All Forum Posts by: Eric Severson

Amazing deal, well done and congratulations! I always here hire slow and fire fast. 

Cash for keys is the only option I can think of and be generous. Once the courts open they are going to be back logged beyond belief. 

My brother in law is in this position in Los Angeles and I told him to offer $5000 for the keys. $8000 in back rent later and he wished he took my advice. I told him those tenants are going to cost him $20,000 so $5,000 will be a bargain. He is still months out from being able to evict his tenants all while they are completely trashing the place. What sounded like a big number of $20,000 in reality is likley to be more like $50,000 after he has to do a full rehab. His problem started before Covid-19 so he is up the creek with no paddle. 

I am jaded and if I state my opinion then I would get hammered by the brokers and agents here. I am jaded as a buyer and a seller. You can do everything you need to do as far as buying and selling without them. You can make more money and go through the process far faster without them. They pitch they can net you more on a sale but that is a total farce. I can go on with more details but I already know I am going to get slammed for that small comment. Be creative and do it on your own. 

As a 40 year old entrepreneur of 20 years I wish was taught real estate in my 20's. Spend every waking second of your days for the next year reading and watching youtube about real estate all while practicing what you learn. Start young and never stop investing. House hack is beyond the most powerful tool to start with. Be sure that any significant others in your life understand your goals and understand the power of the house hack strategy. Do not be afraid to make mistakes because you will but it is the cost of education. BiggerPockets will be your bible to real estate investing. There are some immensely successful people that continue to contribute priceless content. Take action, take action, take action and to reiterate...take action.

Welcome Brian,

Sounds like you can offer a fountain of knowledge to this amazing community. The knowledge here is profound.

 Whitney 

That all makes perfect sense and thanks for sharing the knowledge. I completely understand this business is about solving peoples problems and not just for one's own personal gain. Personal gain is the result of solving the problem. Do you ever condone a buyer interact directly with a seller? Is that even feasible for a listed property? I know rockstar agents are out there.

Thanks again for sharing your knowledge.

Jonathan you are absolutely right about schools, crime rates and war zones. There is a perfect balance somewhere in that equation. There is so much to learn in this business. Thanks to BP, we don't all have to learn the hard way or the wrong way. 

Hi Whitney!

Please school me in the creative finance space in particular on the retail market. How do you propose to your seller that a buyer wants/needs seller financing? As a buyer I try to work with the list agents. How do I propose to the agent that I can buy a property but need/want seller financing? What other creative financing tools am I missing? How do I find a top notch realtor that doesn't accept no for an answer and has creative ways to structure deals? I have had my own list agents just lay down and throw out the mutual release instead of putting on the boxing gloves and figure out a finance structure.

Unrelated to creative finance: do agents get kick backs for referring a mortgage broker?

Thank you Whitney in advance for your insight. I look forward to being enlightened.

 Hi Jonathan,

I moved from Torrance to Carmel in 2018 but I was in the "fake" Torrance east of Western on 220th St aka Harbor Gateway. Beech Grove has some very appealing demographics but the typical horrid schools of Indianapolis. Beech Grove pops up on my radar occasionally but I have yet to take action there. I will definitely do some DM and target Beech Grove. 

@Todd Murphy

Hi Todd. What are your thoughts for Speedway 46224 now that the Penske organization has taken over the race track? I predict great things but I am new to the area so that is speculation. It is probably a great opportunity for commercial space investments.

As much as I try to avoid to Indianapolis, I do have a property in Eagledale 46224 and it is a solid performer but a few blocks east like 46222 and its gets pretty slummy.