Going To Look At Another Rental Property Today - GoFuckYourself.com

GTS Mark · 09-04-2004, 06:40 AM

My next door neighbour at one of my rental properties has been having issues maintaining his rental property (5 unit apartment building). He lives in the city and is a 70 year old dude.

So I called him out of the blue and said hello and asked him if he ever decided to sell would he mind calling me and asking me first.

Sure as shit he called me 3 weeks later and said sure I'm interested in selling as he lives in the city and this building is a pain in the ass for him to come up and maintain. After a few minutes talking to him we even got him convinced on giving us financing to buy this property from him with no money down.

Ahhhh just goes to show even though something isn't on the market it doesn't mean it's not for sale. Hopefully after the walk thru today we will put together an offer and have this bad boy all wrapped up by this week

I'll let you guys know how things work out!

DH

Jakke PNG · 09-04-2004, 06:46 AM

Damn... You got a lot of properties.
All financed? Would you be fucked up for good if intrest rates suddenly went sky high?

Jer · 09-04-2004, 06:48 AM

Good luck!

I wish interest rates weren't so fucking high here.

Manowar · 09-04-2004, 06:49 AM

Congrats man

Ross · 09-04-2004, 07:00 AM

Thats kick ass DH. Good luck with the new property, hope everything goes smoothly

notjoe · 09-04-2004, 07:02 AM

Quote:

Originally posted by DrinkingHard
My next door neighbour at one of my rental properties has been having issues maintaining his rental property (5 unit apartment building). He lives in the city and is a 70 year old dude.

So I called him out of the blue and said hello and asked him if he ever decided to sell would he mind calling me and asking me first.

Sure as shit he called me 3 weeks later and said sure I'm interested in selling as he lives in the city and this building is a pain in the ass for him to come up and maintain. After a few minutes talking to him we even got him convinced on giving us financing to buy this property from him with no money down.

Ahhhh just goes to show even though something isn't on the market it doesn't mean it's not for sale. Hopefully after the walk thru today we will put together an offer and have this bad boy all wrapped up by this week

I'll let you guys know how things work out!

DH

Congrats, hopefully everything will come through but just make sure you get a really good inspector to check that building out before you jump in...I've heard some bad stories about lazy inspectors costing people lots of money

Peaches · 09-04-2004, 07:10 AM

Quote:

Originally posted by TeenGodFather
Damn... You got a lot of properties.
All financed? Would you be fucked up for good if intrest rates suddenly went sky high?

YOUR interest rate doesn't go up if you have a fixed rate. And since he's renting them out, he will actually have MORE renters the higher the interest rate as fewer people will be able to buy

Jakke PNG · 09-04-2004, 07:14 AM

Quote:

Originally posted by Peaches
YOUR interest rate doesn't go up if you have a fixed rate. And since he's renting them out, he will actually have MORE renters the higher the interest rate as fewer people will be able to buy

True. I just have some college-loan or whatever you call it and the intrest rates change yearly. I kinda thought you had the same system. I've never had a mortgage so I wouldn't know

LadyMischief · 09-04-2004, 07:15 AM

Best of luck DH

quiet · 09-04-2004, 07:15 AM

congrats. how many properties do you have now DH?

GTS Mark · 09-04-2004, 07:18 AM

Quote:

Originally posted by notjoe
Congrats, hopefully everything will come through but just make sure you get a really good inspector to check that building out before you jump in...I've heard some bad stories about lazy inspectors costing people lots of money

Yep good point for sure, we have an incredible home inspector that is an engineer. He costs more but this guy is incredible, he literally will rip a house apart looking for any signs of problems or defects.

DH

GTS Mark · 09-04-2004, 07:19 AM

Quote:

Originally posted by quiet
congrats. how many properties do you have now DH?

If we get this one, it will be lucky #7

DH

GTS Mark · 09-04-2004, 07:20 AM

Quote:

Originally posted by Peaches
YOUR interest rate doesn't go up if you have a fixed rate. And since he's renting them out, he will actually have MORE renters the higher the interest rate as fewer people will be able to buy

The mortgage will be like $1500-1700 a month and the rental income currently is around $3500 a month.

