he is taking the biggest risk since he is taking a mobile home note which are often hard to sell, and the face value is bigger than the implied value of the mobile home). This is just ONE option. Realtors do exist out there, and there's quite a few investors that are involved in mobile homes. Often parks don't allow tenants, but they will allow owner financed sales. They may have to approve the new buyer. If you have more questions, post away. Hope that helps.
  4. Should have addressed this post sooner.Yes there are high pressure tactics out there. Yes there are RE clubs that teach and/or push this. If that isn't who you are or you don't like that style, it is not a problem. In fact, I like these people in a certain way as it differentiates myself. I'm not pushy nor do I bug them to sell their house(s). There are hundreds of ways to make $$ in real estate. These techniques above are agressive and annoy many homeowners like yourself. Most good investors that actually are successful and stick with it use other methods - usually more passive. Direct mail, advertising, word of mouth, web sites, realtors - all can be used to find deals. Six to 12 deals are a LOT in a year. Trust me on that, if you are a sole proprietor or a couple / family - this can fill your time card up quickly. With just six properties that you renovate a year, you are likely to look for a property, sell a property, and renovate one or two ALL AT ONCE. That'll keep you busy. Find a method that works for you and your needs. There are more clubs out there. Try www.creonline.com to look for more or Google "National REIA".
  5. I believe there is good news for you. You can prorate the $500,000 exemption from capital gains.Searching for a link. Proninja also mentioned this somewhere. ETA: I may be incorrect here. Clarifications Looks like that the proration would be more of a "sale due to circumstances beyond your control" - not selling your house by choice. Considering that - I'd delay the closing - even if you have to pay the mortgage two extra months. The tax savings will be huge. DEFINITELY speak with a professional (accountant). Likely scenario is you cannot move for 2 years and a day, just to be safe..... Good luck.
  6. That is a fair question, but I don't believe I have a good enough answer.I strongly suggest you start a separate thread, and I'll be happy to link to it in here (or you can of course). As in: Good topic. Let's talk about it at the Landlord Question thread.
  7. Short answer? Probably not worth the hassle.To turn 1/2 of your lot into Ag vs. Residential, you're going to have to subdivide it OR re-draw the boundaries of the two lots. At the least this will cost you $$ for engineering / surveying, recording, etc. etc. Even if it is just $500 - why? $500 spent today to make $100 over 7 years (save, rather) is about 9% return on your investment. I bet it might be more like $1000 and of course hassle. Plus if / when you sell the house, the house's value will decrease since you lost the land that was put in Ag. That's the bigger issue. Future owners may want / need 2 acres for whatever they want to do. Reading back through this, I realized I should have known better. The only bad / stupid questions are the ones not asked (at least in this thread).Even experienced real estate investors sometimes need sounding boards. It is FAR better to have someone tell you that you are about to make a mistake than to actually make it. Especially with the big $ amounts involved usually in real estate. The opposite is also true - getting confirmation of making a good call is reassuring.
  8. Yes I'm in Maryland. PM me the details and I'll be glad to help.
  9. Congratulations, this thread is now in the FFA index.
  10. I only basically buy as is. I want a low price, and can do whatever repair myself.That said, for the couple of times I needed to make a deal go away, or become a much better deal, I have an Inspector on Speed Dial that can kill any deal. The guy is an absolute ball buster. He will walk in with the smallest fine tooth comb you ever saw and fine $100K in repairs at the drop of a hat. That's so wrong, but I love it anyway.
  11. Short answer? Probably not worth the hassle.To turn 1/2 of your lot into Ag vs. Residential, you're going to have to subdivide it OR re-draw the boundaries of the two lots. At the least this will cost you $$ for engineering / surveying, recording, etc. etc. Even if it is just $500 - why? $500 spent today to make $100 over 7 years (save, rather) is about 9% return on your investment. I bet it might be more like $1000 and of course hassle. Plus if / when you sell the house, the house's value will decrease since you lost the land that was put in Ag. That's the bigger issue. Future owners may want / need 2 acres for whatever they want to do.
