All Forum Posts by: Eric Foster

Here is the list of terms on Bigger Pockets...
http://www.biggerpockets.com/glossary.html
It is just a simple list, but it's a start.

You will catch on... Keep reading.

I would suggest to start at the Bigger Pockets home page at www.BiggerPockets.com and read some of the articles... There is a whole section on "Starting Out" that may help you.

Also, the links to the left of the screen have tons on info there too!

As far as terms... it seems like I have seen that here too... look around the home page.

A "bird dog" is someone who helps other investors find possible deals... i.e. finds it and passes it on to an investor for a finder’s fee... Many times the Bird Dog just passes on a name and phone number.

Many new investors start out this was as very little "know how" is needed to do this... By being a Bird Dog, you do not need to know how to structure a deal, finance a deal, decide if it is a deal, talk with the seller, write an offer, have money, get a loan… etc etc...

It is a real easy way to get started. I hope I explained that ok...

Also the best way learn is to... ask questions!

There is a guy here on the forum that responded to one of my posts...
his user name is LuckyBuysYuckyHomes go look at his posts and sig line as he promotes his wares.

He has a website about this... Seems like I have seen another one online before too... Try searching online too.

What I will do different and better in 2008...
1) Do fewer major rehab projects, and be pickier on the ones that I do.
2) Find and establish more and better contractors to work with.
3) Do more transactions that will make money both now and in the future... i.e. more lease options... Get paid now and later!
4) Do more marketing to hit and exceed my 2008 goals.

...knowing what you now know you would have done different in 2007...
See new 2008 goals above! (I learn from my mistakes!)

Welcome to the group.... You are at the right place.

If you can't find it here, just ask. There is lots of good help around here!

What do you mean by "researching properties"... Do you mean finding deals for investors?

Hey Arn,

Welcome to the group! Good to have you here! Take a look around, a lot of stuff to fill your head with...

Yea, that’s what I thought too... Best to have a pro... Especially with Real Estate! An active real estate investor will have so many things going on with their tax returns it can make your head spin...

Ever seen a 143 page tax return? I could barely copy it much less fill it out!

That is a saying that I have found myself using a lot this last year!
LOL... Funny you should say that!

Another one I like is…

“This event has no significant impact on my long term goals!

I find myself saying both of them together and at the same time… They go together great…

“This event has no significant impact on my long term goals, this too shall pass!”

And you got to love the ol' "One day we will look back at this and laugh"...

Take care!

This is called the "redemption period" and it is different from state to state.

Yes, investing in foreclosures, more specifically buying at the foreclosure sale (also called a trustees sale, a sheriffs’ sale, or auction) is the most dangerous way to buy a property...

You are buying the property as is, where is, without title insurance, and generally without being able to see the inside of the property! O yea, if all that was not bad enough, you get whoever is living in the property free with the purchase!

In addition, you don’t know if and what utilities may or may not work. i.e. septic, well etc. The property can come with many types of other liens attached to it... i.e. federal taxes (see attorney) and possibly other type of city liens, violations, property taxes...

And the biggest mistake that I have seen so many investors make is.... They think they are buying a $150,000 house for $50,000 only to find out they bid on a 2nd mortgage and there is still is $100,000 1st mortgage lien on the property... Oops!

Not for the faint of heart!

See an Attorney for all foreclosures, and know what you are doing!… period!

And another opinion is....

If the plan is to buy just a couple rentals, do it over time... As mentioned, prices are dropping in many areas... you may get a better deal a few years from now!

If you are getting a regular mortgage, and not a bank line of credit like an investor might get, a regular mortgage probably would not have a personal guarantee written into the loan. So if something happened, they may not come after you personally...

A lot of this is also state specific... i.e. foreclosure laws etc.

But in general, I don’t think it is good to use a lot of personal funds to go risk for business purposes... and that is what you are doing.

It is nice to have low living expenses and less worries too!

Just another opinion...

PS You can make money in real estate with lower risk and without risking personal assets! Do what you can to reduce the risk... Buy the rental with your IRA, or in the name of a corporation with a loan that is not personally guaranteed. There are ways...

This is a good topic… And one that has valid points that can be argued both ways…

I have always been of the opinion of …
“If you can invest without any money, why would you want to invest with money?

I think you all have missed the boat... In real estate you always have to think “creatively” and try to structure transactions as a “win-win”...

I think I have a way... What about this…

Do a combination of several of the ideas...

Go with the pool table and the flat screen, but trade in the “suggested roommates” for the 5 girl roommates.

This could be worth it at any cost. And a true win-win.

Just 2 cents...