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Propertymagnets last won the day on December 18 2013

Propertymagnets had the most liked content!

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About Propertymagnets

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    Making Calls
  • Birthday March 12

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    Vancouver, British Columbia, Canada
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    My relationships, Real Estate, Social Justice, Buddhism, Reading, Golfing, Sailing, Music (Jazz, Blues, Soul), Dinner Parties & Wine
  1. Happy New Year Naked Investors Colleagues. I have a client who is interested in a lease purchase in Indianapolis. Now that the Dodd-Frank legislation is upon us, I would like ot secure the services of A Registered Mortgage Loan Originator. Please help! I would also like to contact a Real Estate Agent in Indianapolis who will work with me, for a fee, on a lease purchase agreement. Time is of the essence. Thank you!
  2. Thanks Michael, Hmm, Christmas List...Single Malt Islay Scotch Whiskies eh!
  3. I have been following this topic at another website that Michael is familiar with. Bigger Pockets has some excellent commentary and examples of what and what not to do. If this thread gets approved, visit Bigger Pockets
  4. Hi Michael and fellow NI's, I have a property owner in Indianapolis that is willing to lease purchase his vacant home. He lives in the neighborhood. I have advertised the property and recently got a phone call from a potential tenant-buyer. He has agreed to the sale price and an assignment fee of $8K. I DO NOT intend to stay in this deal. Michael, which forms do I use with the seller? I intend to assign the lease purchase to the tenant-buyer, instead of a sandwich lease. Do I use my lawyer to hold the assignment fee in escrow? In the documents to the seller I put in the agreed upon price, is that price then negotiable with the Tenant-Buyer and Seller or is that price firm? Thanks for the assistance. Charles
  5. Thanks Michael, I suspected as much. 5% here is a good return on investment. Rather than second guess our members I put it out and see what happens.
  6. Hello Michael and Naked Investor Members; I trust everyone reading this offer is well and prospering. I am an active investor in British Columbia, Canada. The purpose of this email is to inform and invite your participation in this deal. Here are the details. BACKGROUND: For the past 3 years I have been studying, learning and now investing in real estate in Canada. As of July 31st. I closed on a duplex in Kelowna, British Columbia that is a buy & hold. It is rented and has positive cash flow of $400/mo. The owners are an elderly couple, ready to retire in Alberta, who bought it for income and had no idea how to run the duplex as a business. After years of frustration, they were ready to just walk away. With my lawyers help, I provided them a way to do that by assuming their mortgage, transfer of beneficial interest, power of attorney and right of first refusal. Win-win for all. The purpose of this email is to inform and invite your participation or that of someone who would be interested in getting a 5.82% return on their investment. Here are the details. Currently, I live in a beautiful 3-bedroom, 3-baths, steps from the Fraser River, waterfront town home in the Fraserview area. The owners, Hong Kong Chinese, are elderly realtors and ready to retire (notice the theme!). We share the town home, and I pay a rent of $600.00/mo. (sweet!). Rents in the area are $1,000/mo and up. If you research the Fraserview area there is a wealth of development to take place over the next few years, making this area a ripe investment area. Romer's Burger Bar is at the foot of Kerr St. and we can meet for lunch and view the area and town home, at your convenience. Business trip to beautiful BC!! THE DEAL: Naked Investor members, I want to work with you to find THE IDEAL INVESTOR that is:(1) Hands-off, not involved in the day-to-day management/maintenance of the property, (2) Has the financial capital to do multiple deals, (3) Willing to allow their money to work 24-36 months, (4) Trust me with my investment strategy (Multifamily & single family homes) and decision-making, (5) Ask intelligent questions as a function of due diligence (I retain my real estate lawyer as my mentor & coach). The investor/partner would buy the property and be on title with me on title only. Fellow Naked Investor members what is a return on residential property investments that your contacts would find attractive? Here in British Columbia, my lawyer says 5% is good! What say you? If you have investors that would be interested in this deal, we can close on it by mid September. I have all the information about the property, and over dinners the owners and I often talk about the town home and about them retiring and living in Las Vegas. THE HOME: LIGHTHOUSE TERRACE Rare one-of-a kind Feng Shui approved, a truly beautiful waterfront town home, steps away from the Fraser River through the backyard gate access. Frame-Wood, concrete foundation, 3 story, 3 bedrooms, 2.5 baths, ensuite w/soaker-tub, separate shower, stainless steel Miele dishwasher, Viking gas range, Frigidaire Professional Refrigerator, 1-piece granite kitchen