*** Official Real Estate Forum *** (2 Viewers)

[cosjobs]

This may have already been covered, but I am new to the thread.

Are there any good books that you would recommend for someone who is interested in starting out in real estate investing? There are a lot of people out there who have written books, but I defer to you as to which one would be most beneficial and helpful.

TIA

For books in general - hard to recommend as I haven't read many starter books recently. My local RE club suggests this one:The Unofficial Guide to Real Estate Investing

I can't speak to it personally as I haven't read it in entirety, but I trust my RE club (www.mareia.com).

Welcome again to the thread.

From some of my earlier posts: The Common Sense Mortgage by Peter Miller is a good read for understanding all the options and jargon that'll be thrown your way by your lender.

My favorite is The Unofficial Guide to Real Estate Investing. It’s not the only book you’ll ever need on the subject, but the first one a beginner should pick up. I still refer to it occasionally.

If you want to be a landlord, get Property Management for Dummies. Read it before you buy rentals so you know what you’re in for.

The For Sale By Owner Kit (by Irwin) is a good guide if you’re thinking along those lines.

Of course I'm not in the same league as Jeff, Mike, and the rest...but I have made a living for the past few years off RE investments and of the several dozen books I've read on the subject, these are the ones I'd recommend for anybody starting out. Tyler Hicks has a bunch of real estate books, but he pimps his other services so much in them, it’s kind of like reading a C. Sheets infomercial.

No kidding. This sure seems prevalent in the RE books, websites, etc. Makes me think there must be a lot more money on pimping seminars than there is in real estate.

 

[cosjobs]

Yesterday I went to play the board game Rich Dad's Cash FLow 101. The game was posted by a member of the local REIC forum and I decided to go and try and begin some local networking.

I had never heard of Rich Dad, but it was really a pretty clever game and I think it really helped build some of the skills we will need to succeed in real life. I could not belive the $195 price for the game and cannot recommend it that highly, but it was pretty cool.

 

[Jeff Pasquino]

Ok, there's a ton in here, so let me go through this.

I'd like to take a moment here to again thank Jeff, Mike, BnB and all the others for the tremendous info contained in this thread. It took almost a week, but I have finally read the whole thing and information I have absorbed is incredible. Here is an update on my gameplan and any comments/advice would be appreciated.

In short, you're welcome. I wasn't sure what would transpire when I started this a few months ago, but Mike and BnB and Proninja (amongst others) really made this take off. It continues to flourish and I'm glad it is here.

1. I have initiated transfers of about $10K in IRAs to a self-directed account. My plan is to use those for my intial startup costs, such as forming the LLCs and/or corps as advised by the legal council I will also hire eith these startup funds. Premliminary attorney interviews have advised I first first get financing in place so I can determine whether the lenders will indeed loan to me a corporate entity. I have interviewed two really good attnys that seem excellent in both corp structure and RE law, but there is one more on my list and he also has a title guy in his office who is accustomed and comfortable with unconventional closings. That would be a really sweet bonus.

You can't fund yourself from an IRA. Sorry. That is considered self-dealing, and that violates the tax benefits of the IRA. Don't do that.

You can loan $ to someone from your IRA, and they could lend similar $ to you, however.

2. I found a smaller local bank that will loan me 70% of my homes value as a commercial line of credit. THe rate would be 2% over prime, interest only, due in one year. I think I will get about 150-175K line of credit to work with and the banker has told me we can probably do it on a two year term, which I would prefer as explained later. The bakner told me they hold their own paper and would love to work with me on an ongoing basis as I acquire more properties (I think it was Mike that made this excellent suggestion. Having someone like that in place would easily be worth an extra point or two.)

You found a portfolio lender (they hold their own paper) - good job. This is a valuable resource. Use it and treat it well.

When I buy a home at auction cash from the line of credit, I can then finance it 70/30 LTV of auction price and when rehabbed at 70/30 of final appraised value at the same bank. This should allow me to keep the initial commercial loan paid up while transfer the new note payments to the cash flow of the property acquired.

3. I think I will concentrate on foreclosure property here, whether auction, pre-foreclosure or short sales from the lenders. It looks like these run about 20-40% under retail and while that is not as wide a margin as I would prefer, these should be available and accesible until I can build a network and find greater values.

The foreclose listing service I subscribed to seems to be first rate. There are two zip codes in Austin that are hot, nearby, and I know intimately. There were 14 foreclosure properties listed in those zips for this month's auction.

What is the name of the service? I may want to try it myself.

I drove and photgraphed all 14 today and tomorrow I will run appraisals on them to hone in on their values. I will then compare those to the auction sales prices (7/4) and see what the values look like.

I also got last month's sales and I will drive them tomorrow, superficially appraise them and compare with their sale prices. THis is all home work for me before the August auction, where I tend to participate and buy! I am anxious to get started asap and I am really having to throttle myself back. But I feel the insight I can gain from the June and July sales could be invaluable to me before entering the fray.

Take it slow, but you're on your way it seems.

 

[Jeff Pasquino]

4. My initial gameplan is to pick up a good value at the August sale and get it ready for a rental by Sept. T.hen put it on a one-year lease for cash flow to pay its note and keep it in possesion long enough to sell the following Sept., after rehabbing as much as market dictates for sale, and only paying a capital gains tax.

I trust you mean "lower capital gains tax", or "long term capital gains". Not a bad idea.

If all goes to plan I should get enough $$ on the refinance of the first purchase to pay down the commercial loan and repeat the process. I am hoping to do at least three and maybe 6-8 homes over the next year.

================

That's an agressive total. Don't do more than 1 at first, then 2 at a time. They eat up a lot of capital when they are in rehab.

A couple of questions:

If I buy a foreclosure, and it is occupied, I guess I need to get the tennants evicted?

Yes.

If they are renters, what rights, if any do they have to stay?

Life of their current lease.

How hard is it to evict someone and how long does it take and how much does it cost?

Depends on local law.

I'm thinking that before eviction i might should approach the occupiers of the house and offer them a bonus for leaving it intact and clean? Maybe $500-1000 would be of value to both of us.

This is called "cash for keys" and is done often.

Any comments, warnings, etc. would be very welcome.

 

[Jeff Pasquino]

This may have already been covered, but I am new to the thread.

Are there any good books that you would recommend for someone who is interested in starting out in real estate investing? There are a lot of people out there who have written books, but I defer to you as to which one would be most beneficial and helpful.

TIA

For books in general - hard to recommend as I haven't read many starter books recently. My local RE club suggests this one:The Unofficial Guide to Real Estate Investing

I can't speak to it personally as I haven't read it in entirety, but I trust my RE club (www.mareia.com).

Welcome again to the thread.

From some of my earlier posts: The Common Sense Mortgage by Peter Miller is a good read for understanding all the options and jargon that'll be thrown your way by your lender.

My favorite is The Unofficial Guide to Real Estate Investing. It’s not the only book you’ll ever need on the subject, but the first one a beginner should pick up. I still refer to it occasionally.

If you want to be a landlord, get Property Management for Dummies. Read it before you buy rentals so you know what you’re in for.

