All Forum Posts by: Douglas Christian

To late Tom

Just pulled it and purchased a 3/1 in Motown for $5,500. 3/1 with a basement in a nice area. Area called warrendale. Right below there. I will fly up and finish closing the deal. Home needs about 10k in repair. I will meet my contractor there and get him started.

You are right it is COLD, but doing deals like this sure makes me feel warm inside. I am trying to purchase one more in St. Louis, Kansas City area. See when all of the FEAR and TREMBLING is over by the SPECULATORS who are waiting on the sideline, I think that is when I will step out and watch another TRAIN WRECK.

Now is the time to BE in the GAME. Everyone can't find money or is afraid to use the money that they have. It amazes me that people can second guess themselves to buy a nice piece of real estate, but not for that OVERPRICED automobile that is worth nothing.

JUST WONDERING!!!!

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Chris

As far as the mid west like Detroit and surrounding areas. We are not finding the problems that you speak of concerning the big three. People no matter what will always need a place to live. Your job is to find the most viable place to invest your cash and get a GOOD return.

I love investing in Michigian. I live in North Carolina. I invest in three states and I have not had any of the problems that you are speaking about. You first have to get your mind ready and stop reading all the HOOPLA about appreciation and decline in market.

Well if you know anything about investing that is when you want to invest in a down market. You pick up GOOD properties CHEAP and then you put a LEASE OPTION tenant or RENTER whichever you prefer and let them pay for your investment.

Just purchased one in Detroit. Paid $5,500 Nice 3/1 with basement. Needs about 10k in repair. So I am in this house for $15,500 and I can rent it out for $600 mth.

But, I won't. I will put a 100% owner financing sign in the yard and advertise it where I know that I have had success and I will owner finance someone who has had some credit issues. This is the way you make money not continually speculating on what the BIG 3 will do.

Just seems to make sense to me and anyone else who understands real estate. I think what you all have gotten accustom to in Cali, Arizona, Vegas and Florida is all the nice weather and the FAKE APPRECIATION and now it is coming back to bite everyone in the butt and they are SKEPTICAL and PARINOID about everything. I will take what I have set up any day whether the BIG 3 FOLD or not.

I am the Warren Buffet believer that when all of you were trying to make the money that you made. I was really skeptical then and now that, that time period is over you see who the REAL PLAYERS are in the game. When people can't get financing or when the house you purchased for $150k is only worth $95k. What do you do?

Well continue to read and continue to SPECULATE again about the appreciation factor and I'll tune in a few yrs from now when the market corrects itself and see if you have jumped in and OVERPAID for the same piece of property that you could have gotten for pennies on the dollar.

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Welcome and don't be afraid to step in and get your feet wet. You can always dry them off later.

Good to have you.

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No, Remember this everyone.

His perception is his reality.

He is probably older and has been doing this the old fashion way and has a lot and realizes that he doesn't want to bother with this one as much as he thought he did.

TIME AND CIRCUMSTANCES is always my perspective. Today you say no, but tomorrow you say yes.

So, I would go with your husbands offer of $35k all he can tell you is no. But, he might suprise you and say yes.

Never over pay because you are the one that will get stuck with the property in the end.

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Very good Ingrid

This is why I like to the little 10k-20k properties in places like Detroit. See what most do not understand and are not willing to understand is that, that house is worth $78k-$90k all day long. Then you get the jokes who is buying up there. Well, all I can say is myself and a whole lot of others that see the vision.

Appraisals in todays market are coming in on those properties as I stated before. You know that they can not be inflated with all the fear and over corrections that the banks are doing now. This is why I say buy cheap, does not mean WAR ZONE just means know your market as Ingrid said earlier.

These properties make GREAT owner financing where you can CREATE whatever financing on them that you want.

Many are sitting on the side line thinking that opportunity is going to come and get them and they are so sadly mistaken. You must arrive at your destiny by taking a hold of it.

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Hey Jeff

Give numbers on the types of properties that you are looking for in Milwaukee area. Also, include zip codes. I know that I sent you three that were in low or low rent as you call them. I do not want people to risk lives, but look at it from this perspective. You are sitting on the side line waiting for the right opportunity. Create the right opportunity. The reason I say that even if you do not want to go into less desireable areas, hire a property manager and you are local so you can go and check up on them by doing a pass every now and then. Some one is buying properties in those areas where you say no. All I am saying is look at the other side of the coin.

Now I usually charge for this INFO, but I am going to give it to you for free. Why not market to vacant and abandoned properties in areas where you feel like you want to be. Meaning people that own houses out right free and clear. I am sure there are many in the Milwaukee area because it is a older city with many older houses.

Are you looking for that perfect situation or one that you can turn into that perfect situation.

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Curt is correct

The reason why a seasoning issue is not a problem with hard money is because they do their own ARV and repairs list. Nothing is ever recorded with them. They hold there own paper until you finish the rehab. Then all at once you can take the purchase plus rehab to your lender showing how you purchased and everything is legit. Then there is no seasoning issue. Especially if Curt has worked with them before as he has stated. They know him and he has built a RELATIONSHIP with them, which is what I recommend to alot of you.

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Well Chris

I will give you a word of advise. Do what others are not willing and you will get results that others envy.

Here's what I mean. I here all the fear about investing out of state. Here is the main problem with investing out of state. If you do not have your business set like a business then you will get what you get.

Here is a example and I love to give real examples not speculative. I just purchasing a property in either St. Louis, MO or Detroit, MI tomorrow morning. I do not have fear of what the property will bring because I already know my strategies with the property. I am going to fly to the city and while I am there I will touch base with two main sources. Property Mgr three of them and I will sit them down and interview them. After that I will go to the local REIA association and join. Well I am already a member, but I am giving you the gist of what will take place. After that I will get a list from the REIA of who the good contractors are in the area. I will set up an appt with three of them to get estimates already knowing what most of the rehab will cost. After that I will put a sign in the yard, advertise with a real estate company looking for a LEASE OPTION or a STRONG renter that I will screen myself through a company called

NATIONAL TENANT NETWORK.

See it is not so much the out of state investing that is a problem I see to many investors not knowing which direction they want to go and staying the course. Now, I own several pieces of properties in these areas already and I have not had any problems that could not be solved over the phone or by contacting the tenant. It is all about how you want your business to be run.

You can work on your business or you can work in your business you choose.

Let me know if I can be of help to you and anyone else trying to overcome the fear of investing in another market.

Better to invest in another market than not invest at all. You made a very powerful point, where you are you can not CASH FLOW. If you call $50-$150 CASH FLOW then more power to you. Just to say that the property is local and I can what SEE IT. Well I do not see my out of states that much, but I do SEE the CHECK every mth and that is what matters.

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SOLICITATION REMOVED

Hello Catherine

How long is your agreement with the management company?

What would it cost to terminate the agreement?

First speak with the tenants and see where they are. Look back over your agreement with the management company and once you find out all the info that you need, you can then terminate and put a LEASE/W OPTION to buy in place.

Also, you can let the management company know that you are going to sell the place and you will give the tenant the opportunity to purchase and if they do not want to purchase you must terminate your agreement with them.

If tenants want to purchase, then you have to do a lease with option to buy and put that in place. Notify the managment company that you are moving forward to sell.

You can also terminate your agreement with the management company based upon POOR performance. If they are reputable then they will let you out of the agreement knowing that they have not done as per the agreement.

Also, you can let them know that you have others that you will notify that they are not GOOD.

Bottom line speak with tenants and see where they are.

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