All Forum Posts by: John Myers

I would say they are not easier.  They are a pain in my a$$.  I made a strategic decision this year to outsource the actual transaction with the bank.

I found a Qualifying Broker that specializes in handling the interaction with the short sale banks.  

Yes I have to pay the QB to do the short sale, but it saves me time and focus on generating new business!!

Congratulations!!  Here is the most important task for success as a real estate agent.  You must find some way to GENERATE LEADS.  You are not in the real estate business you are now in the lead generation business.  Your number one focus all the time is generating leads.

Find an brokerage that will help you generate leads.

Everything else is secondary to generating leads.

Good Luck

Yes I am a real estate agent and investor

This always happens on flips for FHA loans. The best way to get around this issue is to have a second appraisal. Yes it costs money, but it is the easiest way to deal with this issue. There are other options, I have just found this is the easiest and fastest way to deal with this issue

You are absolutely correct.  I was throwing out a better option.  I would not want to pay the penalty and the taxes.  SDIRA are a great source of tax deferred income!!!

I believe in setting extremely outrageous goals.  Setting extremely high goals keeps me enthused, engaged and obsessed about achieving goals.

You should be able to achieve your goal much sooner.

The first step is to learn how to analyze the investment strictly from a financial perspective.  Focus of positive cash flow, return on investment, cash on cash return.

The next step is to speak to a lender and get your financing together.

Buy investments that make sense financially. It is all about the numbers.  I personally like to buy good homes in good neighborhoods.  I stay away from war zone properties.

Here is a better idea, create a self directed IRA, transfer money from your 401k into the self directed IRA, then purchase the investment property.

Speak to an accountant and an entity that sets up self directed IRAs.

I have actually done this and it is a great way to purchase real estate or any other investment.  

MAKE sure you speak with an accountant that is knowledgeable about self directed IRA. Follow all the IRS rules to make sure you do not create a taxable event.

I did create an LLC for the sole purpose of managing my self directed IRA. The LLC must be set up for this sole purpose and you should have it done by an Accountant knowledgeable in self directed IRAs.

My LLC has a checking account and all the funds including rents remain in the IRA. I do not use any of the rents for myself as this would create a taxable event.

Get educated first

Analyze all deals financially, cash flow must be positive, return on investment, cash on cash return, net present value.  Look at best case, worst case, and most likely.

Find the right deal and then do it!!  You must take action!!

I don't like the idea of either or anything.  I believe in doing both.  Why not start investing and paying off debt.  You may need to increase your income to do both.  There is only one time when it comes to investing, that time is always NOW!

My favorite "improvement" is a fresh coat of paint and clean.  Pretty simple but many rentals are dirty and not well taken care of.

In order to increase durability of a home is to paint the entire home with semi gloss paint.   Semi gloss paint will hold up a lot longer to cleaning and scrubbing.  I also find doing touch up paint with semi gloss matches better than a flat paint

You need to include HOA fees if you have them.