The For Sale By Owner Kit (by Irwin) is a good guide if you’re thinking along those lines.

Of course I'm not in the same league as Jeff, Mike, and the rest...but I have made a living for the past few years off RE investments and of the several dozen books I've read on the subject, these are the ones I'd recommend for anybody starting out. Tyler Hicks has a bunch of real estate books, but he pimps his other services so much in them, it’s kind of like reading a C. Sheets infomercial.

 

[Jeff Pasquino]

This may have already been covered, but I am new to the thread.

Are there any good books that you would recommend for someone who is interested in starting out in real estate investing? There are a lot of people out there who have written books, but I defer to you as to which one would be most beneficial and helpful.

TIA

For books in general - hard to recommend as I haven't read many starter books recently. My local RE club suggests this one:The Unofficial Guide to Real Estate Investing

I can't speak to it personally as I haven't read it in entirety, but I trust my RE club (www.mareia.com).

Welcome again to the thread.

From some of my earlier posts: The Common Sense Mortgage by Peter Miller is a good read for understanding all the options and jargon that'll be thrown your way by your lender.

My favorite is The Unofficial Guide to Real Estate Investing. It’s not the only book you’ll ever need on the subject, but the first one a beginner should pick up. I still refer to it occasionally.

If you want to be a landlord, get Property Management for Dummies. Read it before you buy rentals so you know what you’re in for.

The For Sale By Owner Kit (by Irwin) is a good guide if you’re thinking along those lines.

Of course I'm not in the same league as Jeff, Mike, and the rest...but I have made a living for the past few years off RE investments and of the several dozen books I've read on the subject, these are the ones I'd recommend for anybody starting out. Tyler Hicks has a bunch of real estate books, but he pimps his other services so much in them, it’s kind of like reading a C. Sheets infomercial.

No kidding. This sure seems prevalent in the RE books, websites, etc. Makes me think there must be a lot more money on pimping seminars than there is in real estate.

As someone who's given talks and has also gotten paid to write, I've thought about a few of these things.Many "gurus" do make most of their $ on circuit. Some do have good stuff, and some have fluff.

I give local talks on investing and financials and such, but nothing major. It is food for thought though about being a speaker and touting wares.

The quality varies widely. Some are good, some not so much. I believe foreclosures.com reviews many gurus. I've heard many speak and I can speak to some, but not all.

Feel free to ask here (or at creonline). Many RE investors have seen many talks by the "experts".

Some I'd swear by, and it's funny that many learned from other gurus. Some have been giving talks for so long that they rarely do deals any more.

I don't want to badmouth them all - there are many good ones. Just understand that if you buy a course, read it. Use it. Try it. Don't let it sit - it does no one any good.

Also buy one at a time - don't go crazy. Check EBAY and ask about the speaker.

 

[Jeff Pasquino]

Yesterday I went to play the board game Rich Dad's Cash FLow 101. The game was posted by a member of the local REIC forum and I decided to go and try and begin some local networking.

I had never heard of Rich Dad, but it was really a pretty clever game and I think it really helped build some of the skills we will need to succeed in real life. I could not belive the $195 price for the game and cannot recommend it that highly, but it was pretty cool.

I like Kiyosaki and much of what he teaches. The trouble is that it is style and philosophy rather than nuts and bolts. It gives you a new way to think about money, but it doesn't give you a roadmap how to get there.Haven't played the game, but I understand the concepts and idea. I'd probably play it once, crush it, and move on. But for many people it is a great lesson.

 

[cosjobs]

1. I have initiated transfers of about $10K in IRAs to a self-directed account. My plan is to use those for my intial startup costs, such as forming the LLCs and/or corps as advised by the legal council I will also hire eith these startup funds. Premliminary attorney interviews have advised I first first get financing in place so I can determine whether the lenders will indeed loan to me a corporate entity. I have interviewed two really good attnys that seem excellent in both corp structure and RE law, but there is one more on my list and he also has a title guy in his office who is accustomed and comfortable with unconventional closings. That would be a really sweet bonus.

You can't fund yourself from an IRA. Sorry. That is considered self-dealing, and that violates the tax benefits of the IRA. Don't do that.

You can loan $ to someone from your IRA, and they could lend similar $ to you, however.

Okay, I am still confused on this. I think it was you who directed me to Equity Trust, where I am setting up an account. Here is a quote from their newsletter:

...All other investments, including stocks, bonds, mutual funds, real estate, mortgages, and private placements, are perfectly acceptable as long as IRS rules governing retirement plans are followed.(For a copy of IRS Publication 590 please go to http://www.trustetc.com/links/irspubs.html)

IRA law does not prohibit investing in real estate, but trustees are not required to offer real estate as an option.

I am still confused on exactly how this will work. I will be studying more and asking the custodian more questions this week before finalizing my tranfers to them.

 

[Jeff Pasquino]

I'm going to just respond since tags were a

You can do real estate in an IRA using Equity Trust or EnTrust as a custodian.

The best practice is to call and ask "can I do this?". It's their job to say yes or no as far as if it violates IRA self-dealing rules.

I asked about buying a note with my IRA where I was the payor (I paid the payments). Since I was buying Joe's Mortgage, I thought I'd be ok, but since I was involved already in the note (as the payor), it wasn't "arms length" so they said don't do it.

This is similar as to paying an attorney a few hundred bucks (or an accountant) so that it doesn't cost you thousands later on down the line.

Vocabulary: PayOR - One who pays a note. PayEE - One who gets paid.

 

[Jeff Pasquino]

I'm going to just respond since tags were a

You can do real estate in an IRA using Equity Trust or EnTrust as a custodian.

The best practice is to call and ask "can I do this?". It's their job to say yes or no as far as if it violates IRA self-dealing rules.

I asked about buying a note with my IRA where I was the payor (I paid the payments). Since I was buying Joe's Mortgage, I thought I'd be ok, but since I was involved already in the note (as the payor), it wasn't "arms length" so they said don't do it.

This is similar as to paying an attorney a few hundred bucks (or an accountant) so that it doesn't cost you thousands later on down the line.

Vocabulary: PayOR - One who pays a note. PayEE - One who gets paid.

This can be a good idea, but there are restrictions on what types of mortgages these properties can have, and one of the best things about investment real estate is the tax benefit, and throwing these things into an IRA where they'll be taxed as income in retirement instead of long term capital gains - a substantial difference. Personally, I don't like real estate in a retirement account for that exact reason, but admittedly it's not an area that I'm very knowledgeable in.

The best method is using an IRA for options.Imagine having a $1000 option on a house and selling that option for $100,000.

That would be a killer tax hit normally - but if you did it in an IRA?

Holding RE in an IRA is usually not the best idea. Paying for anything - ANYTHING - for the property would have to go through the agent for the trust / IRA account. That would be a major pain.

Imagine owning a rental and the window breaks. You can't buy one. The IRA has to. Paperwork ensues. Lovely.

Mortgages and options are the only way to fly with IRA RE investing.

 

[Jeff Pasquino]

If anyone is in Maryland, PM me about real estate anytime. PA as well. I'm always looking for new contacts.

(Disclaimer insert here - this is Jeff here, not an FBG staff member).

