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  1. imirza

    Steps to Successfully Buying Your First Investment Property

    REAL ESTATE 
    Financing costs would be slightly higher but the higher rent would more than make up for it.
  2. imirza

    Shelf Corps with Already Established Credit

    OFF-TOPIC 
    Thanks for posting Lance. Great stuff. ++++speed
  3. imirza

    Steps to Successfully Buying Your First Investment Property

    REAL ESTATE 
    Runum, All utilities are paid for by the tenant. Maintenance of the backyard is also done by the tenant. All of this is written in the lease. I have a current rental and my tenant takes care of everything and pays for all utilities. The only thing I pay is mortgage, taxes , insurance and...
  4. imirza

    Steps to Successfully Buying Your First Investment Property

    REAL ESTATE 
    Thanks Phlgirl :) Its a growing area. Population is expected to grow 50% in the next 15 years. Population has doubled over the last 8 years. Lots of jobs. Many are medical and financial related. 2 new hospitals opened up last year. Many white collar professionals and self employed...
  5. imirza

    Steps to Successfully Buying Your First Investment Property

    REAL ESTATE 
    Runum, A $490k home that rents for $3500/month will cashflow better than a $250k home that rents for $1500. The 1st home is nearly twice the price of the 2nd home but rents for more than twice the rent for the 2nd house.
  6. imirza

    Steps to Successfully Buying Your First Investment Property

    REAL ESTATE 
    Sure thing PEERLess. Let me break down my reasoning 1. A luxury $490k home is going to appreciate a lot faster in the long run that an average $250k home. I once had a client that bought a home for $480k in 1994 ( in Beverly Hills). The house appraised for $1.8 million in 2004. 1.3 mil...
  7. imirza

    Aha moments from Beer and Pancakes Meetup

    OFF-TOPIC 
    IRONICALLY Rawr and I were discussing the Emperor Club VIP and what a fastlane business it was on Sunday afternoon while chilling on Mill Ave in Tempe. By Monday afternoon everyone knew about Emperor Club.
  8. imirza

    Grant Deed Property

    Here is an interesting scenario. Owner of the home Mr. X grant deeds his property over to Mr. Y. Mortgage on property is still in Mr. Xs name. Mr. X stops making payments and leaves town. Mr. Y has his name on title of property. Bank comes along and forecloses on property. Questions 1...
  9. imirza

    Steps to Successfully Buying Your First Investment Property

    REAL ESTATE 
    Runum, they did for states like California where $500,000 gets you a closet :) In California anything up to $720,000 or so is within the acceptable limits and not considered a jumbo. Here in Arizona the limit is still $417,000.
  10. imirza

    Acquiring Seasoned Corp / LLC

    Yes. You still have to give a personal guarantee to get lines of credit. But the older and more established your corp is, the more credit you can get. In some cases if your corp is rated by Dun and Bradstreet and has its own identfication number or something of that sort, the corp can apply for...
  11. imirza

    Steps to Successfully Buying Your First Investment Property

    REAL ESTATE 
    Yes. Except a $660,000 loan is a jumbo loan and rates are a lot higher. More like 7%. Payments are more like $4391 - P & I. ( I own a mortgage company. I know ) These days it is really tough to get a jumbo loan. People with FICOs below 680 are having a tough time getting jumbo loans. Self...
  12. imirza

    Steps to Successfully Buying Your First Investment Property

    REAL ESTATE 
    Snowbank - it rents for over $3500 a month. There are not a lot of luxury rental homes on the market so it should rent pretty quick - no more than 3 months. There is a demand for luxury rentals because qualifying for a loan is harder so people rent or lease to purchase instead of buying. You...
  13. imirza

    Acquiring Seasoned Corp / LLC

    Can anyone please give me some information on acquiring a seasoned/shelf corp or LLC. I am looking for a reputable source that can help me acquire a shelf corp. Another question I had was whether it is legal to acquire a shelf corp and get lines of credit for it ? Someone I spoke to told me it...
  14. imirza

    Steps to Successfully Buying Your First Investment Property

    REAL ESTATE 
    Thanks Phlgirl Runum the market here in Phx is crazy. There are homes that are seriously being given away for free. If someone is willing to pull the trigger and buy some quality homes in good locations they will make a killing 3-5 years down the road. There is an area here where homes that...
  15. imirza

    Steps to Successfully Buying Your First Investment Property

    REAL ESTATE 
    Agree with you Runum. Situation I have is I got an offer accepted for a home at $490k. The home would have easily appraised at close to $1 million 2 years back. It sold 3 years back for $780k. Recent sales in the area were at $750-800k. So I felt i was getting a steal until I find out that...
  16. imirza

    Steps to Successfully Buying Your First Investment Property

    REAL ESTATE 
    When you talk about homes 40-60% below FMV are you saying that you can get a home for 40-60% below what an appraiser would appraise the home at in the current market ? Example : You can pick up a property for $100,000 and the appraiser is able to appraise it at $200,000 ( without using tricks...
  17. imirza

    Options - Iron Condors, Vertical Spreads, Flys

    HOT! INVESTING 
    Crazy move today huh ? I am short the SRS and SKF March 125 and 130 calls ( covered) while I am long the 100 and 105 puts. So as long as we don't move up too fast by next Friday or move down too quick I should be good with all my Puts and Calls. I would think we have a few hundred...
  18. imirza

    Aha moments from Beer and Pancakes Meetup

    OFF-TOPIC 
    Not quite an Aha moment but rather a common theme behind everyones success and that is to "JUST DO IT" You can spend weeks, months and years planning and preparing that 'perfect' business but success ultimately comes to the ones who go out and DO IT. You have to go outside your comfort zone...
  19. imirza

    Beer & Pancakes 2008 Info

    OFF-TOPIC 
    re: Beer & Pancakes 2008 Info WOW . That just about sums up this weekend. I am still recovering despite the fact I live right here in Phoenix and didn't have to commute hundreds of miles unlike most of you. And yes its a sunny 70 degrees outside :smxB: It was quite an experience to meet so...
  20. imirza

    Build Your Own Personal 'Board of Directors'

    I normally think most Yahoo Personal Finance articles are 'slow lane' but this one was pretty good. http://finance.yahoo.com/expert/article/leadership/69883;_ylt=AirmWJoxMBbVKVLgiV00tVW7YWsA I think one of the quickest routes to the Fastlane is to build a trusted group of advisors from...

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