All Forum Posts by: Andrew Jones

Probably just a short term problem. I used it a few weeks ago and it worked fast.

Awesome post! Thank you for sharing.

Loan mods can also hurt your credit.

I met someone at a RE meeting that told me she spent over $10,000 on this mentoring/coaching. It has been over a year since she finished the program and she has not made any deals or money in RE.

If you can get better than 7% returns elsewhere than that is where the money should go.

Very funny post Lance.

I have received two conventional loans from big banks for investment properties since the downturn. Banks are lending as long as you meet their requirements which to me seem reasonable. Have some money, job history, and good credit.

I closed on a 6-unit building with seller financing that I will be holding onto as a rental. This aquisition is a great leap for me because it marks both my biggest investment property and the first time I used seller financing. I also started my first direct mail campaign using Michael Quarles yellow letters, an equity list from listsource, a grasshopper local voicemail number, and a UPS box.

I also continued to educate myself by reading posts here on BP, I read Rich's book, I attended a local investment group meeting (FIBI in Pasadena), I read a summary of the E-Myth revisted, and I had lunch with a succesful real estate investor in my area. I registered for the BP summit to continue my education next month.

My goals for next month are to get the 6plex 100% occupied with good tenants, get a property under contract to do my first wholesale deal using leads from my direct marketing, and continue my education. The last goal is pretty much garanteed becuase of BP summit which I plan to get as much as possible out of.

I agree raise the deductible mine are 10k. I think of insurance only to help me in the case of a total loss.

I heard that it is very rare for them to call a current mortgage. There are several threads discussing this here on BP. Also, in CA it is $800 a year for each LLC so I would consider an umbrella liability insurance policy instead especially with if you net worth isn't that high.

Friday is going to be a long day and I will have some starbucks double shots ready.
I am excited to listen to Bruce Norris, Micheal Zuber, Rich Weese, Kevin A., and the Kitchen table one.