 

[BassNBrew]

1. I have initiated transfers of about $10K in IRAs to a self-directed account. My plan is to use those for my intial startup costs, such as forming the LLCs and/or corps as advised by the legal council I will also hire eith these startup funds. Premliminary attorney interviews have advised I first first get financing in place so I can determine whether the lenders will indeed loan to me a corporate entity. I have interviewed two really good attnys that seem excellent in both corp structure and RE law, but there is one more on my list and he also has a title guy in his office who is accustomed and comfortable with unconventional closings. That would be a really sweet bonus.Nothing personal, but this sounds like a major cluster#### and pain in the rear. If it were me, I'd want to focus on getting in gear on the real estate side and work on the optimizing tax reduction on profits later. Then again, you may be one of those guys bright enough and focused enough to juggle all this and still roll forward at the pace you're talking about.

2. I found a smaller local bank that will loan me 70% of my homes value as a commercial line of credit. THe rate would be 2% over prime, interest only, due in one year.  I think I will get about 150-175K line of credit to work with and the banker has told me we can probably do it on a two year term, which I would prefer as explained later. The bakner told me they hold their own paper and would love to work with me on an ongoing basis as I acquire more properties (I think it was Mike that made this excellent suggestion. Having someone like that in place would easily be worth an extra point or two.)When I buy a home at auction cash from the line of credit, I can then finance it 70/30 LTV of auction price and when rehabbed at 70/30 of final appraised value at the same bank. This should allow me to keep the initial commercial loan paid up while transfer the new note payments to the cash flow of the property acquired.

:highfive: Sounds like you've already lapped most of your competition and cleared your biggest hurdle.

3. I think I will concentrate on foreclosure property here, whether auction, pre-foreclosure or short sales from the lenders. It looks like these run about 20-40% under retail and while that is not as wide a margin as I would prefer, these should be available and accesible until I can build a network and find greater values.The foreclose listing service I subscribed to seems to be first rate. There are two zip codes in Austin that are hot, nearby, and I know intimately. There were 14 foreclosure properties listed in those zips for this month's auction.I drove and photgraphed all 14 today and tomorrow I will run appraisals on them to hone in on their values. I will then compare those to the auction sales prices (7/4) and see what the values look like.I also got last month's sales and I will drive them tomorrow, superficially appraise them and compare with their sale prices. THis is all home work for me before the August auction, where I tend to participate and buy! I am anxious to get started asap and I am really having to throttle myself back. But I feel the insight I can gain from the June and July sales could be invaluable to me before entering the fray.

Let's just say I'm impressed and have learned a lot from you here. % of investors that do this type of homework...very few.

4. My initial gameplan is to pick up a good value at the August sale and get it ready for a rental by Sept. Then put it on a one-year lease for cash flow to pay its note and keep it in possesion long enough to sell the following Sept., after rehabbing as much as market dictates for sale, and only paying a capital gains tax. If all goes to plan I should get enough $$ on the refinance of the first purchase to pay down the commercial loan and repeat the process. I am hoping to do at least three and maybe 6-8 homes over the next year.

I was in this same mindset, but someone pointed out that the tax hit isn't that great when you back out the cost of the money if you hold a year. Really depends on the profits at stake and how quick you can get the improvements done. Basically you need to look at this on a case by case basis.A couple of questions:

If I buy a foreclosure, and it is occupied, I guess I need to get the tennants evicted?If they are renters, what rights, if any do they have to stay?May vary by state. Tenants here have no rights and can be evicted in the case of a foreclosure. 10 days for the to move out after the eviction.

How hard is it to evict someone and how long does it take and how much does it cost?

Varies by state. Here it costs $65 to file and takes 10-14 days to get on the docket. You get judgement for possession and they have 10 days to move out. If they don't, you file for a writ of possession ($50 to $75). The sheriff calls you with a time to physically remove them while you change the locks. This take 7-10 days usually.

I'm thinking that before eviction i might should approach the occupiers of the house and offer them a bonus for leaving it intact and clean? Maybe $500-1000 would be of value to both of us.

Not a bad idea. I'd tell them that your still filing the paperwork to evict and if they're out before the court date and meet certain conditions that you'll pay them the cash. Time equals money in this case and the days you save getting them out would be worth the money before you even account for the condition.

You've obviously put a lot of thought into this. I look forward to reading more of your contributions here and picking up some tips and motivation from you.

 

[Mike Anderson]

I'll buy a LLs property at the tax sale, but I don't want a Homeowners property at a Tax sale.  The LL isn't going to care like the Home owner.

This statement confuses me. Is it backwards?

The way I interpreted it was that LLs don't occupy the property and their tennants do not have the warped since of entitlement an owner might have. The tennant may trash the place or leave it dirty, but very unlikely to rip the copper wiring out of the walls, etc. like a dispossessed owner. A tennant would be facing some hefty criminal charges, but the owner probably feels that its "his" wire as he pulls it from the walls.

Exactly. A failed LL losing one or a handful of properties isn't going to go through them and do REAL damage. He is demoralized, and beat up, and just surrenders.Joe Six Pack is going to be damned if anyone is going to take HIS home that housed his huge family and 3 Pit bulls. It's not his fault he can't keep a job more than a few months, there was a Bar within walking distance of the house, he can't control those things.

Granted, I am being over the top some here, but a displaced Homeowner can be a nightmare. I'm working on just such a property now, and it's costing me double in materials and time than it should have.

 

[Mike Anderson]

Ok, there's a ton in here, so let me go through this.

I'd like to take a moment here to again thank Jeff, Mike, BnB and all the others for the tremendous info contained in this thread. It took almost a week, but I have finally read the whole thing and information I have absorbed is incredible. Here is an update on my gameplan and any comments/advice would be appreciated.

In short, you're welcome. I wasn't sure what would transpire when I started this a few months ago, but Mike and BnB and Proninja (amongst others) really made this take off. It continues to flourish and I'm glad it is here.

1. I have initiated transfers of about $10K in IRAs to a self-directed account. My plan is to use those for my intial startup costs, such as forming the LLCs and/or corps as advised by the legal council I will also hire eith these startup funds. Premliminary attorney interviews have advised I first first get financing in place so I can determine whether the lenders will indeed loan to me a corporate entity. I have interviewed two really good attnys that seem excellent in both corp structure and RE law, but there is one more on my list and he also has a title guy in his office who is accustomed and comfortable with unconventional closings. That would be a really sweet bonus.

You can't fund yourself from an IRA. Sorry. That is considered self-dealing, and that violates the tax benefits of the IRA. Don't do that.

You can loan $ to someone from your IRA, and they could lend similar $ to you, however.

I am not an Accountant or a Lawyer. When I looked into this, it seemed that I could use a Self directed IRA to set up an LLC, and buy Properties outright, where all proceeds went back into the LLC which was "owned" by the self directed IRA. I wasn't looking at any loan structure, just buying a 5 Unit townhouse building outright. From my research, everything was a go, only I couldn't pull the funds out. I could make repairs out of the LLC, didn't seem like I could pay myself for the repairs. Since the LLC was a stand alone entity, I argued the point, but it was a VERY complicated question. At the end of the day, I put it on the back burner. I think it was a slam dunk once you are 62 or whatever the age is that you can pull disbursements.

