All Forum Posts by: Michael Ablan

Hey @Account Closed!  Nice to see another NNY investor on here!  

I haven't had a chance to launch my first mailing yet unfortunately.  I landed 3 deals within a really short period of time, so I've been full tilt on getting them rehabbed and rented.  Have you had a chance to do one yet?

Call her and try and set up a meeting face to face to discuss the details.  Explain who you are, what you do, and what your future plans are.  Then proceed to getting to know her.  Her motivations and intentions should come out indirectly in the conversation 

Maybe take them off this round, but add them back on in later rounds.  Time has a way of changing peoples minds.  They may be willing to deal

Are all of these loans through conventional financing?

Well played. From what I see, there isn't much more you can do without putting yourself in a risky position.  Stick to the numbers and your strategy.  The deals will come 

Yikes! Sticky situation indeed! Talk to everyone in your sphere of influence. Attend REIA meetings, keep talking to hard money lenders, keep talking to banks.

From what you say, SOMEONE should be willing to give you money pledged against your equity.  Just keep talking, keep pitching,  keep trying.  If you don't have a timeline thats FORCING you to sell then exhaust every option you have.  You'll get it.  Just keep trying

Ah, makes sense. Good to know! Thanks Jay!

Hey Andrew!  Welcome to the forums!

The first steps I would take in your shoes would be to absord information.  Listen to the podcasts, read the forums, learn the niches and start figuring out which niche fits your strengths.  Next, I would seek out your local real estate investment associations (Reia).  You're going to want to surround yourself with people involved in real estate so you can apply the knowledge you learn and ask questions on things you're unclear on.

Also, meet with some bankers.  Learn about funding options. Learn what you qualify for (or don't qualify for) and why.  

It may seem overwhelming at first, but stick with it everyday and little by little you'll get to where you want to be.  Best of luck to ya!

Hey Dominique!  Awesome job getting some deals under contract!  Do you mind talking the numbers on those?  

The deal you detailed is one I would recommend leaving alone.  If the comps are 200k, then the house will most likely only be worth 200k.  If she owes 174k on a condemened house with flood and electrical damage, then it sounds like a complete renovation and gut to me, which requires tons of time, money, permits and risk tolerance.  The only option I see is a short sale, but that may be biting off more than you can chew considering you already have two deals under contract.

I'd recommend slowing down a bit and focusing on how you plan on unloading or handling the houses you do have under contract.  You've done amazing in such a short amount of time!  Keep up the good work!

Hey John.  Assuming the co applicant makes zero, does the primary make 3x your asking rental rate?  Ultimately they are the ones who are going to be responsible and who will be paying the rent.  

Is it the male or the female making the money?  In most cases the female will keep primary custody of the kid, which can result in the male being the one to move if they were to bicker again.  If the male is the one making the income...well, you see the problem. 

Tough situation, tough call. Tread carefully