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PostPosted: Sun Jan 11, 2009 8:48 pm 
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Joined: Fri Nov 14, 2008 10:55 pm
Posts: 1056
Location: NEW CITY, NY
I have been working on a plan and figured I would run it across some of you guys who may do this for a living or have helpful input, so anything you feel/think please post it.

Recap of me:
I have been out of school now and working for 18 months and now living at home. When I graduated from school, I had a total of 44kish in total which included 34k in school loan.....6k in credit cards....4k to a friend who loaned me the money to "finish" the Z. Right now I have a credit score (mid score) over 750 and have my total debt down to under 18k. I am on pace to have no debt come this September. I am trying to pay the remaining school loan off by paying $2500 a month due to its 4.5% interest but some months I will probably only pay $2000.

Why the Real Estate question:
I know that we the country are going through some rough times and thinking ahead for my own life, this should be the time for someone my age (25 in April) to really look into investing. Right now I have a pretty safe and sound job, so being laid off never comes across my mind. With that said, I want to take advantage of the down economy because this may be the only time that things are some what affordable again. What I mean by that is.....Someone who goes to college and comes out $50k in the hole....will still struggling making $80k plus and trying to find a home in the area I live in. Granted where you live plays a HUGE role on life style, cost of living and self happiness. I am glad I went away to college in the middle of nowhere because I really got to appreciate life itself without all the "I have to have this" mentality and that is when I realize property has no true value...only what someone says it is worth and what someone wants to pay for it.

What is the plan:
I have been looking at properties for the last few months just to become familiar with the lingo and get the hands on. I treat it like Z's....my first Z was junk but looked like gold to me because I didn't know any better. Now I know exactly what to look for and what are the right questions to ask. So I have been looking at multi-family houses with 5-10 units that have a positive cash flow and decent returns on initial investment. Also I have been looking at commercial strip malls and trying to get a real good sense of that. The ideal situation for me is to start with one multi-family building or a strip mall with 4-6 stores and do this on the side while I keep my day time job. Luckily the job I have now, I am outside a lot and I can use that "free time" to check/maintain property in my county if that is where my first one happens to be.

Info needed:
I have worked on a excel sheet that helps me look at GOI, NOI, OE, and mortgage to determine what my profit would be annually and # of years to make back the investment. If anyone had more info that could help me open my eyes more to contracts, brokers, creative ways to get mortgages...what do they look for to approve applicants, maybe 1st buyer programs, or ways to get around huge down payments like living in one of the units of a multi-family so the property is not considered an investment property.....anything like that would be great.

I just thought I would throw the questions out there and if one person states a fact...it is one more thing I learned! =)

Thankz.


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PostPosted: Thu Jan 29, 2009 12:14 pm 
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Joined: Wed Apr 09, 2008 5:53 pm
Posts: 14779
Location: CT
Look up our member Paul Jensen. He does real estate and is a great guy to know. He sponsored one of our best coffee runs last year and seems to know everybody in this state, somehow.
(He seems to be like the "Bob Sharp" of real estate).

Go to our member list, find Paul (he's member #37 if I recall correctly) and press his "PM" button to send him a Private Message. If your idea is workable, Paul should be able to do it.


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