All Forum Posts by: Jesse Harris
Jesse Harris has started 7 posts and replied 56 times.
Post: Self Storage Syndicators/Operstors
- Flipper/Rehabber
- Richmond, VA
- Posts 57
- Votes 19
@Zach Quick
I have an opportunity that I would like to talk to you about.
Post: WTB lot to build a duplex.
- Flipper/Rehabber
- Richmond, VA
- Posts 57
- Votes 19
Do you want to build a Duplex to keep or sell?
Post: Why have others given up? (conversation starter)
- Flipper/Rehabber
- Richmond, VA
- Posts 57
- Votes 19
Fear of the unknown has interrupted more dreams than all alarm clocks ever made.
Post: Has anyone had their Due On Sale clause inforced?
- Flipper/Rehabber
- Richmond, VA
- Posts 57
- Votes 19
I have heard horror stories about this happening in 08. I am just wondering does it happen often now? When you try to put personal holdings into an LLC or land trust.
Thanks in advance.
Post: Offer accepted on REO, Bank took an additional offer, lost out.
- Flipper/Rehabber
- Richmond, VA
- Posts 57
- Votes 19
Put in an offer on Friday, Only contingency was a 3 day inspection period. I Was told on Monday the offer was accepted, If I could close one day sooner than I had listed. I agreed. On Wednesday we were informed that there had been more offers received and they wanted my best and final offer. Needless to say I was not happy. I think it finally sold for 2k more than my offer.
Post: Storage facility purchase
- Flipper/Rehabber
- Richmond, VA
- Posts 57
- Votes 19
Thanks Joshua, This is great info.
Post: Storage facility purchase
- Flipper/Rehabber
- Richmond, VA
- Posts 57
- Votes 19
Originally posted by @Joshua Watts:
Your question was. "Would you care to tell what your down payment was?"
I don't mind sharing the details at all. My down payment was other real estate that I own worth $975,000.00. The bank asked for 20% down yet I had little money but I did have real estate that was paid off. So what the bank (some banks that is) will do is give you 80% credit to the valve of the real estate that you pledge. My $975,000.00 in real estate is like $780,000.00 cash to the bank. I needed 772,200.00 down to close the deal. I hope this helps everyone to understand if not feel free to add a comment or question. Also if you are just starting your real estate investing remember you don't have to sell to trade up. This tactic also works if you don't have your real estate all the way paid off. By not selling you don't have to paid the tax that comes with selling and you are able to build your real estate empire faster.
Post: Your Best Negotiation Story
- Flipper/Rehabber
- Richmond, VA
- Posts 57
- Votes 19
I do not know my best negotiating but I will tell you my worst.
Went to purchase something I wanted ......not needed. The gentleman said to make him an offer. After a short time and not wanting to take a chance of insulting him I said I will give you xxx amount. He said DEAL.
The only bad deal is one where they take your first offer.
Post: Storage facility purchase
- Flipper/Rehabber
- Richmond, VA
- Posts 57
- Votes 19
@Joshua Watts would you care to tell what your down payment was?
Thanks
Post: Auction on Monday, what am I missing?
- Flipper/Rehabber
- Richmond, VA
- Posts 57
- Votes 19
@Brian Ploszay. I checked with the county. Nothing was on the house but the original mortgage.