All Forum Posts by: Morris Lucas

Nice. i haven't been home in a while, i may buy a couple when i go back to visit first week in June, hopefully there are still a few left.
Good thing about bmore is it's such a small city you can basically get to any property within 20 minutes if you want to check it out.

I would be cautious about thinking Commercial is your "passion", especially if you have never even done a commercial deal yet. Suppose you wind up hating it once you do get enough money to hold a property, and find out you hate dealing with extensive complicated contracts, off the wall zoning permits, multiple tenants, taxes, etc?? I am doing online cars now with a partner because I thought it was a great business and i absolutely despise this business! 15 grand later, i found this out...

You are looking at the job like "man, work for free and then take 3 years to just make commission when i could be getting 100k passive".....
However that guy buying the property may have taken 10 years to get to the point where he has enough knowledge, savvy and capital to even close on such a property...the commission job could get you there even faster...or not, but don't be scared just by the time and lack of income initially....
i would not even look at that opportunity as a "job" but almost like FREE SCHOOL on how to generate hundreds of thousands to millions selling real estate and building knowledge of contracts, deals, market analysis, yada yada. Just think, a doctor may spend thousands in school loans and 10+ years of training to get to a doctor's salary...all making NO MONEY...(i think)
3 years to 100k+ sounds like a sweet deal considering...but even if you are really into investing....it will still take loads of time AND YOUR MONEY to learn and develop it

$60,000??....for College Park...? Whew, I would think you could do better than that, am i missing something?
Hell, my co-worker just bought a 4/2 in Jonesboro subdivision for $34,000 built in 2000...yikes, they must be adding an insane fee...

Did you target a specific area or zip code when you sent your mailers out,( recent cash sales, good schools, high rental areas, etc), or did you just look for motivated sellers anywhere that met your list criteria?

Great point Ali! I definitely didn't look at it that way, i will be very cautious of those properties. Thanks for clearing up the passive income question.

William, PM me, i'd like to chat about your experience and throw some ideas out...

George; That's a good reference point, thanks

May i ask are you mailing to the same people multiple times a month or are these 4000 different properties?

How did u find the comps to know if you had a good deal? just curious, i know u mentioned you found the seller on CL, did you already know this was a hot area for investors?...

Hope you get this one dude! I'm pulling for you, this has been very exciting following this from the beginning!

Welcome aboard!

I actually sell cars at auction, and looking to do RE deals as well, so we should definitely talk! PM me!

Are you going to try to purchase the lien and foreclose on it? How will this work if it has an existing mortgage? Just curious