All Forum Posts by: Account Closed

I've taken BiggerPocket's podcast advise to offer value before asking for value... by volunteering to be the newsletter editor for my local Landlord club has instantly put me in the spot light. Through this, I've met every active member of the club. I've had two different landlords approach me regarding their desire to retire in the next couple of years from landlording. They mentioned the idea of 'carrying paper' for the 20% down requirement of my bank.

So I would borrow 80% from my community bank and 20% from the seller. I talked with my bank and they have loaned in situations like this before and are willing to work with us.

So now my questions! : ) What the pros and cons, recommendations, any articles or blogs I can read... what should I do?

How does this work as far as timing? I need that 20% when I close from the seller to give to the bank, but I won't have title yet to secure the 2nd mortgage for the seller? Does my question make sense? How many questions can I ask? lol

I'm not a complete newbie to landlording, I have 10 properties which is 14 rental units. I'm just new to the idea of the seller financing 20%. Looking for your thoughts, thanks!!

Doug Emerson

Seller financing is a great way to go. Just don't over pay for the property. Escrow or a real estate attorney can draw up the proper paperwork.

1 Vote

Originally posted by @John Casmon:

Bill T. If you are exploring working with someone that you only know through an Internet forum, it's a common practice to start with some desktop research and see what pops up in a Google search. There are a lot of people on these forums searching for partners, investment opportunities, mentors/coaches, etc and it's important for them to gather information before they engage in those discussions. A Google search certainly isn't the end all, but if you're looking to connect offline, you may want to see a picture and have a real name.

To each his own. I believe the research that a lot of people post false information about themselves and even use "shutter stock" photos. As I say "It's on the Internet, so it must be true." ;-) (That's a joke, by the way.)

Referrals are far more useful and reliable.

0 Votes

@Edward Schenkel Can I accept Bitcoins in the purchase & sale of a $200,000 property?

0 Votes

Originally posted by @Jacob Rhein:

Hi, investors! I'm new to BP and am starting some buy-and-hold investment activities in the North Atlanta Metro area. I'm also opening a solo law practice serving real estate investors in Georgia.

I'd love to hear what kinds of things you use your lawyers for and what qualities you look for in a lawyer. How often do RE deals fall through and result in litigation? Do you do evictions yourself or do you hire a lawyer? Have you ever hired a lawyer to help structure complex transactions or seller financing (e.g., rent to own)? Ever foreclosed on a tax lien? Would you use the same lawyer who set up your LLC to represent you in an RE dispute?

My focus is civil litigation, especially RE contract disputes. Any advice and input would be appreciated. Thanks!

I want my lawyer to bring up the things I don't know to ask. And, it's okay for a lawyer to say "why" it shouldn't/can't be done a certain way. It's even more believable when my attorney says "Hmmm, I'll have to find out and get back to you". BS turns me off.

0 Votes

Originally posted by @John Casmon:

Generally, I focus on the content of someone's post, but gauge the responses from others as well. The more you interact, the more you get to know people. However, it's still an Internet forum, so you are responsible for your actions and decisions.

A profile picture and searchable name is important to me though for a basic level of connection and "google" validation.

Interesting that you seek "google" validation" Google can be and is commonly "spoofed".

0 Votes

Originally posted by @Gregory L.:

Good question. In short, I rely on my own answers and research. I’ve seen a number of experienced investors, real estate agents, and even mortgage officers give pretty poor advice on these forums at times.

Experience is only one element I consider, as there are others I find far more valuable (intellect, whether or not they’re truly paying attention to your post, etc.).

Regardless, whenever I’m told something, I research it myself for either more insight or validity. I’ve learned to never take anyone’s hard word for anything. Ultimately, it’s your butt on the line, so you better be informed and educated yourself.

I agree precisely with what you are saying.

Real Estate Investing wasn't invented by this site and experience counts for a lot more than the optics of what people "say" they know. I've seen some posters here with lots of "likes" who have been posting for a while that have given poor advice and bad information. Not all, but some do. I do check "their" profile to try and figure out what is going on, what they are trying to sell.

I think it is the old 80/20 rule. 80 percent think they know or they want to be known as knowing but don't really know and 20 percent are actually doing deals and learning. The second group are probably too busy to post very often.

I've seen answers that are very state specific spouted out as though they are universally true but are not.

Also, the number of deals someone has done is not "audited" by BP, and you don't know if they were successful or lost money. I guess you can learn by losing money but that is counter to my approach to business.

I was taught to always have "two or three witnesses" ( sources ) before I put any credence into an answer so I cross reference with other sources. BP offers "lots of advice" and some posters are very good. I can tell by the nuance of the answer compared to the detail they give. Not everybody actually reads the detail so they tend to miss a lot and make mistakes. Human nature.

It's hard for a newbie I'm sure, to sort out what works and what doesn't, what's legal in their state and what isn't, what's fluff & what's solid, but most of success comes from within anyway. It's easier to steer a moving car than one that is just parked there. (It's better to start & make some mistakes than never start at all.)