countertop, wall-to-ceiling mirror in dining area, custom made California wood shutters on every window & door including the bathroom! Rose non-glare mirror in power room. Kitchen backsplash tile & inside mounted sink for easy cleaning, covered back porch/deck. Gated underground parking for 2 vehicles. Easy access to garage from inside the town home. Ample closet space. Walking trails, otters, mink, beavers, seals, eagles, cormorants, great blue herons, hummingbirds are a constant sight from numerous vantage points. Close to #100 Marpole Bus and Canada Line to YVR airport. UPGRADES: $80K in-home upgrades including a new roof being installed now for entire strata $15,000. New Hot Water Tank in town home $650.00 MY PLAN: Personally, I do not have the cash or credit to purchase this property now, and being the owner of a residential and commercial cleaning company that would not qualify in terms of income, an investor is ideal. I will need time, 2015, to get to where I can refinance the town home which will be a buy and hold exit strategy. I will pay the monthly mortgage payment, taxes, Strata (which includes insurance). I will rent out the 3 bedrooms at $1,100.00/month. I live in the town-home. Tenants share the entire home with me. I am responsible for all of the maintenance and repair-basically...investor just collects ROI! I intend to have a free and clear Condo within 15 years plus a cash flow of Market rents. I offer to keep a Quit Claim Deed in escrow if I default, say 60 days or more late, investor gets the property. No foreclosure required! FINANCIALS: PURCHASE PRICE: $680,000.00 TAXES 2011: $$2,114.00/year STRATA FEE & INSURANCE: $371.00/month CMHC RULE: 20% down payment on $680,000= $136,000 PROPERTY TRANSFER TAX & CLOSING: 2% of purchase price= $13,600 INITIAL PURCHASE PRICE: $680,000 INITIAL CASH INVESTMENT: $136,000 INTEREST RATE: 3.12 FIVE YEARS FIXED AMORTIZATION: 25 YEARS = $2,613.79 INCOME: TOTAL: $3,3000.00/MONTH (ADDITIONAL potential INCOME):$50/mo parking fee, $40/mo residential cleaning=TOTAL $1,080/mo EXPENSES: MORTGAGE $2613.79 TAXES: $176.16 STRATA: $371.00 TOTAL: $3,160.95 POSITIVE CASH: $139.05 PURCHASE PRICE: $680,000 RENTAL INCOME: $3,300.00 x 12 months = $39,600.00 Net Operating Income: $39,600 /$680,000= 5.82% RATE RETURN TO INVESTOR: $136,000 @ 5.82% annually= $7,915.12 I think that about does it. I look forward to discussing this with you, having you visit and most importantly, investing and making money. Warm regards, Charles Boehm Hill Property Magnet Real Estate Investors Inc 604-649-2385 info@propertymagnet.org
  7. Hi Michael, The property manager is aware and any new renters (that might qualify for a L/O) will be referred to me.I have chosen to leave signs out of the yard to avoid any intrusions by unscrupulous persons. I do know this area. While I would chose to not live there, others will find a nice home in a transitory neighborhood to their liking. Craigslist will be my major ad choice followed by my website.
  8. Dear Naked Investor Members; I am requesting your help! I have a 3/1 renovated home in Indianapolis that I am looking to sandwich lease option. I will require $2,250.00 non-refundable option consideration, with the home purchased within 3 years. The home is to be sold for $47,250.00 at the time of exercising the option. Monthly lease of $700.00. The property is free and clear. Currently taxes are $236.00 and Insurance is $450.00. I have a property manager manage the property. This home is located on the north side of Indianapolis on West 35th. Street. Being from Indianapolis, I know this area. It's in the inner city in a predominately African American community, and that may be a drawback to some. This home will work for someone who wants a starter home. I appreciate any and all feedback as well as conversation with people who may be interested or know someone who would be.Pictures of the property are available upon request. I will send them to your personal email. With Respect, Charles
  9. Hi Michael, I have a question about what information to include in part 2 of PRORATIONS AND CLOSING COSTS: (1) Real property taxes on the property, and general and special assessments, if any, for the current fiscal year shall be prorated to the close of escrow and paid by the Seller/Landlord. (2) The closing costs shall be those incurred in conjunction with closing escrow and shall be paid at the close of escrow as follows: ___________________________. Thank you, Charles
  10. Keep the property rented, raise rents next year if that makes sense and purchase the property when the mortgage comes due in 2016. Buy and hold for long term appreciation and my retirement fund.
  11. Michael, I am in discussion with a seller and the opportunity exist for owner financing. Will I use the short offer form to present to the seller? Another question related to owner financing. Let's say the owner agrees to owner financing and wants $20,000 down. Would it make sense to get an investor to put up the $20K with a ROI of 8% per year? Thank you
  12. Hi Michael, July 1st. is Canada Day. Happy Canada Day to Canadians on this site. Similar to July 4th.in USA. The owners and I have reached an agreement and I now have this property. I'm happy with this deal and I recognize the risk involved.
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