Posted by HR on February 24, 2001 at 20:41:46:
Hey Jeff,
I added this post to the original thread below; don’t worry: this post won’t disappear before we are done. This board doesn’t move as fast as the other one.
As I mentioned, we are in Mardi Gras season here, which means constant parades and parties, day and night. I will answer when I can, but it will be a few days. Till then…
HR
Calling HR part II - Posted by Jeff in MKE
Posted by Jeff in MKE on February 24, 2001 at 19:13:15:
Hi HR,
It’s great that my numbers panned out.
Ok and now to answer your questions.
1)Investment properties?
No I don’t own any to this point yet.
2) my debt ratios,credit card debt?
I’m looking at about $8000.00 in credit card debt.
When I went for my home loan the banker told me my net worth was a little over $91,000.00 but it should be more with the purchase of my home.Stats on the house:
purchase price: $68,995
Mortgage balance: $54,900
Appraised Value: $79,800
I’m not sure if this will mean anything though.
We have alot of houses here in the sub 100K area.
In fact the wife and I missed out on a nice all brick duplex with 3 bedrooms up and down for $59,900 asking and the rents were sitting at $525.00 per unit.
But the handcuffs of fear of failure costed me that one.
3)My local REIA group?
Could you help me try to find one in my area,I haven’t been able to locate one.
you can E-Mail the reference to CREFAN@cs.com
4) The area of REI that interests us?
The 2 biggest areas of investing in this area is 1) buy and hold,we have a huge amount of 2,3,and 4 unit rental properties in these target areas.
I’m not real comfortable with the single family buy and hold rentals for the fact that it’s all or nothing.(no renter,no income)
2)Rehabs are really HOT here Wisconsin does not have tax leins so the county will seize the property and sell it for back taxes here but you find most if not all of these in the inner city or “warzones” if you will.
And you will find alot foreclosures here(thats how I bought my house)
3) I believe wholesaleing fixer uppers to other investers does well here too.
For me I feel most comfortable with buy and hold of small multi-family buildings.(2 and 4 family)
But I want to work my way into doing rehabs and flipping them over in my near future.
4) My day job?
Yuck,must you bring that up? (LOL)
I work for an airline catering company.
I start work at 3:30am till about 2:00 pm.
I have about 3 to 4 hours a day to put in to this for now but hopefully more as time goes on(ie. no more overtime)
I hope this answers all your questions,HR.
If you need to know anything else just ask.
And thanks for all your help,
Jeff in MKE