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Thread: Pyriel Real Estate Corner

  1. #25

    Default Re: Pyriel Real Estate Corner

    Quote Originally Posted by Gaetaone View Post
    Pyriel,

    Have the decided whether or not Guam gets the carrier? That would certainly be a boom. Hope to make it over there some day...

    John
    ;-( Guam = no, Hawaii=no

    Possibly CA or WA

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  3. #26

    Join Date
    Nov 2005
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    An uncharted island
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    775

    Default Re: Pyriel Real Estate Corner

    Quote Originally Posted by pyriel View Post
    Hello Mike, the land we are looking at is a 3 parcel land selling for 50k, 50k, and 35k half acre each. We would be offering 35k each for all 3 lands with a 10% downpayment, amortized for 30 years and for each land to be paid in full every year. This is what we call creative financing and we are hoping that the landowner will take it. My RE agent that the owner also sold similar lots for the same price previously.

    We feel that our contractor can build a house within 4 months so for planning purposes we will be expecting 6 months. As for the land, we are being picky and only looking at good lots closed to the base. We will use our personal money and will not be borrowing from any bank sor there is no interest fee involved except for the land transaction and we are looking for that to last for only 9 months.

    BTW, we can actually do two houses at a time but we feel that we should test the water just in case it gets too hot;-)

    Pyriel
    Pyriel,
    This sounds exciting, the next thing you know you will buy a hundred acres and put in a golf course subdivision. When are you going to buy/build a hotel in Hawaii so we can have an annual TspTalk.com members convention. At the rate you are going you will be a Billionaire!

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  5. #27

    Cool Re: Pyriel Real Estate Corner

    Nggiiii... I can buy me a pot of soil in Hawaii but I don't think any of us will fit there;-)

    Sorry haven't been posting coz my travel itineraries are so hectic. I'm currently in Orlando (nice weather) and will be here till tomorrow. We looked at the land and I was LMAO because although they were in a nice location, they are in a depression LOL. I told my RE agent to pls not waste my time and ensure that he eyeball the property before showing it to me. I'm still online the 3bd 2 bt VA owned. I resubmitted my bid and i guess will find out if that goes through. If it does, I need to do an immediate renovation so that I can convert them into 5 bd 3 bt. I just need to punch a hole since there is a bd 1 bt (with kitchen) extension in the back of the house.
    We'll see... Not in a hurry and will stick to my comfort zone...;-)

    Goal is 3 houses for 2007. I get those then I am pretty much on tracked with my goal....

    Pyriel;-)


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  7. #28

    Default Re: Pyriel Real Estate Corner

    Pyriel

    Thanks for the update, but what is LMAO? Let me know if you get to Maryland/DC/VA

    Colonialmike

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  9. #29

    Default Re: Pyriel Real Estate Corner

    Quote Originally Posted by colonialmike View Post
    Pyriel

    Thanks for the update, but what is LMAO? Let me know if you get to Maryland/DC/VA

    Colonialmike
    Heheheh Laughing My A%% Off.... hehehhe
    I was supposed to go to DC but its too cold, I opted to come here instead... hehehhehe

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  11. #30

    Default Re: Pyriel Real Estate Corner

    Hello all! I'm currently in the Philippines vacationing with the family. We've missed our flight yesterday so we have no choice but to fly out tonight and spend our new year in a plane. Just to give everyone an update, i should be closing with purchasig two houses in January. I hope this will be a good start for me. I'll be writing the detail of these deals later when i get back to Guam. Hope everyone is doing fine and havig a merry new year....
    Pyriel

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  13. #31

    Default Re: Pyriel Real Estate Corner

    Hello all! I'm currently in the Philippines vacationing with the family. We've missed our flight yesterday so we have no choice but to fly out tonight and spend our new year in a plane. Just to give everyone an update, i should be closing with purchasing two houses in January. I hope this will be a good start for me. I'll be writing the detail of these deals later when i get back to Guam. Hope everyone is doing fine and havig a merry new year....
    Pyriel

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  15. #32

    Default Re: Pyriel Real Estate Corner

    Congrats on the possible purchases! It would be great if you kept up the updates even when you are a billionaire.

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  17. #33

    Default Re: Pyriel Real Estate Corner

    Hello, just an update... I'm closing on a house on Monday (didn't happen this week). I have a tenant waiting so the lending company (they own the property) is giving me the key today so we can start renovating. We only have 5 days to renovate and tenants will move in on the 11th. Terms are as follows: 11.5% for 30 yr amortized with no closing cost, 5% down on 120k purchase with no prepayment penalty. Renovation will probably reach 5k.
    Now why the heck would I get a property and pay 11.5%. This is temporary. My money are tied up somewhere and will not be available till next month. I plan on bringing this property to another lending institution and get a 6.5% interest, 20 or 30% down 30yr amortized. The bottom line here is that I secured a good property with a waiting tenant so I am not losing out at all. I will use my credit card check to pay for the closing. I will pay for it next month when the cavalry money arrive...

    Risky, this is very risky for those who are not familiarized with RE. For me? Not at all. I like it because its a control risk. Unlike the market which I really don't know what i'm doing. More to follow...

    P

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  19. #34

    Join Date
    Apr 2005
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    Default Re: Pyriel Real Estate Corner

    That's definately Risky business P:

    Hope it works out for you.

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  21. #35

    Join Date
    Nov 2005
    Location
    An uncharted island
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    775

    Default Re: Pyriel Real Estate Corner

    If real estate is so risky, why do bankers loan money for real estate investments but refuse to loan money to be invested in mutual funds like the TSP?

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  23. #36

    Default Re: Pyriel Real Estate Corner

    Quote Originally Posted by Gilligan View Post
    If real estate is so risky, why do bankers loan money for real estate investments but refuse to loan money to be invested in mutual funds like the TSP?
    Touche!
    Official Retirement Date: 06-31-2014!


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