All Forum Posts by: Shane Wilson

Do you know anyone in the area over there?

I would just pay a few bucks to a friend if they had to go over there for some reason such as putting up signs and notices. If the tenant doesn't mail the money in on time have your contact collect the rent and mail it to you. If they fail to do so charge your tenants a collection fee to cover the cost of your friend going to collect it from them.

Question to Douglas: Isn't it a risk having your tenants knowing your account number?

I sell exclusively on land contracts. I have written in the contract that if they fail to pay then the contract will terminate and they will be evicted as a tenant at sufference.

Where I am located this works fine. You need to check where your located to see if it would work the same.

I still believe sticking within your own area and I agree it most likely not real but it doesn't hurt to check.

If the $20K homes are really worth $60K then they would cashflow $600 a mth in my area. I can't speak for OH.

Maybe the homes are an estate sale and their just trying to dump them for cash? You never know until you ask.

Ashan,

I was in your shoes. I actually majored in real estate. I tried being a real estate agent straight out of graduating but I found that was really tough with no connections or money. I believe the appraisal field would be the same.

This is just my opinion but if your looking for a job then I would consider the banking industry at one of your small local banks because if you learn the in's and out's of commercial lending and develop some good quality contacts it will help give you a step up on getting started in investing in the future.

Also, don't worry about being introverted. I was the most introverted person in the world a long long time ago but if your willing to consistently put yourself into positions that are uncomfortable you will grow and overcome that. You do need to know that you will have to overcome it at some point and grow because networking plays a huge part in success but I think its all part of the process of growing as a person.

Read the book "Never Eat Alone" to get some good ideas and start putting them into practice.

I would also say don't wait too long to get in the game. Find partners, and get started at some point.

Ask everyone in your network that you know if they know someone who will fund your deal. Its usually much cheaper then hard money.

Just rewrite it as financing. It shouldn't be a big deal.

You can buy listed REO's for great prices. There's no magic. Just start making offers.

Did you ask about a line and what the rate would be on that?

I think with 4.75% with just the 1% fee is a good deal however I would shop it with other lenders to see if anyone else would offer better terms.

12 months of on time payments from you that can be verified from bank statements is required for the previous owner to qualify for a new loan generally speaking from my experience.

Live is better. I answered myself until I hired an assistant.