2. I found a smaller local bank that will loan me 70% of my homes value as a commercial line of credit. THe rate would be 2% over prime, interest only, due in one year.  I think I will get about 150-175K line of credit to work with and the banker has told me we can probably do it on a two year term, which I would prefer as explained later. The bakner told me they hold their own paper and would love to work with me on an ongoing basis as I acquire more properties (I think it was Mike that made this excellent suggestion. Having someone like that in place would easily be worth an extra point or two.)

You found a portfolio lender (they hold their own paper) - good job. This is a valuable resource. Use it and treat it well.

My thoughts on this are well established. I will HAPPILY pay an extra point for a Lender that keeps loans in house. HAPPILY.

When I buy a home at auction cash from the line of credit, I can then finance it 70/30 LTV of auction price and when rehabbed at 70/30 of final appraised value at the same bank. This should allow me to keep the initial commercial loan paid up while transfer the new note payments to the cash flow of the property acquired.

The Day I started buying in Cash and then moving it to a Loan after some seasoning and rehab was one of the most powerful days for me in RE.  It changes everything.

3. I think I will concentrate on foreclosure property here, whether auction, pre-foreclosure or short sales from the lenders. It looks like these run about 20-40% under retail and while that is not as wide a margin as I would prefer, these should be available and accesible until I can build a network and find greater values.

The foreclose listing service I subscribed to seems to be first rate. There are two zip codes in Austin that are hot, nearby, and I know intimately. There were 14 foreclosure properties listed in those zips for this month's auction.

What is the name of the service? I may want to try it myself.

I have NEVER found a single service that was worth even a few nickles a month. I have no good experience with Foreclose listing services.

I drove and photgraphed all 14 today and tomorrow I will run appraisals on them to hone in on their values. I will then compare those to the auction sales prices (7/4) and see what the values look like.

I also got last month's sales and I will drive them tomorrow, superficially appraise them and compare with their sale prices. THis is all home work for me before the August auction, where I tend to participate and buy! I am anxious to get started asap and I am really having to throttle myself back. But I feel the insight I can gain from the June and July sales could be invaluable to me before entering the fray.

Take it slow, but you're on your way it seems.

Before that Tax sale (Assuming it's a Tax sale) in August, post on that subject a bunch. I've done a ton of tax sales, and the more questions you post, the more little things I will remember to comment on.

 

[Mike Anderson]

4. My initial gameplan is to pick up a good value at the August sale and get it ready for a rental by Sept. T.hen put it on a one-year lease for cash flow to pay its note and keep it in possesion long enough to sell the following Sept., after rehabbing as much as market dictates for sale, and only paying a capital gains tax.

I trust you mean "lower capital gains tax", or "long term capital gains". Not a bad idea.

You DON'T want to be doing interior Upgrades with a Tenant in place. You will disrupt them which can breed contempt, but most importantly you work could need to be done twice (again when they move out.)

If all goes to plan I should get enough $$ on the refinance of the first purchase to pay down the commercial loan and repeat the process. I am hoping to do at least three and maybe 6-8 homes over the next year.

================

That's an agressive total. Don't do more than 1 at first, then 2 at a time. They eat up a lot of capital when they are in rehab.

When I decided that this was my career path, I already owned 2 properties - 4 units. When I took the plunge, I immersed myself buying 4 properties in 3 months to get going. It sucks. :( Only one was currently rented out and that was a SFH. I bought an open SFH that needed little work, a Triplex where two units needed TONS of work, and a Duplex that should have been condemned. However, it pushed me into RE fast and furious as I had no choice but to succeed period. 7 days a week, 12 hours a day, pushing forward at all costs. Of course I was single with no kids

I would absolutely recommend buying 1 as your first and finishing it. The best plan I know about is to buy 2 at a time, one to hold, one to flip.

A couple of questions:

If I buy a foreclosure, and it is occupied, I guess I need to get the tennants evicted?

Yes.

A Foreclosure should not have tenants in it. A Tax sale property might, but a Foreclosure will be empty. The ONLY thing to do here is to write your offer that you will accept an EMPTY property at close. Make it the sellers issue.

If they are renters, what rights, if any do they have to stay?

Life of their current lease.

How hard is it to evict someone and how long does it take and how much does it cost?

Depends on local law.

I'm thinking that before eviction i might should approach the occupiers of the house and offer them a bonus for leaving it intact and clean? Maybe $500-1000 would be of value to both of us.

This is called "cash for keys" and is done often.

Any comments, warnings, etc. would be very welcome.

I'll just jump down here since all these questions work together. A Foreclosure will be empty. The bank will spend countless (trust me COUNTLESS) months clearing the title, cleaning it up, taking care of anything and everything that leaves a cloud on the property as they are SUPPOSED to sell a property with a Special Warranty Deed (Sometimes called Limited). This is the ONLY way two corporate entities would transfer title. As a Buyer, you should always get a Special warranty deed from a Bank. If a Bank wants to Quick Claim, suspect something is really wrong somewhere in the chain, it is not standard practice. Infact, just never accept a Quick Claim from anyone unless it is from you to your LLC.

So the Bank will have taken countless steps, and the place will be empty.

That will not always be the case in every transaction. When you know someone is there that you don't want, make it the SELLERS problem. You write into the offer that you will buy an empty property. Let the seller do the cash for keys.

 

[Jeff Pasquino]

4. My initial gameplan is to pick up a good value at the August sale and get it ready for a rental by Sept. T.hen put it on a one-year lease for cash flow to pay its note and keep it in possesion long enough to sell the following Sept., after rehabbing as much as market dictates for sale, and only paying a capital gains tax.

I trust you mean "lower capital gains tax", or "long term capital gains". Not a bad idea.

You DON'T want to be doing interior Upgrades with a Tenant in place. You will disrupt them which can breed contempt, but most importantly you work could need to be done twice (again when they move out.)

If all goes to plan I should get enough $$ on the refinance of the first purchase to pay down the commercial loan and repeat the process. I am hoping to do at least three and maybe 6-8 homes over the next year.

================

That's an agressive total. Don't do more than 1 at first, then 2 at a time. They eat up a lot of capital when they are in rehab.

When I decided that this was my career path, I already owned 2 properties - 4 units. When I took the plunge, I immersed myself buying 4 properties in 3 months to get going. It sucks. :( Only one was currently rented out and that was a SFH. I bought an open SFH that needed little work, a Triplex where two units needed TONS of work, and a Duplex that should have been condemned. However, it pushed me into RE fast and furious as I had no choice but to succeed period. 7 days a week, 12 hours a day, pushing forward at all costs. Of course I was single with no kids, and in my mid 20's

I would absolutely recommend buying 1 as your first and finishing it. The best plan I know about is to buy 2 at a time, one to hold, one to flip.

A couple of questions:

If I buy a foreclosure, and it is occupied, I guess I need to get the tennants evicted?

Yes.

A Foreclosure should not have tenants in it. A Tax sale property might, but a Foreclosure will be empty. The ONLY thing to do here is to write your offer that you will accept an EMPTY property at close. Make it the sellers issue.

