All Forum Posts by: Champak Shah

I am surprised --are you going to keep RE License ? Not making enough as a Broker ?
How can you manage full time --find deals, do rehab, find tenants and manage property and still keep RE Borkering ? there are only 24 hours in a day --first you need a well thought out Business Plan -- supply and demand as well as appreciation study for new area-- if homes are selling cheap and rent is high --may not be long before you have competition --

Several ways-- Have an LLC and go Private Placement offering--to rasie $1.0 million --
and buy 10 to 20 houses in one year---or even six months --if you are aggressive and have foreclosures or fixer uppers available in area-

25K per building ( hosue) - may not be enough and too much paperwork -- too slow process-

You need to decide how much your time is worth -what can you make as salary -full time -
minimum $80,000 per year - subtract all expenses --car -mileage , meals etc --then project profit and offer 50 % of profit -- also
need to consider income taxes --deprecition as well as capital gaines tax--need to run projections over five years -- how many houses will you buy and how long will you keep ? How many investors do you need ?
What is the exit strategy ? what happens if some one needs money back due to some emergency ? what happens if you get sick ?
how will you leverage ? can you get mortgage ? can you afford hard money ?
need to decide specific strategy --seems like you are planning to buy, do rehab and rent - hold- run by some numbers --and see what return do you get --

Did not know about the problems they have.

I like the webinar on Luxury Homes and Commercial --However, I was disappointed --when they could not answer my simple questions online --without buying the course -

For NY City --Apartments is best to get into and David Lindahl ahs noice course --for
$8000 ---

Good luck - keep us posted if you decide to take the course

First --not sure why only three applications --Rent seems low for California or may be reasonable- If in a good neighrborhood- sould have more than three apllications --need more marketing -- If there is no choice-I like first -
have three months rent as deposit - have mom sign the lease and sublease to daughter -
or offer lease option -with option money and extra rent --give credit - two for one -towards down -- entice them to buy your house in 24 months --have good tenant - owner, take care of proeprty and make profit at closing in two years. --Good Luck

Jon is right -- " Subject to " is best - Check security deed ( mortgage ) --if there is a clause 13 - assumption and or " Due on Sale " clause.
If there is enough equity - and if some one is willing to assume ( take over payments) - you may want to have an attroney run by mortgage company and transfer - OR do a Lese Option -- for 12 months and let new owner finance the house-if he can afford the payment -- seller may cosign if necessary --

If you have won the bid--got the house--you can talk to auction company rep and get access to house - for inspection -- same time
you can winterize yourself-- find info online-
just need to add antifreeze in Comods for all toilets -- also make sure to leave all faucets dripping -- go to home depot and buy jackets for any outside faucets -- also county building inspectors -may have suggestions and may recommend some one working on side --to
do it for you --- for $50 --
Is water heater in garage or upsatirs ? Protected ?

OR shut off water at meter --and drain all lines-

Thanks Kevin -yes -but not through Public Offerings --I had advertised on Internet -
Did not want too many small investors. I
have offered 15% interest plus 100% return when I sell project in three years.

On positive side- before I came across this website --I had a Business Plan for Flipping Luxury homes and had adevrtised on several websites for syndication --to raise $500,000
No luck. Had 26 repsonses --two persons wanted to invest $100,000 per house- but for five years at 8% interets fixed- and not interetsed in my offer of 15 % to 20 % return on flipping. I stopped --then had problems with website host. No more posting there. Have few invetsors from that site.
I am trying to get in Luxury Homes after January -- Not sure yet.
I am 65 - and not inetretsed in working hard-

Yes- Please have an attorney and check SEC rules --specially for any public offerings. Depending on projetc -- and exit strategy--
there is a way to raise fudns -called " Private Placement Offering" --which will cost $10K to $15k for attorney fee to write a Memorandum.

Then contact Investors-- many rich people have lots of cash available -- and ready to invest if right project --

Joint Venture or Partnership is best for specific project with good exit strategy.

I just recieved $1.7 million ( 100% Financing) from a private investor in UK.

Have two more emails with interest to invest up to $20 million.

You can buy list of Rich people --with net worth of $1.0 million or more OR $500,000 liquid cash etc --from a List Broker.

You need to decide a Project , have a Business Plan with good exit strategy and offer good return to investors.

If you have the balance of money --to pay cash --with deposit from your end buyer - so that the hosue if free and clear --you get title to hosue ---then your partner --OR your partnerhsip ( LLC ) can do the Lease Option --- for 12 to 18 months -- and also allow him
( buyer ) to sub-lease property to a tenant --

In toaday's economy --it is not a wsie decision
to Build new apartments or hoems --when you can buy existing at 50% or elss value.

Yes- to give reasonably good estimate - you have to payf ees to Estimator-- you have to have plans --prepared by an Architect --and approved by City or County --how can some one give you estimate --if you do not know what you want to build -- ??

There are no standard resources--some books may give line items -check list - but
you have to get a local contractor to give you an estimate for materials and labor --costs

Sorry Rick,

I have never heard or known about them --However, I did attend a webinar --did not sign up. DC Fawcett company looks very good
if you want to check or sign up--

Many commercial proeprties available and more will be available soon --mostly they go through Loan Modification --and mortgages are available for refinancing now--