ProForma-nator Tool for Analyzing A Real Estate Investment

[Oprahrider]

Real Estate is a fantastic way to create long term wealth. It is not a get rich quick scheme that depends on at least one person (not you) being a complete moron! I build, sell, and then manage investment properties for over 200 investors. I have NEVER sold any property for less than it was worth. NEVER! By the way EVERY bank bases the loan on the appraised value OR the selling price, Whichever is the lower. Then you still come in with a down payment. It's not evil just business. You would too!

[Oprahrider]

Gee where do we start with what is wrong with this scenario??? Is it the buying the 100k property for 40k? or is it the bank lending an "INVESTOR" 111% of the sales prices? Could it be the idea of buying a house for less than 5x annual gross income that only needs $1200 in total repairs to make it rentable?......Ive been a banker for 23+years and this is NOT a real deal. Ask yourself this question, How big would the gun have to be to make you sell me your home for 40 cents on the dollar? 44 Mag?

[loganharrington5619]

@Oprahrider A person not motivated would never sell a house at 40% however motivated people....yes. We are getting properties at 30-35% of the MV. We even got one where the guy had 2500 dollars in total mortgage balance left and was an out of state owner. he just wanted to be done so he offered it to us for the cost to pay off his mortgage.