Real Estate

i’m interested in fourplex’s because i figure it could be the best investment I could make. I was thinking at 800square feet per unit for a minimum of 500 dollars a piece rent ought to cover any expense I might have from living in one of the units.

My situation is I suffer from social anxiety disorder and I’m very limited in terms of income. I basically live at home with my mother right now and I’m saving up for the opportunity to own a multiplex. Right now work is very unstable for me but I figure I can one day maintain 10 dollars an hour full time. I have 65k saved up in the bank now and hope to save 10k a year leading up to the purchase. I live in NJ and the prospect of owning a multiplex here especially a new one which I would prefer so that I cut down my maintenence cost, is pretty dismal. I suspect I would be looking to buy a multiplex in Delaware or North Carolina where my parents will most likely be settled down for retirement.

my questions are:

How much should i expect to pay for a down payment on a property i described, being a newly constructed property? And how much extra cash should I have on hand after the down payment?

who could i employ to build me a property of this type?

How long should I wait on a project given the bleek outlook on the economy and there being a depression for the next few years?

Would I have to live in or within close proximity to the multiplex or can this be done from out of state?

should I consider more than one investor?

Is there a better way to invest my money considering all the vacant realestate out there already?

You are asking a compilcated questions which is hard to answer in a few lines.
1. Is it the best way to invest my money? The only way to figure this out is to figure out the capilization rate (CAP RATE%). When you have the cap rate for your investment you can compare it to other investments. The CAP rate is the (NOI) net operating income divided by the pruchase price. Check the web for more detills. If you want to know how much a building is worth divide the CAP (%) rate by the NOI.
It takes a lot of work to gather the information. But it is worth doing so you don’t end up with a building that only pays you 1|% income when you can get a treasurary bill for 5% with no work.

2. A four plex is not the best investment. If one unit is vacant you loose 25% of you income. Very High! Try and find investors and build more units. The more units the cheaper it is for the expenses.

3. Get you self a well knowen contractor with experience in smaller buldings. Make sure they are well financed so they do not go broke in the middle of building . Get several rough extimates so you can start a plan.

4. It may be easier to build closer to you to but the disatvantage is that you may not be living in an uptrending market with good job creation and workers comming to town to rent. Good jobs with good income mean good rents.
Get a Realtor and see what your area is like for income properties.Maybe one of your partners can be a realtor. All partners should have some expertise.

Again this question is just to compicated to answer in a few lines. Get expertise in your area and get all the facts together on paper to make a business plan. If it dosn’t work on paper it won’t work for real.

I vacationed down there, and loved it…made alot of friends and was approached by alot of warm folks….
Now being from NYC and italian , i decieded to relocate and set up a biz…
I called up and went to realestate agents there (about 4 already) and the didnt return my calls, missed my appointments, showed me no info for homes or websites,,,and seem very distant while i am asking info its like pulling teeth with them . They are very disinterested in making a sale to me.

Is this how these people are down here? The civil war is over…..

Being from nc some do because the way they act and say stupid yorkers or dumb ass italians not everybody but more than just the jack ass rednecks

Okay, Im 19 yrs old, 7weeks pregnant and I work as a receptionist at a realestate.

My boss is very strick and manipulative, she is always in the office in her backroom private office, everyday 9am -5pm expect mondays ( they are her days off ) She and her husband privately own the particular realestate I work for.

She is very controlling, more so than any other boss I have ever worked for. She has a T.V her private office that she shares with her husband and a camera out in the front of the realestate where I and the sales consultants work. And she has is on all the time listening into our conversations, even when she says that she only puts in on incase someone comes it. She will listen in on private conversations in the office and then ask personal questions to myself and other people in the office, regarding the conversations she was just listening in on. She also goes onto all the computers and looks up browsing history, any files we have on the computers and through our work emails. BUT she also has a program that allows her to access whatever passwords we type to get onto our private emails and facebook ect, ( which she has expressed she doesnt mind if we use them ) and she will go into our private emails and facebook and follow conversations on the chat. She also goes onto the main printer and does a history print up of EVERYTHING that anybody prints off. Which i find is a bit extreme. She will even go through our rubbish bins! She constantly asks everyone for information on other employees which I don’t appreciate in the slightest. She is also very tight with money for anything from adverts to go into the newspaper to updating realestate programs online.

She and her husband also smoke in their office, so I have been limiting myself from going in there to often, because she keep all the doors shut and they are very heavy smokers, but I still have to go in there at least 5 times a day.