If they are renters, what rights, if any do they have to stay?

Life of their current lease.

How hard is it to evict someone and how long does it take and how much does it cost?

Depends on local law.

I'm thinking that before eviction i might should approach the occupiers of the house and offer them a bonus for leaving it intact and clean? Maybe $500-1000 would be of value to both of us.

This is called "cash for keys" and is done often.

Any comments, warnings, etc. would be very welcome.

I'll just jump down here since all these questions work together. A Foreclosure will be empty. The bank will spend countless (trust me COUNTLESS) months clearing the title, cleaning it up, taking care of anything and everything that leaves a cloud on the property as they are SUPPOSED to sell a property with a Special Warranty Deed (Sometimes called Limited). This is the ONLY way two corporate entities would transfer title. As a Buyer, you should always get a Special warranty deed from a Bank. If a Bank wants to Quick Claim, suspect something is really wrong somewhere in the chain, it is not standard practice. Infact, just never accept a Quick Claim from anyone unless it is from you to your LLC.

So the Bank will have taken countless steps, and the place will be empty.

That will not always be the case in every transaction. When you know someone is there that you don't want, make it the SELLERS problem. You write into the offer that you will buy an empty property. Let the seller do the cash for keys.

Well, it has been awhile, but on this one I'm 99% certain Mike is incorrect - only in making this a global truth.Mike speaks from personal experience IN INDIANA. However, most of us do not live in Indiana, as far as I can tell, and the rules for Foreclosures ARE DIFFERENT IN EACH AND EVERY STATE. They may be similar to another state, but they are usually different on some level.

In Maryland, foreclosures are often occupied up to and after the date of the auction. Why? That's just the facts. "Cash for keys" happens here and often for those who buy houses at auction.

In a state where foreclosures can be tried to be pushed out or stalled with legal actions, occupancy often still is the case. Homeowners will be evicted after the transaction is complete (1-2 months after the auction).

Also - if the property is a rental that gets foreclosed, there could be renters still in the place.

Regarding Foreclosures - check out foreclosures.com - some of the best info out there on the subject. They even have sites (and gurus) to avoid.

 

[Mike Anderson]

4. My initial gameplan is to pick up a good value at the August sale and get it ready for a rental by Sept. T.hen put it on a one-year lease for cash flow to pay its note and keep it in possesion long enough to sell the following Sept., after rehabbing as much as market dictates for sale, and only paying a capital gains tax.

I trust you mean "lower capital gains tax", or "long term capital gains". Not a bad idea.

You DON'T want to be doing interior Upgrades with a Tenant in place. You will disrupt them which can breed contempt, but most importantly you work could need to be done twice (again when they move out.)

If all goes to plan I should get enough $$ on the refinance of the first purchase to pay down the commercial loan and repeat the process. I am hoping to do at least three and maybe 6-8 homes over the next year.

================

That's an agressive total. Don't do more than 1 at first, then 2 at a time. They eat up a lot of capital when they are in rehab.

When I decided that this was my career path, I already owned 2 properties - 4 units. When I took the plunge, I immersed myself buying 4 properties in 3 months to get going. It sucks. :( Only one was currently rented out and that was a SFH. I bought an open SFH that needed little work, a Triplex where two units needed TONS of work, and a Duplex that should have been condemned. However, it pushed me into RE fast and furious as I had no choice but to succeed period. 7 days a week, 12 hours a day, pushing forward at all costs. Of course I was single with no kids, and in my mid 20's

I would absolutely recommend buying 1 as your first and finishing it. The best plan I know about is to buy 2 at a time, one to hold, one to flip.

A couple of questions:

If I buy a foreclosure, and it is occupied, I guess I need to get the tennants evicted?

Yes.

A Foreclosure should not have tenants in it. A Tax sale property might, but a Foreclosure will be empty. The ONLY thing to do here is to write your offer that you will accept an EMPTY property at close. Make it the sellers issue.

If they are renters, what rights, if any do they have to stay?

Life of their current lease.

How hard is it to evict someone and how long does it take and how much does it cost?

Depends on local law.

I'm thinking that before eviction i might should approach the occupiers of the house and offer them a bonus for leaving it intact and clean? Maybe $500-1000 would be of value to both of us.

This is called "cash for keys" and is done often.

Any comments, warnings, etc. would be very welcome.

I'll just jump down here since all these questions work together. A Foreclosure will be empty. The bank will spend countless (trust me COUNTLESS) months clearing the title, cleaning it up, taking care of anything and everything that leaves a cloud on the property as they are SUPPOSED to sell a property with a Special Warranty Deed (Sometimes called Limited). This is the ONLY way two corporate entities would transfer title. As a Buyer, you should always get a Special warranty deed from a Bank. If a Bank wants to Quick Claim, suspect something is really wrong somewhere in the chain, it is not standard practice. Infact, just never accept a Quick Claim from anyone unless it is from you to your LLC.

So the Bank will have taken countless steps, and the place will be empty.

That will not always be the case in every transaction. When you know someone is there that you don't want, make it the SELLERS problem. You write into the offer that you will buy an empty property. Let the seller do the cash for keys.

Well, it has been awhile, but on this one I'm 99% certain Mike is incorrect - only in making this a global truth.Mike speaks from personal experience IN INDIANA. However, most of us do not live in Indiana, as far as I can tell, and the rules for Foreclosures ARE DIFFERENT IN EACH AND EVERY STATE. They may be similar to another state, but they are usually different on some level.

In Maryland, foreclosures are often occupied up to and after the date of the auction. Why? That's just the facts. "Cash for keys" happens here and often for those who buy houses at auction.

In a state where foreclosures can be tried to be pushed out or stalled with legal actions, occupancy often still is the case. Homeowners will be evicted after the transaction is complete (1-2 months after the auction).

Also - if the property is a rental that gets foreclosed, there could be renters still in the place.

Regarding Foreclosures - check out foreclosures.com - some of the best info out there on the subject. They even have sites (and gurus) to avoid.

I will admit that I am shocked by what is the case out where you are Jeff. I've never heard of a thing like that here. The Banks go through a LONG, I mean very long process when you are just sitting waiting for that property to be on the market.I'm obviously in over my head on this question.

 

[cosjobs]

Just a little clarification on what I know about these forecloseres.

First of all, they are lender forclosures, not tax sales.

Secondly, the auction for these properties is 7/4. When I drove them yesterday, 12 of them were for sure occupied and I could not tell on the other two.

Now in Texas a renter has leasehold rights that transfer witha title. I do not know if these rights transfer in a forecloser. If they do, I would assume that the new holder to the title of the propery would then be in a position to collect monies the tennant is paying in rent. Since I want to hold the property a year, this may not be a bad thing at all.

Clarification on these will definitely be one of the first things I talk to my attorney about.

Mike- in reference to an earlier comment- I do not intend to do any internal rehab while the first year tennants are in place. It would be a good time to put in a lawn/landscaping to have a year for it to mature. Maybe do the roof or foundation if required and not too disruptive to the tennants. I can also use this time to draw plans for any remodel and have a full year to be looking for discounted materials/fixtures that will be needed for the rehab.

