All Forum Posts by: Anthony Gayden

Thanks again, all!  FYI, these properties are not in Boerne or even in Texas, they are in South Carolina (1500 miles away) - hypothetically... :-)  I'd LOVE to own properties here!  LOL 

It just gets deeper and deeper from here...

Multiple tenants have expressed desire to buy the homes, but they expect their payments to go DOWN, not UP... because they have no concept of finance and actually balk at the actual sales price (even at rock-bottom).  So, unfortunately, there appears to be no way to raise the rent and maintain tenants (that will actually PAY their rent).  The market in the area simply won't support it.  Would have been good to have done the rent analysis FIRST, before getting in on these properties... Even then, the economic outlook of the area was better 8 years ago, but went down-hill and doesn't appear to have much hope of recovering.  It's not Detroit, but it might as well be from an investment stand-point.

Even a VERY enticing Lease-Option - where an increasing portion of the monthly rent would be credited toward the eventual purchase of the home with good payment history year after year - couldn't gain any traction.  And, in SC, even with a lease-to-own, the land-lord is still a land-lord and is legally responsible for maintaining habitability of the home - no way to offload the burden of maintenance and repairs to the tenant according to SC law.

There may also be other forces at work.  Other investors, realtors, and powers in the area appear to be waiting in the wings and possibly manipulating the market to force investors like my "hypothetical friend" out - possibly due to some personal grudge or just so they can swoop in and pick up these properties from foreclosure.  There is a known, tight network of collusion between realtors and certain investors in the area doing under-the-table deals.  Think people play by the rules?  Sorry.  Welcome to reality.  The world is much darker place than it appears.

Trying to auction and/or short-sale are possible options.

Wondering if anyone has gone through a default or short-sale and how that affected them...???

You buy 1,525,000 and resell for 1,650,000.  What you waiting for??

I'm laughing now.  Why do you think of all the "SCAM or system or guru" you encounter are not what you actually need.

What due diligence are you talking about.

Simple math is your answer:  1 + 2 = 3

1 - You are about to embark on a path where you will be responsible for handling Billions of dollars (yes...billions...if you do it right), and you want to be smart enough to make sure the scales tip in your direction...as far as those dollars are concerned.

2 - Real Estate Investing is a career choice, or at least you need to think and act on it that way, in order to be successful.  Doctors, Lawyers, Architects, Hairdressers, etc...will spend thousands and thousands of dollars to educate themselves for their chosen career path...and think nothing of it.

3 - When you add up 1 + 2 above, you should expect to pay for your career path knowledge as well.  Why are you so much against it?  Not all knowledge sources are equal, but to dismiss them all as "shady", or "scams", only hurts you.

Oh, and systems are everywhere there is success.  It's that "system" that allows those that develop them (in any arena) to gain that success.  A good system is critical to real estate success.  The key is to develop one, or more (options), that will bring you your own success.

Next, I try wholesaling and it's been unsuccessful thus far. Now I'm working on a few different grant applications but the process can take a while. Before I get too discouraged, do you all have any suggestions or success stories on other ways to generate funds for REI? ...in 6 months?