She is a very VERY smart woman and is very controlling, so I know that when I tell her I’m pregnant she won’t fire me on the spot, but she will nit pick on everything I do, that wont have bothered her in the past and I’m scared I will eventually be let go.

My partner has a full time job, but I am only on 3days a week, and I’m scared at how much we will struggle if i do get let go.

My mother who used to work as a sales consultant in the same realestate office was once asked if I was pregnant, and when she respond no, my boss said, ‘ good, because I wont have anyone who is pregnant working here’. (this was a good 6mnths ago. ) Ive only been working here since early Feb this year. My mum got so fed up with their behavour that she left last month and they still havnt paid her for a fortnight of work, annual leave or her sick pay. So I’m scared that I wont get any paid maternity leave, and also if they fire me I wont be able to claim paid maternity leave from the government, and my partner wont be able to support myself, our baby and everything on just his pay alone.

My mum says that as soon as my boss finds out, I will be on borrowed time.

Please I don’t know what to do!

She can’t fire you. That’s discrimination. You can sue her for that.
You can get more than maternity leave once you sue and win.

http://www.youtube.com/watch?v=xKEznvdRdio&sns=em

Does the fact that white people have used violence in the past makes this action equal? Are black people capable of perceiving realty?
Sorry but I don’t believe in racism.

To the best of my knowledge, the video did not mention the perpetrators were black and did mention anything abut Columbine, Daimler or Hitler; nor did I hear anything like this in the media. I don’t see the correlation between Columbine, Hitler and Dahmer, except that the leader or perpatrators were all deranged.

Congrats on trying to deny your racism.

I’m super anxious to sell my house (By Owner) and was thinking of upping the flat commission rate to about $7,000.00 – $8,000.00 to the agent that can sell my home. Do you think this would cause a frenzy thoughout the agent world to sell my house?

Ill sell your house for that commission.lol
But yes money talks.

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Please don’t shoot me down but I need some financial advice?
I am in a load of debt and want to know more about bankruptcy. My mom died when I was 17 and I have been raising my younger brother ever since. It has been very hard, for two years he was secretely living in my dorm room until I was able to break my housing contract and get an apartment. That is where the debt comes in. My grandmother came to visit and we had no furniture, literally one futon and some covers. She went crazy and decided the I HAD to buy furniture (she is a very forceful person) SO we bought the furniture, she cosigned and said it would be a good way for me to build some credit. It was a 6 mt deferred payment plan. She told me that she was going to pay for half and I would pay for the other half. At that time she was also receiving an SSI check for my brother (because he was under 18 and in H.s) she would send off part of it and helped me pay half of the rent, but this help only lasted 6 months. To say the least my family is all screwed up! Anyway, she stopped sending money and I had to start paying for the rent and utilities on my own which ended up being ALOT of money. I dont have to mention that she never helped pay on the furniture (which I still owe on)

So after talking to a "friend" he was telling me that he’s in realestate and that he could help me get on my feet while improving my credit score, so when I graduate from college I would qualify for things! So I was to purchase a house and receive 6000 at closing 2000 of which would be invested in order to pay off the taxes for the year. I wasn’t planning on living in the house for two more years, until I graduated from college. I used the 4000 to pay my rent in my apt for the rest of the year and that made my bills a lot more manageable for the time being, that was until I found out that the "management company" was not collecting the rent. Although I had been receiving NOTICES and receipts for payment! From what I understand the house went into foreclosure, I never even had a set of keys! I had known this guy since i was a little girl and I can’t believe he scammed me. He’s a close family friend!

After reading up on the situation, Iearned that I was in the wrong for saying that I was going to live in the house when I wasn’t planning to. Now I have a foreclosure and debt because of the furniture . I was just trying to make life normal for my little brother and I, but I ended up ruining mine! I don’t know what to do, where to go, who to turn to! I dont have the financial stability to hire a lawyer and at this point I am being sued by HSBC for the furniture, but I have no way to pay them, nothing to pay them. I can’t even settle because I don’t have the money. I live in Michigan and finding a job is virtually impossible, literally I have applied everywhere from department stores to office buildings and no one wants me because of my lack of FULL TIME job experience (I have been a student and worked 35 hr/wk for the last 4 years) . Please help me!
2 days ago – 6 days left to answer.
Additional Details
If I don’t file for bankruptcy, how long will this foreclosure loom over me and what are my responsibilities concerning the foreclosure? How will the taxes pay out? I don’t even know who to contact on this

HSBC has already served a summons, how can I handle it from here. I regret the fact that I let myself get screwed and in so deep in this matter Ive been fending for myself since 17 (right about the time when I was supposed to learn how to properly transition into adulthood) I dont want to make another stupid mistake, I am already in over my head!!!

