All Forum Posts by: George Maka

@Drew Stevenson - the quick answer to your question is, yes there is. Real estate encompasses a lot of areas. I would suggest start by reading the forums, books and other websites to get familiar with what real estate investing can offer. Just like any investment, if you know nothing about it, how will you truly know if what you have is a true investment?

Good luck.

George

Welcome @Samuel Larger . So what's your investing strategy? Are you planning on buying right away and renting it out?

Good luck and remember, you make your money when you buy.

George

@Kori Caldwell The quick answer to your question is no. You may get lucky and find a mentor, but the reality is, they are probably busy. Asking for anyone to make time out of their day to meet with you and explain how to start, is a tough sell. It would be better to approach it from the angle of, how can I add value or what's in it for them.

Start with the forums, listen to podcasts, read a couple books, network at REIA meetings and you'll then get an idea of how to start. From there, you'll be better prepared and be ready with better questions to ask when you run across someone that has success in REI.

"Travel as far as you can see, and when you get there, you'll see a little further."

George

@Lesli Reed This is not illegal. You are simply helping them find leads, and if they close on the deal, they pay you a finder fee.

@Cynthia Anderson Here's an answer that is told to me a lot in real estate and it applies to your question as well, it depends. Do you take action? Do you continue to educate yourself? Do you network?

Sure this is realistic, but a lot of it depends on you. Is it realistic for me to go buy a sky-riser in Manhattan, New York? Probably not right now, but is it realistic for Donald Trump? Probably. Asking if this is realistic, is hard for anyone to answer except you, because no one actually knows your drive and your willingness to put the effort forward to achieve the results you desire.

"Even if you're going 100 mph in the wrong direction, you're still doing better than the person doing nothing." - REI

Good luck,

George

@Brian Humphrey Just jump in. Always educate yourself, but don't paralyze yourself from the amount of information there is. You learn a lot more through application, then you can from reading. Zig Ziglar said "travel as far as you can see, and when you get there, you'll see a little further."

See you down the road,

George

@Tyrus Shivers Thanks for the input. Also, this was mentioned in a meeting, but I did not learn it here.

@Bill Gulley Thanks, that's good to know then. I see a lot of owners that have long-time tenants and still have a mortgage.

I recently went to a creative financing meeting and got very inspired with what we spoke about. One of the topics covered was master lease options, or sandwich lease, and as he was doing a demo on how to pitch it. While demonstrating how to bring it to owners, it made complete sense.

I've found a 3 bd, 2 bth home in my area that is already renting for about 300 below mark rent and believe this strategy will work if they agree. I remembered bullet points of what works from the meeting, but when I spoke to the owner over the phone, it did not come out the same. I know what's in it for me, but for me to sell it, what's in it for them and why would they agree to it? A few points that I recall from the meeting;

When I spoke to the owner, one thing I said was, if I can guarantee that I will lease it for atleast 5 years, would you be willing to discount the monthly rent? She is open to it and I believe they will discount it for a longer lease, but her counter was, you can't guarantee anything unless you give me the entire amount upfront. I have an appointment with them tomorrow and hope to have it down better by then. Help me pitch this and overcome this objection.

Thanks,

George

I have a motivated seller that has a house of worth $600k and and owes about 300k on it. They're an old couple and they're hoping to sell it for 600k, take their gains and buy a house outright with no mortgage in a cheaper area up north.

Other than paying the 600k, how can I structure this where I can take ownership of their home, but still allow them to take their equity and buy a house?

Thanks,

George