All Forum Posts by: Alfred Green

This could be my first deal, so I'm asking about the best possible choice for myself financially.

My inlaws have a 2 story rental townhouse in a gated family community, and they want out of it so they can both retire. This is the only thing keeping them working.

The property record shows it sold for $205,000, and I know they've got their own house on the hook for this one. I'm guessing their note is about $160,000 currently. Full time tenants currently who I know personally. I'd considered doing an owner finance, but the inlaws want out, not in on this deal.

Should I flip this to another investor as an investment property or should I hold the note myself? I'm a rookie with no assets myself right now, but I've got access to private lenders, so I'd be able to hold it. The only reason I ask is since it's a relatively new rental property. I'm not sure how hot rentals are to investors--would they be willing to pay more due to that?

Thank you for hearing me out here.

I'm not sure Wayne. But from what I know (moving out into their rental a block away), it's very likely.

One house is a early 2000's CBS home with a pool in a middle class neighborhood. I'm speculating, but I'd guess it's valued at $!80K--about 1300 sq.ft. No major losses.

I'm learning about options and other strategies, for it's a real possibility since they're upside down. I'm unsure of how sub2's really work, so I don't have an answer for you there.

With the minimal info I've shared, what possibilities do you see? What other info do you need?

I've got friends trying to sell homes while they're upside down in their financing. My question is basic to most real estate, but I don't know the answer.

If they've got it listed with a realtor, can I walk in my friends' house, present my offer, produce a contract, and be legal in it? I don't know if there are any legal boundaries I need to be aware of.

I'm glad I can ask here.

Alfred Green

I'll add this. I found some similar threads on this, and this begs the question: what free or low-cost resources/books/trainings would you advise?

I do need to investigate avenues out there so I can make the decision as to which market I want to pursue. My hindrance currently is the advertised deals/trainings on or around RE sites all have a price tag. However, I'm aware a lot of free info is out there. If anyone has any suggestions/sites, that would help.

Again, thank you.

I know I'm not alone, so I'm going to ask:

Since there are so many opportunities out there (foreclosures, probate deals, raw land, etc), I'm wondering "where could I start?" I'm reflecting on a young entrepreneur who I saw yesterday who had 3 different deals going, not in real estate. As I shared this with an elder coworker today, he said everyone has to find their niche, and this young guy had his hand in many things, seeking to find that. With his level of assertiveness, opportunities will arise.

Additionally, I'm in the spot where I'm needing and willing to borrow money, but the question of "will this actually pay?" comes up---a very good question.

And the last piece of this is my not knowing any market really well yet, so some education and experience is needed.

What is a good place to start in real estate? I'd really appreciate some imput.

Thanks.

True story: A friend of mine called me 2 days ago about a "professional matter". His dad is up in age, and has been a long term apartment complex owner. Him and his wife have been surviving off the proceeds of it, has gathered some income, but (the main challenge currently) he's a Depression era person who's seeking "secure" investment strategies. They know the stock market is volatile.

My friend called saying a 12 month CD was maturing in about 2 weeks, it's been making about 2%, even though it's valued at close to $400K. He's been considering putting the money in a "survivor's bond" due to his dad's age and health status. He called me wondering if I knew anyone specializing in sound investments.

I've been learning about real estate investing these last 3 months myself, I consider myself very green, yet I'm not sure what to offer him. I shared about self directed IRA's, I sent him a link for a self directed IRA website, and he reminded me of his personal preference as well: he likes to talk to people in person when doing business, rather than over the phone or email. We live in South Florida, but I know no investors or experts locally.

And I'll share this: I'm hoping to gain from this financially myself, if possible. It's not mandatory; I'd just like something to give me impetus to do "repeat business".

What possibilities can you see in this?

Thanks for any advice.

Alfred Green

Mark,

I'm receiving your emails, there's a lot of important info I need to pay attention to....

A question: do you only deal in raw land? Looking over your website, it seems you prefer raw land. Would you be willing to share why you select raw vs. improved land parcels?

When in your career did you decide this?

I'd told someone I was looking into land, and he asked me whether it was raw land or was I looking to get permits. I'm assuming he meant breaking land up into parcels for individual sales, which is profitable.

I'm unaware of the different requirements for raw vs improved land presently. Thanks for answering my questions.

Alfred

Seth,

I was referring to BP's beginner's guide. I was wondering if any information was in there concerning land. Thanks for responding. I'm seeking a place to ask questions. I'm rather unknowledgeable about a LOT in land.

For example, I liked Jack's presentations, as he does a good "sell" to his viewers on how easy it is vs. other real estate ventures. I'm not able to afford his program, or I'd have bought it. I'm learning the most successful business people sell "ideas" which people grab up. His story is quite compelling.

I don't NEED it, but I'm not sure what good books/videos/presentations are out there. Do you have any favorites you'd like to share?

Also, what does SFR stand for?