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Everything posted by radballs.

  1. Thanks for the feedback Jeff. I also have some comercial questions for you that I'll mention a bit later.
  2. Jeff, First I just wanted to thank you again for starting this thread. I’ve learned a lot reading it over this weekend. I’m out in California and unfortunately for real estate investing there isn’t anything close to matching up with the 1% rule. I don’t think Mike’s system would work out here since rentals probably come out to about .35% of the value of the property. Not something that either of you would recommend I think. There are still opportunities to flip some fixer uppers, but the base amount of your investment is obviously much higher than in other parts of the country. In any case, here are a few residential questions that I have. Residential Project: My question isn’t really about investing per se, but I’m interested in using the equity in my home to build my dream home. My current home has an approximate value of $400 K and my mortgage balance is only $125 K. My dad has two plots of land adjacent to his primary property. Each plot is a little over one acre and each is zoned for splitting into two buildable lots. On one of the lots, there resides a log cabin which he currently uses as a rental. My dad is willing to deed a portion of this land to me so that I can build my house. He realizes that the land will be mine someday anyway so he figures he would like me to be able to enjoy while I’m still young. He is leaning toward building two manufactured homes (1,500-1,800 square feet each) on the other plot to be used as rentals. He can get much closer to the 1% rule by going the manufactured home route. I want to build my home where the log cabin is. It is in very rough shape and it would most likely have to be completely demolished. All of the land is completely owned outright. Can my dad just deed the land to me for nothing without any kind of tax implication for either of us? Is this the best way to go or should he build the home under his name and then just sell me the home at his cost? Will his manufactured homes appreciate as much as a stick built home would? Approximately what kind of savings might both of us enjoy if we build all three homes as stick built versus him going the manufactured route? In other words, are there legitimate economies of scale if all three used a lot of the same materials? If so, what percentage would you figure? Homes built out here given the materials I would most likely use, range from $150 to $180 per square foot. Can the value of the land be used as the down payment to get the construction loan approved? At this point, I’ve only spoken with one GC about the project but I don’t have any home plans yet. He said that he would work with us on the home plans when we were ready to get going. So, should I secure the loan first? Or what would be a general check list for such a project? Thanks for any help and I’m sure I’ll think of other questions in the meantime.
  3. This thread is incredible. Jeff, Mike and BNB, I have some questions that I'll hit you with shortly. Thanks for all the info.
  4. Did that include a #######' lap dance from Mickey?
  5. I'm the same way. Spoilers generally don't ruin it for me either. In some sort of way, I like to know what's going to happen.
  6. If they take us away from the survivors we know for a long block of episodes to start over with the other half of the plane, I'm going to laugh my ### off. There's another new actress/character listed in IMBD as well.Libby Libby is scary hot. When does the Lost characters draft start?
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