All Forum Posts by: Account Closed

Being across the country should not be a problem for anyone. We invest in out of state properties and we fly into town for the inspection and appraisal. You can search for properties through plaxes like Remax which has a huge inventory and touch base with a local Remax realtor on the city or state you like to invest in. If you like to invest in the South East then i woudl suggest Crye-Leike (crye-leike.com). They are veyr professional and go the extra distance for you.

You wan to offer the lowest amount as possible, its very common to use .50% - 1% in earnest money. We like to use .50% of the total purchase price as a deposit. All though by law in most states in order for a contract to be legally binding there must be at least $10 or more. Each state has its own regulations but the norm is over the $10 mark to be binding and what not.

It's is very common to pay 10% of the gross rent receipts, meaning you pay 10% percent of the rental income collected every month or another way to look at it is 10% of the total year rents then divided by 12 and you will get the montly fee for management expenses.

It's also common to get these fees cheaper in other state as i saw someone mentioning that they can get them for about 5% which is even better and of course cheaper.

Commercial lenders are great to talk to especially a smaller mortgage company. Smaller companies are more flexible than larger banks who can pick and choose their deals. You should be able to get in on the bottom floor with programs such as 90% financing, meaning you would haev to come up with the bare minimum of the total purchase price which would happen to be 10%, as it is required in commercial real estate.

Should you need a lender that can get you in with just 10% percent let me know i will be more than happy to pass down a contact name for a company that can get you pre-approve for commercial lending at 10% down.

Is the total rental income $70k for all the units? What is the income for the commercial units? What you want to do is have the income cover the expenses such as mortgage, maintenance, management and so forth. You want to try to cover as much of the cost to operate the property with the existing income.

I am interested count me in! :mrgreen:

I started out by moving from one industry sector to another. I was in my early 30's when I moved into real estate, the sooner you can get started the better. I realized that if i was going to spend the same amount of time selling technology hardware i would rather sell or buy something that would be more profitable and still took the same amount of time researching.

Needless to say within 6 months of starting the real estate investment company I bought my first triplex and from then on the deals just kept getting bigger and bigger.

Your local library has some really great books on investing in real estate. Try checking out the books that have been published in the last three years at best. All though they are some classics out there stick to the most current books for best market analysis.

When you are first starting out money is very tight if non existent. Try going to free seminars and reading books from the library to save on cost.

Also eBay has some really great cheap real estate course and books that you might consider. Remember that you are in it for the long haul, don't expect to built over night wealth. Building an empire takes time, determination, drive, desire and passion.

Don't forget to incorporate your company, never do business as a sole proprietor as you will be 100% liable. Where as a corporation can help buffer taxes and liability. Some entities you might want to try are either an S Corporation or an LLC when it comes to real estate, or at least is what I been told. You must consult with a tax, real estate, or estate planning attorney to get the best answer for what entity might be better for you. Once you get incorporated it will be so much easier to obtain financing for your investments and always take care of your credit as you will be judge by how great your credit score is.

:superman:

I named my company after a very inspiring word that describes who i am and what i am all about; Habinger Holdings LLC. I have always been able to foreshadow what is to come.

I have been one of the lucky ones who has been able to peak into the future and see things how they will be and apply them to the present. Maverick Consulting Services, Inc. which is another company i founded also describes who i am, i tend to use names that i find inspiring and motivational.

Good luck on your named search, find something inspiring.

Hello Everyone,

Glad to be part of this forum, real estate investor from Los Angeles. My company's web address is www.harbingerholdings.com

Cheers,

E L :superman: