All Forum Posts by: David Lee

@Account Closed and @Account Closed if you have not had the chance to listen to the newest podcast #52 then you should. It helps to give pointers on going to these meetings and being new to them. Ken describes how you should offer to help them even if you think that you might not have anything to offer them. That way it does not look like you are just looking for help. These type of people that you are running into at these meetings are ones that will even tall run out of people to network with because of they way they treat people that are on there way up. There is a old saying and it goes that the people that you pass on the way up are the same people that you pass on the way down. Whatever you don't give up the majority of investors are not like that. If there is anything I can help you don't hesitate to ask.

I from NC and the last week has been pretty cold around here. On Monday it was colder here then it has been in over 100 years. I had one of my renters call me and say that they had a water pipe to burst but that they had cut the water off. Then I was told that they were going to stay at her mothers house because it was so cold. I didn't think much about until I went to check the pipes and see what all needed to be repaired. When I got there I realized that there was no heat in the house at all and the gas had been shut off because of non-payment. I was really surprised that the pipes had busted because the house was insulated and the pipes were wrapped good but if you don't have heat and it gets as cold as it has insulation want make a difference. I told on Monday that I would repair the pipes until she let me know that she was going to be staying in the house again because if I fixed the pipes and she did not have heat then it would freeze and bust again at night. I got a voice mail today saying that she was going to try and go back in the next day or 2 so I could go ahead and repair them but she did not think that she should have to pay for rent this week because she did not stay there. In most cases I would have fix the pipes myself and thought nothing about it. When I went to repair the pipes I have sound 7 pipes that have been frozen and busted and there could be more. Should I make her pay? Thought?

@Javier Graves

The way I started was I purchased the property that I was going to live in and later turned into a rental. A lot of people do that now but the will buy duplex's and live in one side and rent the other. It really depends what you are wanting to do though. Are you wanting to flip, buy and hold, wholesale?

@William Hale Welcome to BP. It's good to see another investor from NC. Looking forward to hearing about your sucess on BP.

@Account Closed

Welcome to BP. I look forward to reading about your success on here. One of the things that has helped me the most is listening to the Podcast. Be sure and give them a try. http://www.biggerpockets.com/podcast

@Kelly Miller

Welcome to BP. One of the things that help me most on BP was to listen to the podcast. Be sure and give them a try. http://www.biggerpockets.com/podcast

There is one called hammer point that I like.

I feel that I got a deal the it is a 4/2 with 1 and 1/2 acres of land with taxes and everything of closing in all was under $11,000. The tax value is $82,000. The house started at $500. It was a smooth transacation but the people who I worked with were not real estate savy. I think is the best way to put it. But I had no problems.

@jason P I myself am a buy and hold investor. In my area I have purchased 2 homes in the last year for around $10,000. These homes needed about $7,000 in rehab to get were they were nice enough to rent out. I have decide to try and flip my latest purchase that I closed on this week so that I can build up more capital to create more cash flow. I like the buy and hold stand point because it is like buying a cow to milk and continue and sell the milk for a long time. The flip will bring me money up front just like slaughtering a cow. I don't think either is wrong I think its just what you prefer. If you do not want to have anything to do with tenanets you can flip or you can buy and hold with a property manager which is a hands off oppurtinity. There is also things like buying notes that has cash flow without having hands on.

@Kizzy Brooks

I just closed a foreclouser that I purchased from them. I did not meet the reserve amount but they called me about an hour after it ended and was told to sign papers and send my earnest money in which was $2,500. They would want to close with in 30 days of the auction ending as long as the bank excepted my offer even thought it did not meet the reserve. They had 15 days to except my offer and called bacl on the 14th day and excepted the offer. I actually closed 37 days after the auction ended. If you have any other questions I would be glad to answer them.