  12. I think you already know the answer to this and what affirmation, but that's okay.1. You're getting the seller to give you $1,000 against a $2,500 unexpected repair. 2. The house appraised for $2,000 more than you paid for it (used to be rare, but less now. It was always funny how an appraisal always "magically" matched the sales price). 3. Who's to say you even have to do the repair right now? Sounds like you are getting $1,000 towards closing and $2,000 of equity just for buying the house, $3,000 more than you expected, and you have a $2,500 unexpected repair. And you LOVE, LOVE, LOVE the house. What was the question again? Seriously - buy the house, fix the wallboard / siding and if you even thought about repainting anyway, here's your excuse. BUY THE HOUSE YOU LOVE. Even if you had to go out of pocket for $2,500 in repairs, you win in the long run. Even if you had to finance the $2,500 on a credit card at 24%, that's $100 a month for 3 years. WORST CASE. FOR A HOUSE YOU LOVE. Don't mean to ride you on this, but this really is a no-brainer. Let the issue die and enjoy your new home come Spring. Its funny, as I was typing this message it was becoming clear to me how simple the solution is and how obvious my next move is. You are dead on! I think I can even get the $2,500 out of the seller. Basically the $300 I paid the inspector got me $2,500 in return. I just wanted to make sure I didn't get a thousand "Once the siding goes your entire home is worthless. Run, Run, RUN!!!" posts. Plus my wife would kill me if we lost this thing over a measly $2,000. Plus, surprise, surprise...she wants it painted anyways!!! We'll put 'er to bed on Monday and not look back! Thanks again Jeff! - Jerm Glad I could help.Enjoy.
  13. By the way, home inspectors ALWAYS find something. That's their job. No house is perfect, even brand new ones. I once had to get an engineering report ($600) to sell a house of mine that a mason thought needed $10,000 of repairs. The true cost was $1,000. I saved $9,000 at a cost of $600.
  14. I think you already know the answer to this and what affirmation, but that's okay.1. You're getting the seller to give you $1,000 against a $2,500 unexpected repair. 2. The house appraised for $2,000 more than you paid for it (used to be rare, but less now. It was always funny how an appraisal always "magically" matched the sales price). 3. Who's to say you even have to do the repair right now? Sounds like you are getting $1,000 towards closing and $2,000 of equity just for buying the house, $3,000 more than you expected, and you have a $2,500 unexpected repair. And you LOVE, LOVE, LOVE the house. What was the question again? Seriously - buy the house, fix the wallboard / siding and if you even thought about repainting anyway, here's your excuse. BUY THE HOUSE YOU LOVE. Even if you had to go out of pocket for $2,500 in repairs, you win in the long run. Even if you had to finance the $2,500 on a credit card at 24%, that's $100 a month for 3 years. WORST CASE. FOR A HOUSE YOU LOVE. Don't mean to ride you on this, but this really is a no-brainer. Let the issue die and enjoy your new home come Spring.
  15. Since homeowners insurance will cover the cost of repair, I assume the lost profit you're refering to is the deductible and the loss of rents. My State Farm agent once told me that they offered insurance to cover loss of rent money in just such an occurance. My question is; do you know any landlords that carry that kind of insurance? Would they recommend it (is it worth the extra $)? Flood insurance won't cover you if a tenant doesn't pay the heat and your pipes freeze.Frozen pipes in general are usually not covered. Now I'm a little confused. A good friend of mine went on vacation and a pipe in his upstairs bathroom broke, causing considerable damage. He was worried that without flood insurance he'd be screwed, but his policy covered it. By the insurance company's definition, a flood can not be caused by a plumbing failure inside your home or even a hole punched in your roof during a storm. How would frozen pipes be different from leaky ones? Different rules apply for different insurance companies. More importantly, the rules are often different between rental property and personal residences.All that said, I need to speak with our agent.....