All Forum Posts by: Mitch Coluzzi

A few folks hit the nail on the head.  You really need to DEFINE A POLICY and stick to it.   We utilize a MATRIX for approval with a few automatic disqualifiers.   Below is the phrasing of our written policy.  Set a standard and stick to it.   Clean criminal history is always the golden standard but you should look at the OVERALL strength of the applicant.   A 7 year old misdemeanor possession charge is not a big deal, assuming everything else checks out alright.

After discussing with several local investors, it was clear there was a great group of local individuals interested in making something happen in the Real Estate World of Investing. Yet... there are limited resources (dare I say no) outlets for ACTUAL, down to earth, learning and networking WITHOUT the agenda focused, membership fee based, overwhelming-pressure-of-making-a-sale overtones.

This group was established to NETWORK AND SUPPORT LEARNING, whether you are reading your first book, flipping part time, or a full-time professional... come grab a few drinks, chat, ask questions, exchange contact information, etc. 

This event is 100% FREE and open to everyone, without any sponsored sales pitch nor sideways promotion. Truly just good ole fashioned networking with like-minded folks. Everyone has something to teach and something to learn! 

Hope to see you there.

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For more information and re-occuring updates:  please consider following us on Meetup at this link!  It's absolutely free to you and is used solely to keep folks up-to-date with location, time, and venue.

LINK TO MEETUP:  https://www.meetup.com/DSM-Real-Estate-Investing-M...

Hey All! We are still actively meeting, it's generally the 3rd Thursday monthly at Ingersoll Tap. Below is a link to our Meetup profile, it will keep you up to date on our location and dates! Also is nice to see whose been to previous meetups, and who plans to attend the next one! We have a pretty good monthly turnout. DSM Real Estate Investing Meetup http://meetu.ps/c/3kQdV/lTKpq/d

Originally posted by @Bryan Wilson:

Hello everybody.  Good to be here.  I am 48 years old and have been intrigued by the real estate community.  I'd like to get involved in a few flips and I currently have the opportunity, well not right now but in the spring, of purchasing my first rental.  I nice townhome valued at $110k but the owner, a friend of the family wants to unload it to me for what she owes on it.  $79k.  It has a tenant that pays $1100 a month.  has been there for over a year with no plans of moving.  

Anyway, that's where I'm at today.  Can't wait to learn and start my adventure into the real estate.  Take care all!!

Heya - send me a PM with details for contact.  Might be able to make something happen for your friend.

Originally posted by @Gary White:

@Mitch Coluzzi What branch does Larry work out of?  There are several.

The main branch in Eldora. Office number is 6419395096.

Originally posted by @Gary White:

@Mitch Coluzzi What branch does Larry work out of?  There are several.

The main branch in Eldora. Office number is 6419395096.

Give Larry Wolf a call at Hardin County Savings Bank in Eldora IA.  If you want a good lending relationship and advice, he's your guy. 

Just a quick reminder about the upcoming networking event at Ingersoll Tap this week!  We start gathering around 6:00 PM but feel free to jump in anytime!

ALSO!  We have a record number of RSVPs already this month (19 individual RSVPs at the time of typing this) but we anticipate well over 30 attendees!  If you have not yet, please take a moment to RSVP at the below link.

This event is 100% FREE and open to everyone, without any sponsored sales pitch nor sideways promotion.  Truly just good ole fashioned networking with like-minded folks.  Everyone has something to teach and something to learn!  Hope to see you there.

https://www.meetup.com/DSM-Real-Estate-Investing-Meetup/

The biggest hurdles to any real estate based solution in this time of crisis down there is 1) going to be finding the labor force to handle remodeling and 2) building / maintaining relationships.   

I am certain you will be able to find opportunity to buy several "short-sale" like properties but... with any type of storm-based disaster there will be so much work available, local contractors will get choosy and expensive, especially to outsiders.  Bringing in out-of-area labor will be imperative to control costs/schedules.  

As to building / maintaining relationships:  have to make sure marketing comes across as a win-win to homeowners, city staff, and local contractors alike.  A few wrong words can easily be construed as predatory given the circumstance AND these folks have been through a lot.  You can guarantee there will be legal hawks watching; dot your i's and cross your t's in marketing / negotiation.  

You may want to find yourself a legal partner whom can assist the existing homeowners in negotiating insurance settlements effectively.  

SIDENOTE:  Some of my best purchases have been post-disaster (house fires).  In two cases, we were able to acquire the property after the insurance company had paid off the mortgage (mortgages encumbered the insurance proceeds) and the homeowner blew through the remaining lump-sum settlements.  The negotiation was easily converted to a win-win solution when the home-owner was informed of the "nuisance" status and demolition order hearing the city scheduled...

I would be interested networking for a solution on this, please keep me in the loop.

This is not meant to be insulting but given the above question on how to fill out a PA, I would strongly encourage you to get some professional help involved while you learn.  

I would suggest contacting a local attorney and getting at minimum the state bar form rather than using whatever it is you found online.  Each area across the US is relatively different.  Heck, in the state of Iowa we use abstracts and attorneys (generally) to close transactions.   If you are buying on "contract" the City of Des Moines requires a third-party inspection from an approved vendor (seriously) and are potentially moving towards having city inspectors conduct the inspection (speculation).  My point is, there are specific requirements from state-to-state and area-to-area that a blanket PA will not protect you from...