All Forum Posts by: Fred Shandler

I continually read about how bad they are, and understandably so. However, has anyone actually had a positive experience with a PM company? Or is this a notion that is just bad all the way around?

Thanks
Fred

I have an existing business that has been "maturing" for three years and I can barely get 10K from my bank because I do not own a home and do not have "significant income verification". The financial advisor, as he is referred to, mentioned how 3 months ago I'd be able to obtain 50K, but with the state of our economy the bank has significantly scaled back.

Good luck

Fred

Newbie question coming:

I always thought that once you acquire your first property, it becomes significantly easier to obtain subsequent properties. Meaning, you have options such as LOC's, etc. to make further purchases, followed by a conventional refi?

Thoughts?

Thanks,
Fred

I attended a REIA meeting in the area I'm looking to invest in and one landlord stated "any vacant house in this area will have it's copper piping stolen. Groups mark their territory by leaving a brick in the middle of the floor so that other groups know the piping has been removed".

YIKES! Any experience with this/recommendations on what to do with a vacant property? Just how expensive is this stuff to replace, plus other necessary repairs resulting from it -floors, walls, etc?

Thanks
Fred

(whether it be via bird dog, wholeseller, FSBO)

After you've located and viewed a property, is a letter of intent the next step?

If the initial offer is not accepted, is one new letter of intent needed for every subsequent offer made?

Is acceptance of the offer followed by a purchase contract?

How long does a seller usually take to accept or counter?

How long after they accept do you send a purchase contract (if, that is even the next step)?

Thanks!
Fred

I think this discussion is an excellent learning opportunity for newcomers (like myself), as it provides a real-life sample for evaluation.

First, is this essentially a form that outlines the mortgage for which you’ve been approved? So does that make it a “pre-approval letter”? Can someone describe the specifics of this estimate in further detail? (Which terms are negotiable, which are set, which are some to pay closer attention to, etc.)

Also, why does it state $11.2K “total estimated funds needed to close”, when the mortgage is for $67.5K? I thought closing costs were significantly less? And when I run $67.5K through a mortgage calculator, I get a $432 monthly payment, however, on the estimate in states the monthly payment is $725. Would someone please explain?

(Note, I do not intend for a thread drift, I think the questions are on topic –just a little more specific)

Thanks
Fred

which closing costs are eliminated by paying in cash?

This is an awesome site to learn and adjust one's focus with regard to investing. There are so many real-life investors who are directly accessible through posts & private messaging. That is tremendously valuable!

In my few months posting here, I've learned a ton. This has been a FAR better experience than the REIA I attended. I'll keep searching for a good REIA, but here is where the info is at, for sure.

Great point Mike, I never looked at it that way. It's essentially always cheaper to buy, when buying RIGHT. This notion changes, however, when people buy WRONG, ie - pay too much.

I laugh when I see a "money making" two family house for sale in my market, for 500K+, where the total rents are around 2k.

Saying "I assume" was simply how I phrased the question. Point taken, nonetheless. Assumptions are a surefire way to LOSE.

Do you familiarize yourself with state law via books, internet, etc.?