As for bankruptcy as an option, what does this do to the foreclosure? I think that with all of this stuff added up I’m over 100,000 in debt, not to include the student loans that I have to start paying back ( I know I can’t get rid of those).

I’m only 22, and I dont want to ruin the rest of my life! The last five years have been horrid enough.

Your questions are too complex and with too much at stake for Yahoo Answers. The definition of insolvency or bankrupt, is that you owe more than you are worth. Many people will fall into this if they are upside down on their house note and they still owe a lot on their cars. If you are renting and owe $100K, you are by definition, insolvent and bankrupt. You need to speak to a bankruptcy attorney who can tell you the details of exactly what to expect after bankruptcy. Until then, my unprofessional opinion is that the HSBC collection process will be halted, your school loans will remain, the foreclosure and other debts will be eliminated, you will owe no tax on the write-offs, and your credit history will be mud. School loans are generally kept intact with long payment plans. Credit card and other consumer debt is usually wiped away. Debt writeoffs are considered taxable income, unless you go through a bankruptcy or are otherwise declared insolvent. If your school loans exceed the value of your assets, you will not have to pay any taxes on the writeoffs, but will have to pay all income taxes you still owe from previous years. The foreclosure and HSBC collections will ruin your credit, so clearing the debt with a bankruptcy will not hurt you any more, but will instead take the place of the mountain of other defaults it can prevent, then it will fall off in 10 years and by that time, you should have greatly improved your situation and had years of manageable expenses that will give you good credit. While that seems like a long time, your second chance can allow you to accumulate some good credit history that will outweigh the bankruptcy because older events are shown, but count less the older they are. Also, you show no signs of being able to pay off the $100K plus student loans in 10 years. Keep in mind, that some creditors can file the petition to force you into bankruptcy, but that is unlikely in your case because companies like HSBC would probably get less than what it cost them to file, if they get anything.

I’m 20 years old and i want to build up my asset column with property and RealEstate. I’m already building up my credit but the thing is if i get a loan to buy an Appartment Complex will i be able to get another one in the future to but another Apartment complex? I was looking in the New papers today and i seen several 4 to 5 unit complex for sale all almost a million $$$$$$$ what can i do to get started. I’m Also writing a litter to my appartment owner to see how he got started and if he can give me advice.

You need to convince the bank that they aren’t going to lose their money. In other words, whats your business plan, experience, money down, etc. You can’t just say give me a million dollars and they will happily hand it to you.

just read it here:http://realestate.yahoo.com/promo/mansions-of-powerful-ceos.html that bill gates has 25 bathrooms in his house. isnt that just a little ridiculous? seems like it would be a bathroom every other door, with only 8 bedrooms. what are your guys’ thoughts?

Having many bathrooms is very handy, when you’re entertaining a big crowd of people. People won’t have to wait long to use a bathroom.

I realty screwed up my life years ago. Since the I’ve made huge improvements and my life has gotten much better. Now I’m having a lot of self doubt and finding it difficult to keep moving forward. I keeping feeling tempted to take the easy route and give up

get active… start jogging,biking, hiking, fishing, eat better… find something you like and find a group of people that do the same thing.. book club, movie club, somehting to pass the time.
once for like a year i went to AA "dual diagnosis" there is always someone worse off than you.trust me. maybe you can help someone and in return feel better about yourself because you see their progression tward the positive. give hand ups not hand outs

Most of the foreclosed (bank-owned) homes in Metro Detroit are listed with major chain realty companies (Century 21, Remax, Remerica, etc.). But some are listed with fly-by-night outfits that no one has ever heard of, and people at these offices can be extremely difficult to get a hold of (don’t answer calls, don’t return messages, etc), and have incompetent agents who couldn’t care less.

How can these outfits stay in business if they don’t seem to know the first thing about running one?

I have the same complaint! I will not even bother offering, there is no way that agent will close on the deal.

I am guessing the bank does not want to sell at this point in time and listing this way makes it appear like they are and they need that appearance for their insurance claim.