 

[Jeff Pasquino]

I will admit that I am shocked by what is the case out where you are Jeff. I've never heard of a thing like that here. The Banks go through a LONG, I mean very long process when you are just sitting waiting for that property to be on the market.

I'm obviously in over my head on this question.

If Mike is in over his head, you can imagine the average investor.Foreclosures and/or auctions are one of the riskiest ways to purchase real estate. It might be sight unseen and/or riddled with problems - which is why it is in foreclosure most of the time. You hope it is just a financial thing.

 

[Jeff Pasquino]

Just a little clarification on what I know about these forecloseres.

First of all, they are lender forclosures, not tax sales.

Secondly, the auction for these properties is 7/4. When I drove them yesterday, 12 of them were for sure occupied and I could not tell on the other two.

Now in Texas a renter has leasehold rights that transfer witha title. I do not know if these rights transfer in a forecloser. If they do, I would assume that the new holder to the title of the propery would then be in a position to collect monies the tennant is paying in rent. Since I want to hold the property a year, this may not be a bad thing at all.

Clarification on these will definitely be one of the first things I talk to my attorney about.

Mike- in reference to an earlier comment- I do not intend to do any internal rehab while the first year tennants are in place. It would be a good time to put in a lawn/landscaping to have a year for it to mature. Maybe do the roof or foundation if required and not too disruptive to the tennants. I can also use this time to draw plans for any remodel and have a full year to be looking for discounted materials/fixtures that will be needed for the rehab.

An auction - on July 4th?You need to speak with a Texas RE attorney.

 

[cosjobs]

Evidently its ALWAYS the first Tuesday of the month.

Edit to add: And yes, I definitely will be using the counsel of an attorney in my dealings. I consider professionla legal and financial advice a wise investment.

 

[The Real Hipster Doofus]

What markets in Southern California would you suggest for under $250,000 (I know that is somewhat restrictive in California)? A lot of friends have been telling me about 29 Palms, which has a Marine base which is about to expand majorly and has seen rapid growth in the last few years. Any thoughts? Thanks

 

[The Real Hipster Doofus]

What markets in Southern California would you suggest for under $250,000 (I know that is somewhat restrictive in California)? A lot of friends have been telling me about 29 Palms, which has a Marine base which is about to expand majorly and has seen rapid growth in the last few years. Any thoughts? Thanks

 

[Jeff Pasquino]

What markets in Southern California would you suggest for under $250,000 (I know that is somewhat restrictive in California)? A lot of friends have been telling me about 29 Palms, which has a Marine base which is about to expand majorly and has seen rapid growth in the last few years. Any thoughts? Thanks

This goes back to Page 1 - I don't comment on markets I don't know first-hand.If there's someone here from Cali, more power to them.

I would GUESS the Sacramento area, but I frankly do not know.

I'll ask someone to drop by and commment.

 

[radballs]

$250K anywhere in California is going to be really tough. I'm in Sacramento and $330-$350K is about where 3br./2ba. start at (approx. 1,500 sq.ft.). I would imagine it's even crazier down south. I suppose if you're in the middle of nowhere you may be able to swing that.

 

[Jeff Pasquino]

$250K anywhere in California is going to be really tough. I'm in Sacramento and $330-$350K is about where 3br./2ba. start at (approx. 1,500 sq.ft.). I would imagine it's even crazier down south. I suppose if you're in the middle of nowhere you may be able to swing that.

For those of you who have never been to California, yes there is a LOT of "in the middle of nowhere" in the state. Really.Barstow comes to mind. :shudder:

 

[Mike Anderson]

Just a little clarification on what I know about these forecloseres.First of all, they are lender forclosures, not tax sales.Secondly, the auction for these properties is 7/4. When I drove them yesterday, 12 of them were for sure occupied and I could not tell on the other two.Now in Texas a renter has leasehold rights that transfer witha title. I do not know if these rights transfer in a forecloser. If they do, I would assume that the new holder to the title of the propery would then be in a position to collect monies the tennant is paying in rent. Since I want to hold the property a year, this may not be a bad thing at all.

This may be common place in Texas. However, this would scare the pants off me, way too much of a crap shoot for my taste. Now, if it was all I knew, I am sure it would be fine and second nature, but I hate inheriting other peoples trash.I really can't imagine any case where the tenant in place, who has fallen through the crack and hasn't been paying any rent in months, is going to fall in line for you. I imagine every single case is an eviction before you can ever get started. Now, those are absolutes on my part, and wrong just because of that, but you get the picture.I will say that Texas is EXTREMELY LL friendly, more so than even my Paradise here in Indiana on a number of issues. For example, Texas is one of the very few (Maybe ONLY) place in the US where you can turn off Utilities on a Tenant for failure to pay the rent if you provide those utilities. (Please read your laws before you do that, I think it's a 10 day notice, but turn off Utilities about anywhere in the country, and find yourself in front of an angry judge) End of the day, Texas is VERY LL friendly.So I could see feeling more comfortable having to deal with Deadbeats in Texas. How's the Slogan go again? "Don't mess with Texas"

 

[Mike Anderson]

Just a little clarification on what I know about these forecloseres.

First of all, they are lender forclosures, not tax sales.

Secondly, the auction for these properties is 7/4. When I drove them yesterday, 12 of them were for sure occupied and I could not tell on the other two.

Now in Texas a renter has leasehold rights that transfer witha title. I do not know if these rights transfer in a forecloser. If they do, I would assume that the new holder to the title of the propery would then be in a position to collect monies the tennant is paying in rent. Since I want to hold the property a year, this may not be a bad thing at all.

Clarification on these will definitely be one of the first things I talk to my attorney about.

Mike- in reference to an earlier comment- I do not intend to do any internal rehab while the first year tennants are in place.  It would be a good time to put in a lawn/landscaping to have a year for it to mature. Maybe do the roof or foundation if required and not too disruptive to the tennants. I can also use this time to draw plans for any remodel and have a full year to be looking for discounted materials/fixtures that will be needed for the rehab.

An auction - on July 4th?You need to speak with a Texas RE attorney.

July 4th?!?!?! If there was one single auction a year I NEEDED to be at to find value, I have to think it's the one on a National Holiday.

 

[Mike Anderson]

What markets in Southern California would you suggest for under $250,000 (I know that is somewhat restrictive in California)?  A lot of friends have been telling me about 29 Palms, which has a Marine base which is about to expand majorly and has seen rapid growth in the last few years.  Any thoughts?  Thanks

This goes back to Page 1 - I don't comment on markets I don't know first-hand.If there's someone here from Cali, more power to them.

I would GUESS the Sacramento area, but I frankly do not know.

I'll ask someone to drop by and commment.

No way I could answer this either, anything outside of the Lower Great lake/Midwest area (IL, IN, OH, Southern MI), and I don't have the knowledge, and even then I could be in over my head. I am sure Jeff could point you to an investor MB that could answer that, I would point you to:MrLandLord

There are a ton of CA investors there. It is a straight shooting, pull no punches MB, so don't get upset if they don't pull punches. Anyway, if you were to ask there, they would absolutely give you some sort of answer.

