All Forum Posts by: James Syed

@Kenneth McKeown

Exiting means when you want to off load the property, you will have less people wanting a property in San Antonio as compare to Austin or Dallas. That is part of due to San Antonio not having as strong economy as Austin along with other reasons.

Regarding Return on Investment (ROI), you will have it better in San Antonio as ROI is the end picture i.e., financing, cash flow, cost recovery & resale. Kindly keep in mind, you don't get an actual ROI until you sell the property.

Hope it helps.

Welcome to BP. 

Austin is an over priced market. No cash flow. 

Dallas is still good for cash flow. 

San Antonio will be the best for cash flow. However, it's not very desirable for exiting. 

Hope it helps.

Welcome to BP. Series LLC is the way to go if you want to buy more than one property. Each series is box which protects it and it doesn't spill over to next one. Usually address of the property is the series name so you could identify easily, However you can name anything you want. Use an attorney and pay the fees, you will thank yourself because if something happens, attorney will be there to protect you. These cheap websites can't subtitle an attorney. After all the idea is protection. Hope it helps.

@Eli Arkush

Welcome to BP. 

I don't buy lender's explanation about property being investment property. It doesn't matter if the property is an investment property or owner occupied. Appraisal fee should be $300 - $400. 

Appears to be this appraiser is charging very high. As a borrower you have a right to question it. 

Hope it helps.

@P.J. Bremner

Welcome to BP. 

Thank you for sharing your story. I did pick up some good tips from your story especially "I started this out was to focus on the EFFORT and not the RESULTS." I would focus on efforts from now on. 

In addition, I have been mailing since August 2015, started at 100 mails to 1000 for every two weeks now. So far, I got 1 property sold, 1 under contract (my listing) and today's lead might come back once the property is vacant (I am assuming she was honestly telling me that). 

Good luck!

Welcome to BP. 

@Aaron Rouser

Great place to network and learn.

@Pratik P.

Welcome to BP. 

Great post there. Thank you for sharing your stories. 

So, here is an update. 

I received a call from a potential seller at 8 am this morning. She sound very over confident. She claimed that she was a real estate broker and just gave up her license in April of this year. Interesting part is when I asked her how much she is looking for, she said she doesn't know and asked me how much I would be willing to pay. 

I said, I will have take a look at the property and get inside to give her the price. She said property have tenants and she would call me when property is vacant. Go figures!

Having said all that I know I would get a deal sometime. 

Hope it helps others.

@Darius Gill

Welcome to BP. 

Excellent point Darius regarding making your own list instead of buying. 

That is what I have been doing for the last 4-5 months. I have finally now about 1000 address that are serious sellers. My response is much lower, but they are quality leads not tire kickers or time wasters. 

It is very difficult to create your list, but it's possible and will take a long time. Most of us want an easy way so time to make your own. That is my opinion. 

Hope it helps.

@Account Closed

Welcome to BP.

Very useful post. I had the same problem when I ordered 1000 or so addresses from listsource.com. 

Many addresses were wrong or incomplete. They came back to me. I don't think I got my moneys worth.

Hope it helps.

Welcome to BP. 

10% down, 20 years amortization, 4.5%, 10 year balloon is an excellent loan. It's very hard to get more than 5 year balloon. 

Good luck!