6 Votes

Originally posted by @Ozgur Gonuru:

Hi Guys,

By coincidence I bumped into this forum and decided to do a post on here.

The matter of fact is that tomorrow I will be signing my first own real estate proporty at the age of 25 in Rotterdam, The Netherlands. I bought a house for € 89.000,- and will rent it for € 795. When I remove all the costs for renting it etc it will leave me a clean €650,- on a monthly bases.

So here is the investment case:
€ 89.000,- investment in property
€ 7.800,- yearly income
8,76% ROI

This seems pretty ok, especially since I bought in a spot where the rent prices are up these times, but I got shocked. When I read some of your posts I see crazy ROI's of 20-40% on property's of 40k-60k.

My questions.
1. How is it possible some of you guys get such a high ROI? What is a minimum/average ROI for you for such an investment?
2. I read something about lending money and investing it real estate and paying the lended money back from the income. This is impossible to do for me with a yearly ROI of 8,7%, because:

100k lended
21k (example) interest fee over 5 years
121k total

7800*5= only 39k........

How is it ever possible to do investments with rented money?

I really wish to buy more property's but it will take very long before I get this amount of money again. I got lucky with some investments in stocks etc, thats how I got this kind of money on this age.

With your muslim immigration, I wouldn't even consider it. Your demographics say you won't be a country in 10 years and that is a poor bet with real estate. Sorry, ignoring facts doesn't make then go away. Pick a more stable location to invest in.

0 Votes

Originally posted by @Richard B.:

Hello BP Community! Could you share with us the list building criteria you use to find foreclosures. We're going to be using PropertyRadar.com. Thank you.

1) Rule 1 - Contact a real estate attorney and ask what the laws are regarding foreclosures in the state you are working including the S.A.F.E. laws

2) See rule # 1

1 Vote

I spent $9.95 on Robert Allen's, "Nothing Down", (when it was first published ;-),

$50.00 for a used cassette tape series from Tom Hopkins on "How To Master the Art of Selling"

$100 for a used Carlton Sheets Audio CD series (I forget the title)

$19.95 for "The Pre-foreclosure Property Investor's Kit" by Lucier,

$18.95 for "Making Big Money Investing in Foreclosures" by Conti & Finkel,

spent multi-thousands of dollars in advertising doing pre-foreclosures and fix & flips and making a cool mil in profit, in addition

$1,599 for John Burley's (2) 3 day live sessions (6 days total) on "Creative Financing" including CD's and contracts, (which was awesome and well worth it, but then, I actually apply the information. If you don't apply what you learn, it doesn't matter who you listen to)

then tons more advertising doing more business subject to and buy & hold and then another

$279 for a 3 day refresher with John Burley live

I consider learning to be a life long event. When we love what we do, we will work at it until we become great. I love real estate.

2 Votes

Originally posted by @Nicholas Weckstein:

This post is me blowing off steam or seeing if I’m missing anything.

I currently own a Triplex with an 85k note left on it. I profit roughly $750 a month plus whatever the mortgage pay down is. I’m not complaining.

Where my frustration comes from is feeling stagnant. I’m saving money like it’s going out of style, but I won’t qualify for another mortgage. I went from being a restaurant manager on a salary to a new restaurant as a tipped employee ( the money is better) problem is that the bank won’t consider my tips until I’ve been their I believe 2 years so they can average my income.

So at the current time a loan from a bank is out of the question.

I have about 8k saved myself. My mother wants to invest and has 85k but it’s only 38k in liquid the rest is tied up in IRAs.

I’m trying to think of creative ways to acquire more properties but I can’t come up with anything other than wait and save.

Also when I’m 25 in 2 years I will be receiving a settlement check for 50k. My goal is to have at least 25k of my own to add to that and then with my moms investment make a big move.

I guess I just feel like I’m smart enough to figure something else out and that just waiting and saving isn’t good enough. I’m only 23 but I feel that I should be doing better because I’m absolutely in love with real estate.

Any suggestions ? Some angle I’m not seeing maybe ?

If you said you were Manhattan I'd say "get outta town" to invest. But come on man, you''re in New Hyde Park! You have so much opportunity within a 30 minute drive you will be busy for years. Forget the bank. Do a search for lease options, wraps, subject to, land contracts, seller financing and let your world explode with choices.

5 Votes

All Forum Posts by: Account Closed

Account Closed has started 0 posts and replied 93 times.

Post: Seller willing to loan the 20% as second mortgage

Post: Do you look at their profile before considering their opinion?

Post: Ask An Attorney Anything About Real Estate Law

Post: What do you want in your lawyer?

Post: Do you look at their profile before considering their opinion?

Post: Do you look at their profile before considering their opinion?

Post: 8,7% ROI - Netherlands - What do you think of this investment?

Post: List Building Criteria for Foreclosures

Post: How Much Have You Spent (Invested) on Education/Seminars/Gurus ?

Post: I’m stuck at my current position