All in all, I would hate to be trying to start out in the Socialist Republic of CA. Give me IN, OH, AZ, LA, and TX any day of the week. Those are LL friendly states. CA, MA, NJ, etc, and I don't know if I have the fortitude. (Just my personal opinion) However, a place like CA where you can gain $30K in value just sitting in escrow seems like a Flippers Paradise to me. (Remember, I have no working knowledge)

 

[Mike Anderson]

$250K anywhere in California is going to be really tough. I'm in Sacramento and $330-$350K is about where 3br./2ba. start at (approx. 1,500 sq.ft.). I would imagine it's even crazier down south. I suppose if you're in the middle of nowhere you may be able to swing that.

For those of you who have never been to California, yes there is a LOT of "in the middle of nowhere" in the state. Really.Barstow comes to mind. :shudder:

Never been there, but I have lost way too many weekends in Napa County. I was a Professional Country Club manager of 10 years, and those in the profession sample for free at almost every single winery in Napa and Sonoma. If you are ever going to Napa, have a Box of Business cards "made up" with your name and the title "Wine Buyer" or some such thing for some Restaurant somewhere in your state, make up the name of your place if you want. Hand them out like candy, and the cards will more than pay for themselves as you.... Well.... Lose a few weekends yourself.I've got business cards left over from 4 places, and I mix them up as I go along.

 

[Mike Anderson]

A Request to those people reading and posting in this thread who haven't taken the 10 seconds it takes to do this yet:

Please goto your profile and update your Location to include the Market you operate in. It doesn't have to be your City, just where you operate.

That would be extremely helpful.

 

[Mike Anderson]

This has NOTHING to do with RE, but I have to post it somewhere. In the Survivor League Draft, the Staff is going to get it's #$%&^^% handed to it. Here is the drafting order:

Draft order:

1. 943 Legacy

2. 899 Duckboy

3. 808 abrecher

4. 765 LHUCKS

5. 703 Fullback Fro

6. 661 Culcasi

7. 594 Wimer

8. 483 BassNBrew

9. 374 Shick!

10. 284 Anderson (Freaking GIANT that he is)

11. 183 Stuart

12. 139 Grant

Please, the MB controls the top 5 picks???? I strongly suspect that the Staff gets decimated in this contest. This won't be pretty at all.

 

[Mike Anderson]

Homer,

Check you PMs. You have some 10 solid minutes of reading. I answered your questions to the best of my ability.

 

[Mike Anderson]

4. My initial gameplan is to pick up a good value at the August sale and get it ready for a rental by Sept. T.hen put it on a one-year lease for cash flow to pay its note and keep it in possesion long enough to sell the following Sept., after rehabbing as much as market dictates for sale, and only paying a capital gains tax.

I trust you mean "lower capital gains tax", or "long term capital gains". Not a bad idea.

You DON'T want to be doing interior Upgrades with a Tenant in place. You will disrupt them which can breed contempt, but most importantly you work could need to be done twice (again when they move out.)

If all goes to plan I should get enough $$ on the refinance of the first purchase to pay down the commercial loan and repeat the process. I am hoping to do at least three and maybe 6-8 homes over the next year.================

That's an agressive total. Don't do more than 1 at first, then 2 at a time. They eat up a lot of capital when they are in rehab.

When I decided that this was my career path, I already owned 2 properties - 4 units. When I took the plunge, I immersed myself buying 4 properties in 3 months to get going. It sucks. :( Only one was currently rented out and that was a SFH. I bought an open SFH that needed little work, a Triplex where two units needed TONS of work, and a Duplex that should have been condemned. However, it pushed me into RE fast and furious as I had no choice but to succeed period. 7 days a week, 12 hours a day, pushing forward at all costs. Of course I was single with no kids, and in my mid 20's

I would absolutely recommend buying 1 as your first and finishing it. The best plan I know about is to buy 2 at a time, one to hold, one to flip.

A couple of questions:If I buy a foreclosure, and it is occupied, I guess I need to get the tennants evicted?

Yes.

A Foreclosure should not have tenants in it. A Tax sale property might, but a Foreclosure will be empty. The ONLY thing to do here is to write your offer that you will accept an EMPTY property at close. Make it the sellers issue.

If they are renters, what rights, if any do they have to stay?

Life of their current lease.

How hard is it to evict someone and how long does it take and how much does it cost?

Depends on local law.

I'm thinking that before eviction i might should approach the occupiers of the house and offer them a bonus for leaving it intact and clean? Maybe $500-1000 would be of value to both of us.

This is called "cash for keys" and is done often.

Any comments, warnings, etc. would be very welcome.

I'll just jump down here since all these questions work together. A Foreclosure will be empty. The bank will spend countless (trust me COUNTLESS) months clearing the title, cleaning it up, taking care of anything and everything that leaves a cloud on the property as they are SUPPOSED to sell a property with a Special Warranty Deed (Sometimes called Limited). This is the ONLY way two corporate entities would transfer title. As a Buyer, you should always get a Special warranty deed from a Bank. If a Bank wants to Quick Claim, suspect something is really wrong somewhere in the chain, it is not standard practice. Infact, just never accept a Quick Claim from anyone unless it is from you to your LLC.

So the Bank will have taken countless steps, and the place will be empty.

That will not always be the case in every transaction. When you know someone is there that you don't want, make it the SELLERS problem. You write into the offer that you will buy an empty property. Let the seller do the cash for keys.

Well, it has been awhile, but on this one I'm 99% certain Mike is incorrect - only in making this a global truth.

Mike speaks from personal experience IN INDIANA. However, most of us do not live in Indiana, as far as I can tell, and the rules for Foreclosures ARE DIFFERENT IN EACH AND EVERY STATE. They may be similar to another state, but they are usually different on some level.

In Maryland, foreclosures are often occupied up to and after the date of the auction. Why? That's just the facts. "Cash for keys" happens here and often for those who buy houses at auction.

In a state where foreclosures can be tried to be pushed out or stalled with legal actions, occupancy often still is the case. Homeowners will be evicted after the transaction is complete (1-2 months after the auction).

Also - if the property is a rental that gets foreclosed, there could be renters still in the place.

Regarding Foreclosures - check out foreclosures.com - some of the best info out there on the subject. They even have sites (and gurus) to avoid.

Jeff, you are correct, I am Wrong, but the concept of NEVER accepting a Quick Claim from a Cooperate entity applies.

 

[-OZ-]

Jeff,

If looking to purchase a property to rent it, is there a good guide, should I go through an agent as I wouldn't be in the area more than 3 years, and is it really worthwhile?

 

[Jeff Pasquino]

Jeff,

If looking to purchase a property to rent it, is there a good guide, should I go through an agent as I wouldn't be in the area more than 3 years, and is it really worthwhile?

Not sure how to answer this specifically."Good guide" - as in how to evaluate it, or how to run it?

Going through an agent - to manage it? That's a property manager's job.

Getting a tenant to buy you a house is never a bad idea.

