All Forum Posts by: Neil Schoepp

@Daniel Chang

You make some good points in your post. The point I like the most is also the one that has me completely confused ( I am fairly new to all of this).

When you say:

" Looking it another way, with $1MM in total equity, your investment is immediately devalued 8.5% when you put in your investment. If you invest $100K, it immediately becomes $91.5."

1. How did you come up with 8.5%?

2. Why does your investment immediately devalue?

@Dawn Young

Not sure if you did his or not but I thought I would post it for general consumption.

I did the search for 

Mobile-Home-Wealth-Selling

The following came up and it fits the description that Nicholas gives. Though I am not CERTAIN it is the book he is referring to. 

http://www.amazon.com/Mobile-Home-Wealth-Selling-R...

In case the link does not work the book is:

Mobile home wealth: how to make money buying, selling and renting mobile homes by Zalman Velvel

@Jesse O. thanks for the catch. I collect "useful" info as I read post here. Apparently this was not as useful as I first thought. I was unable to remove the link but did add an update to the post. It's good to have a set of more experienced eyes looking over things. 

@Eran Linker hope this helps. It will at least serve as a starting point. 

Foreclosure by state

@Daniel Mohnkern here's a start 

Real estate abbreviations http://www.biggerpockets.com/rei/real-estate-abbreviations/

So when you come across something you can look it up. 

@Joe Villeneuve

LOL. I like the way you think. :)

Decide what your ideal property looks like.  Mine is a 3/1 1500sq ft. 1 story. Now find your seller. Out of state with 50% equity. Now target these properties with post cards once every six weeks. 

Read Pitch Anything and The One Thing 

You don't need buyers you need deals. You post a good deal the buyers will come.

Ask the buyers for the names of lenders in the area.

Your ready.  Now go get 'em.

Just remember to never argue with those numbers. (Yes it's that important, that I stole borrowed it from Joe)

@Manuel Sandoval Welcome Aboard. You landed in a great place with plenty of knowledge for you to absorb.

Just because you live in a poor area, does not negate the fact that you can become successful in real estate investing. 

I would absolutely stick with your construction job. Knowing how to build and fix things will become an essential skill you will need in real estate investing (REI).

Before I went running off to an auction, or for that matter buying a property at all, I would spend a bunch of time educating myself. 

Below are a few links to get you started.

I would listen and re listen to all the podcast http://www.biggerpockets.com/renewsblog/category/podcast/

Great advice here. They talk about all different types of real estate investing (REI) and they offer suggestions for books to read at the end of every single podcast.

Read the blogs http://www.biggerpockets.com/renewsblog/ these are like mini lessons. Each blog is written by one person and is focused on a specific topic. I mostly read the forums find a term, strategy or something else I want to explore further. Then I go in search for a blogpost to explain it in more depth.

The ultimate guide to real estate investing http://www.biggerpockets.com/real-estate-investing makes a good read with some very useful information.

Real estate abbreviations http://www.biggerpockets.com/rei/real-estate-abbreviations/

So when you come across something you can look it up.

Make sure you get involved. In the beginning when you feel like you don't have much to contribute a simple response to a blog like thanks for putting this together I found it very informative works well. You can always welcome a new member simply by saying Hi.

As always if you have any questions just ask. 

@Jeff T. For the most part I ask myself the question would I like to live there? I also look at it from the perspective of if I were the tenant would I ask for this?

When you say high, how high? When you say summer, how many months? Here on the east coast it really only means July and August for the most part.

I ask this because an option might be to offer a rebate on the rent for a certain time period during the hottest of weather. Now being in CA that may not be feasible. I consider this a short term solution I never like taking less money. 

To answer your question directly. I would replace the windows as it will improve the property. A 5 yr. loan will cost you about $100 a month. You will increase your rent by $50. Doesn't sound to bad to me.