All Forum Posts by: Lawrence Robinson

Sorry, but I haven't used this forum in quite some time, so I didn't realize I was doing a group reply. But I will be happy to provide additional details to everyone here. I think you will find these properties will certainly add value to your portfolio. In that vein, I will reply to to everyone here separately.

Hi Darius. I wouldn't mind at all. Please let me know if you would like to contact me directly or by some means other than the forum and I will be happy to respond.

Hello. Looking for buy and hold investors in the South Bend, Indiana area. I have 2 great properties that have been fully rehabbed. Let me know if you're interested and I'll provide details.

Can someone please tell me if my assumption is correct or totally wrong? When flipping a property, I am using QuickBooks and I created an Other Current Assets account to track everything associated with a given property. Should I also create a corresponding Other Current Liabilities account to track the short term mortgage? In my mind, it seems logical to create two accounts but something tells me I could be dead wrong. Finally, if I do need to create an Other Current Liabilities account, do you suggest using a class to link the two accounts per property? Thanks in advance.

Kelli Ford, keep in mind that a lender will not discuss anyone's mortgage with you directly. You must contact the person whose name is on the loan if u're interesting in initiating a short sale or any other type of arrangement for a mortgaged property. Block out a small window of time every day to read blogs or listen to podcasts on BP and you will find yourself empowered to take action towards achieving your goals.

Hi Kelli Ford. Before preparing to attend an auction, there's a good deal of due diligence needed to determine which properties are worth even considering. Just because they are being foreclosed doesn't mean it's a great deal. You can generally find everything you need to know about a given property at your county court house. If you don't have the time to do the research yourself, contact a title company and they will happily provide details such as liens, etc. I would strongly encourage you to attend a local REI meeting in your area to acquaint yourself with seasoned pros who can help you avoid the mind fields and get your business off to a good start. Best wishes in 2016 and beyond!

Hello, John Casmon. Always great hearing success stories on BP. Congratulations on jumping right in and making it happen!

Hello, Herlando Yuen. You have to match motivation with common sense. Why would you purchase your first property at a potential loss? The agent makes money whether you do or not and, furthermore, their bias is towards to the seller! You have made a wise choice, however, in planning to attend a local REI meeting. Often, deals will be presented from which you can pick and choose. Still, the numbers must make sense. Also, use the real estate calculators on BP to help make better purchasing decisions. Sometimes, the best decision is simply to walk away. Best wishes!

The best resource I have found for locating authentic wholesalers who bring deals with value is local REI meetings. You get to meet and learn first hand the players and exactly what they bring to the table. Experienced wholesalers are a great asset, but watch out for purported wholesalers who just paid for a course, have no skin in the game and have no real knowledge of the industry. It truly doesn't take much to determine their authenticity. In the future, try putting "Wholesaler" in your title and you'll get more direct responses locally and nationwide.

Hello, Gabe K. If the goal is simply to reacquire the property as a primary residence, that's a great deal - potentially. From an investor's perspective, however, you would be hard pressed to find anyone that would get excited about a 20% spread. Depending on the age of the property, it could easily require upwards of $25K in rehab and already your ROI is negative. As stated by Jim Wilcox and Bryan C., it's truly impossible to provide meaningful answers here without more specifics. Best wishes going forward.