From: "Cody" 
Newsgroups: alt.invest.real-estate
Subject: Re: newbie SFH investment
Date: Fri, 03 Oct 2003 01:58:56 GMT

:-)
You know why it is easy to give you my wife for a try...


-- 
"The only thing necessary for evil to triumph is for good men
to do nothing." - Edmund Burke

"Cody's Wife"  wrote in message
news:7i2db.160082$3o3.11450767@bgtnsc05-news.ops.worldnet.att.net...
> "Cody"  wrote in message
> news:pR1db.160044$3o3.11449162@bgtnsc05-news.ops.worldnet.att.net...
> >
> >
> >
> >  wrote in message
> > news:2aa9d431.0309251230.4ce28909@posting.google.com...
> > > tdsnv@aol.com (thecleaner) wrote in message
> > >
> > > > My question is would you do this deal.
> > >
> > > Short answer:  "no"
> > >
> > >
> > > > Builder, who is a fiend, is selling me a new SFH for $190,000.  It
> > > > will be completed in Jan. or Feb.  He has built this exact house at
> > > > least 50 times in the development.  The exact same house plus
> > > > landscaping, etc., sells for $215,000 when finished.  I am thinking
of
> > > > buying and then renting it.
> > > >
> > > > The going rent in the neighborhood is about $1300-$1400 per month.
> > > > After the loan, taxes, maintenance, etc., my cash flow will be
barely
> > > > positive.  The city where I live has had a very strong RE market for
> > > > over 20 years.  Land is extremely limited, and the area is very
> > > > popular.  I would like to hold onto the property, and let it
> > > > appreciate while someone else pays for it in rent.
> > > >
> > > > What worries me is the hundreds of posts on this board telling
> > > > everyone cashflow is king, multiply the rent by 77 or 85, 50%
cashflow
> > > > ratio, etc.
> > >
> > >
> > > Yes, I'd be worried too.  First of all the property probably won't
> > > cash flow in in the real world over time.  If you wish to play
> > > landlord, why not find
> >  a distressed seller <------ THIS IS THE KEY WORD
> >  so you can atleast have a
> > > chance at acquiring your project at something other than retail.  If
> > > you really think paying $190K for a home that sells for $215K try
> > > buying it, paying a realtor, paying holding costs yadda yadda yadda.
> > > You might learn why your buddy is happy to kick a house over to you
> > > for $190K.
> >
> > A distressed seller is a person who MUST sell, without knowing that he
can
> > sell for much more, easier and with less hassle in a regular way,
willing
> to
> > throw away a $200K for $50K to the first investor.
> > Find me a distressed seller in the US that will sell to you and i give
you
> > my wife for the night...
> > If you read these posts, act as an investor...make an offer to your
friend
> > for $42,809.87 for the home, zero down, payments begin in 3 years,
closing
> > in 30 days with $10K back to buyer!!! Good luck and see if your friend
is
> a
> > "distressed seller"... :-)
> >
> Cody, you no good bastard.  Where do you come off offering to give me to
> someone for the night?  You don't decide who gets a piece of this, I do.
So
> any of you who want to see what Cody won't be getting for a while, click
on
> the following URL. http://tinyurl.com/3b8x
>
>