 

[BassNBrew]

This has NOTHING to do with RE, but I have to post it somewhere. In the Survivor League Draft, the Staff is going to get it's #$%&^^% handed to it. Here is the drafting order:

Draft order:

1. 943 Legacy

2. 899 Duckboy

3. 808 abrecher

4. 765 LHUCKS

5. 703 Fullback Fro

6. 661 Culcasi

7. 594 Wimer

8. 483 BassNBrew

9. 374 Shick!

10. 284 Anderson (Freaking GIANT that he is)

11. 183 Stuart

12. 139 Grant

Please, the MB controls the top 5 picks???? I strongly suspect that the Staff gets decimated in this contest. This won't be pretty at all.

It was going to happen anyway, this just speeds up the process. :dancingpickle:

 

[Jeff Pasquino]

This has NOTHING to do with RE, but I have to post it somewhere. In the Survivor League Draft, the Staff is going to get it's #$%&^^% handed to it. Here is the drafting order:

Draft order:

1. 943 Legacy

2. 899 Duckboy

3. 808 abrecher

4. 765 LHUCKS

5. 703 Fullback Fro

6. 661 Culcasi

7. 594 Wimer

8. 483 BassNBrew

9. 374 Shick!

10. 284 Anderson (Freaking GIANT that he is)

11. 183 Stuart

12. 139 Grant

Please, the MB controls the top 5 picks???? I strongly suspect that the Staff gets decimated in this contest. This won't be pretty at all.

It was going to happen anyway, this just speeds up the process. :dancingpickle:

LaMont Jordan is

 

[BassNBrew]

This has NOTHING to do with RE, but I have to post it somewhere.  In the Survivor League Draft, the Staff is going to get it's #$%&^^% handed to it.  Here is the drafting order:

Draft order:

1. 943 Legacy

2. 899 Duckboy

3. 808 abrecher

4. 765 LHUCKS

5. 703 Fullback Fro

6. 661 Culcasi

7. 594 Wimer

8. 483 BassNBrew

9. 374 Shick!

10. 284 Anderson (Freaking GIANT that he is)

11. 183 Stuart

12. 139 Grant

Please, the MB controls the top 5 picks????  I strongly suspect that the Staff gets decimated in this contest.  This won't be pretty at all.

It was going to happen anyway, this just speeds up the process. :dancingpickle:

LaMont Jordan is

No need to repeat yourself, you've already been throughly scouted.

 

[Jeff Pasquino]

This has NOTHING to do with RE, but I have to post it somewhere. In the Survivor League Draft, the Staff is going to get it's #$%&^^% handed to it. Here is the drafting order:

Draft order:

1. 943 Legacy

2. 899 Duckboy

3. 808 abrecher

4. 765 LHUCKS

5. 703 Fullback Fro

6. 661 Culcasi

7. 594 Wimer

8. 483 BassNBrew

9. 374 Shick!

10. 284 Anderson (Freaking GIANT that he is)

11. 183 Stuart

12. 139 Grant

Please, the MB controls the top 5 picks???? I strongly suspect that the Staff gets decimated in this contest. This won't be pretty at all.

It was going to happen anyway, this just speeds up the process. :dancingpickle:

LaMont Jordan is

No need to repeat yourself, you've already been throughly glorified.

Fixed.

 

[-OZ-]

Jeff,

If looking to purchase a property to rent it, is there a good guide, should I go through an agent as I wouldn't be in the area more than 3 years, and is it really worthwhile?

Not sure how to answer this specifically."Good guide" - as in how to evaluate it, or how to run it?

Going through an agent - to manage it? That's a property manager's job.

Getting a tenant to buy you a house is never a bad idea.

Guide - both what to look for in a property, evaluate, and run it. Our real estate agent has been a landlord, is that just a small town thing?

 

[RC94]

Does anyone recommend some good books about real estate investment? How about for real estate development?

 

[BassNBrew]

Does anyone recommend some good books about real estate investment? How about for real estate development?

Read the last three pages of this thread.

 

[Jeff Pasquino]

Jeff,

If looking to purchase a property to rent it, is there a good guide, should I go through an agent as I wouldn't be in the area more than 3 years, and is it really worthwhile?

Not sure how to answer this specifically."Good guide" - as in how to evaluate it, or how to run it?

Going through an agent - to manage it? That's a property manager's job.

Getting a tenant to buy you a house is never a bad idea.

Guide - both what to look for in a property, evaluate, and run it. Our real estate agent has been a landlord, is that just a small town thing?

RE agents w/ property management experience are ok. You can't just rely on them blindly though, you will have to manage your manager.

For books - check the last 3 pages of this thread.

I don't know if Steve Cook's stuff has been mentioned - it is reasonably priced and is available at either reiplace.com or Flippinghomes.com. He's a local guy (Maryland) with a good track record.

 

[BassNBrew]

RE agents w/ property management experience are ok.

Thanks good buddy.Real estate investors with Trump avatars are ok too.

 

[Jeff Pasquino]

RE agents w/ property management experience are ok.

Thanks good buddy.Real estate investors with Trump avatars are ok too.

 

[RKMoney]

Thread is dying a bit!

Ok, so I have picked out the GC I want to restore my garage apartment. Had three bids and he was not only the person I felt like knew what I wanted but also the cheapest bid out of three. Great guy and he said that when he starts (mid next week) he would like 50% down then when completely done in 6 weeks, the other 50%. Is this standard? I can't compare it to getting help while redoing my place in NY since I had illegals and would simply pay them end of each week.

 

[Jeff Pasquino]

Thread is dying a bit!

Ok, so I have picked out the GC I want to restore my garage apartment. Had three bids and he was not only the person I felt like knew what I wanted but also the cheapest bid out of three. Great guy and he said that when he starts (mid next week) he would like 50% down then when completely done in 6 weeks, the other 50%. Is this standard? I can't compare it to getting help while redoing my place in NY since I had illegals and would simply pay them end of each week.

50-50 isn't so bad on a smaller job (seems big to you I know).$10K job or so? IIRC

 

[RKMoney]

Thread is dying a bit!

Ok, so I have picked out the GC I want to restore my garage apartment. Had three bids and he was not only the person I felt like knew what I wanted but also the cheapest bid out of three. Great guy and he said that when he starts (mid next week) he would like 50% down then when completely done in 6 weeks, the other 50%. Is this standard? I can't compare it to getting help while redoing my place in NY since I had illegals and would simply pay them end of each week.

50-50 isn't so bad on a smaller job (seems big to you I know).$10K job or so? IIRC

Just about, $9,900.

 

[BassNBrew]

Thread is dying a bit!

Ok, so I have picked out the GC I want to restore my garage apartment. Had three bids and he was not only the person I felt like knew what I wanted but also the cheapest bid out of three. Great guy and he said that when he starts (mid next week) he would like 50% down then when completely done in 6 weeks, the other 50%. Is this standard? I can't compare it to getting help while redoing my place in NY since I had illegals and would simply pay them end of each week.

50-50 isn't so bad on a smaller job (seems big to you I know).$10K job or so? IIRC

Just about, $9,900.

No dice. $500 upfront max. Tell him you'll pay him daily if he's concerned based on what he's purchased and completed. If he can't trust you then why should you trust him.