DH

Drake · 09-04-2004, 09:03 AM

Congrats DH.

Do you have anybody helping you maintain these properties? You're doing well. Obviously there will be a time when you need somebody else or a team of people to help maintain things as you consolidate and buy bigger properties. I'm curious to know your game plan and how you're running things currently.

All the best snagging this additional property

Mike AI · 09-04-2004, 09:07 AM

Quote:

Originally posted by DrinkingHard
The mortgage will be like $1500-1700 a month and the rental income currently is around $3500 a month.

DH

You becoming a slum lord??

Congradulations!!

xdcdave · 09-04-2004, 09:59 AM

Good luck with that DH. I'm going to look at some rental properties next week in Western Mass.

austinth · 09-04-2004, 10:25 AM

Atta boy Mark! ***Tom Vu You!***

AaronM · 09-04-2004, 10:35 AM

Quote:

Originally posted by Mike AI
You becoming a slum lord??

Congradulations!!

lol...He's gotta pay for his new house somehow.

Good luck, DH.

09-04-2004, 06:40 AM	#1
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	Going To Look At Another Rental Property Today My next door neighbour at one of my rental properties has been having issues maintaining his rental property (5 unit apartment building). He lives in the city and is a 70 year old dude. So I called him out of the blue and said hello and asked him if he ever decided to sell would he mind calling me and asking me first. Sure as shit he called me 3 weeks later and said sure I'm interested in selling as he lives in the city and this building is a pain in the ass for him to come up and maintain. After a few minutes talking to him we even got him convinced on giving us financing to buy this property from him with no money down. Ahhhh just goes to show even though something isn't on the market it doesn't mean it's not for sale. Hopefully after the walk thru today we will put together an offer and have this bad boy all wrapped up by this week I'll let you guys know how things work out! DH

09-04-2004, 06:46 AM	#2
Jakke PNG ex-TeenGodFather Industry Role: Join Date: Nov 2001 Location: Suomi Finland Perkele Posts: 20,306	Damn... You got a lot of properties. All financed? Would you be fucked up for good if intrest rates suddenly went sky high? __________________ ..and I'm off.

09-04-2004, 07:15 AM	#9
LadyMischief Orgasms N Such! Industry Role: Join Date: Sep 2002 Location: Oakville, Ontario Posts: 18,135	Best of luck DH __________________ ICQ 3522039 Content Manager - orgasm.com [email protected]

09-04-2004, 07:15 AM	#10
quiet we'll miss you our friend. RIP Industry Role: Join Date: Sep 2001 Location: Fernie, BC Posts: 25,115	congrats. how many properties do you have now DH? __________________ we'll miss you our friend. RIP

09-04-2004, 09:59 AM	#16
xdcdave Confirmed User Join Date: Feb 2003 Location: North East Posts: 1,911	Good luck with that DH. I'm going to look at some rental properties next week in Western Mass. __________________

09-04-2004, 06:48 AM	#3
Jer God is Brazilian Join Date: Feb 2001 Location: Brazil Posts: 10,601	Good luck! I wish interest rates weren't so fucking high here.

09-04-2004, 06:49 AM	#4
Manowar jellyfish Join Date: Dec 2003 Posts: 71,528	Congrats man

09-04-2004, 07:00 AM	#5
Ross Ik ben een aap Industry Role: Join Date: Sep 2002 Location: Traffic Force Towers, Canada! Posts: 18,874	Thats kick ass DH. Good luck with the new property, hope everything goes smoothly

09-04-2004, 09:03 AM	#14
Drake Hello world! Industry Role: Join Date: Mar 2003 Posts: 12,508	Congrats DH. Do you have anybody helping you maintain these properties? You're doing well. Obviously there will be a time when you need somebody else or a team of people to help maintain things as you consolidate and buy bigger properties. I'm curious to know your game plan and how you're running things currently. All the best snagging this additional property

09-04-2004, 10:25 AM	#17
austinth Confirmed User Join Date: Jul 2002 Location: Fantasy Island Posts: 1,770	Atta boy Mark! *Tom Vu You!* __________________ Get A $25 Circuit City GIFT Card - *FREE*!