All Forum Posts by: George Maka

Just wanted to share a little of my new reading. I'm reading a new book, Ask and It is Given by Abraham Hicks. It is about Law of Attraction and your vibrational being. I came across a little excerpt that I thought is perfect for all of us newbies that get into real estate investing and wanting to give up. 

When you drive your vehicle from place to place, you have an awareness of your starting place as well as an awareness of where you are going. You accept that you cannot get there instantaneously; you accept that you will travel the distance, and in time, you will arrive at your destination. And while you may feel anxious to get there, and maybe even tire of the journey, you do not get so discouraged at the midway mark that you just turn around and go back to your starting place. You do not drive back and forth and back and forth from your starting point to the midway point and then finally collapse from the never ending journey. You do not announce your inability to accomplish your journey. You accept the distance between your starting place and where you desire to be—and you continue to move in the direction of your destination. You understand what is required—and you do it.

Accept the journey and know that you will arrive to your destination in time. Travel as far as you can see, and when you get there, you'll see a little further.

Thanks,

George

@Jose Diaz Have you thought about partnering with other people to bring in the same amount and everyone split the profits. I would be interested in that, so if you go that route, let me know and we could figure something out.

Thanks,

George

@Jason Cotner In all due respect, I would highly suggest to focus more on just finding a property and finding a deal, rather than the details of setting-up the business. Reality is, anyone can spit out projected numbers, but your record needs to speak for itself, and not a packet. How do you expect to tell investors what their ROI is going to be, if you haven't had a return yourself? Sure, you can present a hypothetical scenario, and you may get a few investors that way, but if you can find a true deal, the money will find you.

However, if you are set on setting up a packet first, check out the BP blog section and I've seen a few Youtube videos that give the basics of putting business plans together.

Best of luck,

George

@Kevin Chu Property Radar is a great tool! Sean O'Toole is the owner of the site and he really knows a lot about real estate. Sean O'Toole was interviewed by Bruce Norris on The Norris podcast and Bruce highly recommends Sean as well as his site and for me, a Bruce Norris endorsement is enough for me. .

George

@Detrick Hannah If your goal is to build cash flow, as opposed to cash, then rentals are a great way to achieve that goal. I'm not sure how much you have under your belt as far as investing goes, but I like to recommend all people understand the basics. Learn what a deal really is, learn how to calculate common ratios, understanding your market rent, common rental expenses and a common overlooked area, understanding the rehab numbers and what it will really cost to make it rent ready. 

I'm a huge fan of encouraging people to jump head-first in and learn through experience, but just make sure you can at least paddle before jumping in. You'll find a wealth of information through the Bigger Pocket blogs, forums, Youtube videos, and the many podcast that are available. Real estate investing can get overwhelming, but just stay consistent, keep taking massive action and be sure to learn something new everyday.

Best of luck,

George

@Dylan Burnett Given 2 hours a day and not outsourcing any marketing I would probably spend it as;

George

@Vladimir Gonzalez I'm with the school of thought, "a quick nickle is be is better than a slow dime." If you can find someone willing to do a lease option in the same amount of time as a cash buyer, then go for the lease option if that's what you are looking for. If you are cash flowing, you could also consider just renting it out.

George

@Vladimir Gonzalez Is this built into your agreement between yourself and the owner-financed seller that you must carry out the entire length of the payment contract? I'm not a lawyer, but if anything, I would think that a pre-payment could apply, but I don't know if they can enforce you to pay the entire length of the loan contract.

On surface, it sounds like a wholesale deal where you have it under contract and then you've found another buyer to pay cash for it and you keep the margin. If so, then sign the contract with your buyer, pay off your original loan and transfer the title.

George

@John Gibson I would suggest to not worry about the entity set-up and to just start finding deals. Focus on your market, what makes a deal a deal and marketing to sellers. 

Setting-up an LLC, or some other entity, will deter you from your main focus and can get you more overwhelmed than you really need to be. Once the deals are flowing in, then I would begin to reach out and figure out the best way to set yourself up for both taxes and asset protection liability.

Thanks,

George

@Matthew McKanna It would be like any other sale. Once you locate the owner of the property, get in contact with them. You make an offer, once they accept, you begin the escrow process and title becomes yours. 

Thanks,

George