All Forum Posts by: Marcello Di Gerlando

Congratulations Mark! All the best.

I’m interested in buying some physical Gold and silver in order to diversify my portfolio. I am looking for a reputable retailer in or around Denver or Colorado Springs.
I am very skeptical about using a remotely located company that would require me to purchase through a website. Call me old fashioned but I want see what I’m buying. The only way I would consider buying precious metals online is if I have recommendations by others who have successfully used them.
So I’m asking the regulars here at BP if you have any recommendations. Thanks

Ryan that was a funny story, but I am concerned like the others about rabies. Squirrels are not known to attack, although they will sometimes mob attack their predators. I don’t think its defending a litter, because it’s the wrong time of year. Mammals infected with rabies, will on the other hand express aggressive behavior. Couple of things you should be aware of which you may already know 1.rabies can incubate for months with no signs of symptoms and 2. It is 100% fatal. Except for the single case of a US service member here in Afghanistan who was treated with a new drug and now has the mental capacity of a two year old. I am not a doctor or an animal expert of any kind. But I have had to learn a little about rabies because of how prevalent it is over here. We have lost a couple of soldiers to rabies in the last couple of years even though we cull and have a strict policy of no pets. So every time you see those cute Afghan dog adoption stories on the evening news, shake your head because rabies is not cute. At least talk with your doctor. Good luck with property. F-ing funny story!

Last January my wife and I came into some money and we decided to pay cash for our first home. We negotiated a little with the former owners and settled on fair value for the property. (We offered to pay closing costs of which there would be none) and we agreed not to put any money in ESCROW as we would pay taxes and insurance separately which we did.

Being in the military I was on a training event during closing. I processed the necessary power of attorney for my wife to be able to close the sale. Which worked out fine.

The issue I have and I hope someone on BP can help me clarify is this. The Title company charged us somewhere in the region of $1200 (sorry don’t have the exact figure I’m serving overseas and don’t have access the documents). One of the line items on the Title company’s bill was for an ESCROW account for which they charged us $900. What gives? we didn’t open an ESCROW account. I called the Title company some time after the sale closed and inquired about it. They gave me a pretty vague answer about it being a standard service charge. Everything else was line itemed what they charged us for, so it’s still not clear what the charge was for.

As well as being excited about our first home, I was also preparing for a long deployment overseas, so the $900 I was out was not of a big concern at the time.
None the less I would like to hear from anyone with experience closing all cash deals with no ESCROW and what you typically pay the title company in fees and what those fees entail.

Did I get jacked or is this normal?

I plan on buying an investment property when I return and I don’t want to make rooky mistakes. Thanks to BP for sharing the knowledge.

I've been looking through the REO posts trying to improve my understanding of the REO process. I have a question that I hope someone can clarify for me. Will bank asset managers work directly with an investor to close a sales or does the sale always go through a REO listing agent?

Hi Josh, FANTASTIC! I’m looking forward to being there… The catch is I’m in Afghanistan and I’m not sure if I will be home in time (fingers crossed). If I don’t get a redeployment date before the conference I will ask my command for leave so I can attend. Any teasers on what the conference will have in store for us BP fans? Personally I would like to hear a lecture from someone who has first hand information on the banks so called “shadow inventory” . This is a key point in my decision making process. Will the banks release more properties in to the market or will they continue to hold onto these non performing assets? I’m sure they have a plan and a formula, I want their inside scoop.

Hi Josh, FANTASTIC! I’m looking forward to being there… The catch is I’m in Afghanistan and I’m not sure if I will be home in time (fingers crossed). If I don’t get a redeployment date before the conference I will ask my command for leave so I can attend. Any teasers on what the conference will have in store for us BP fans? Personally I would like to hear a lecture from someone who has first hand information on the banks so called “shadow inventory” . This is a key point in my decision making process. Will the banks release more properties in to the market or will they continue to hold onto these non performing assets? I’m sure they have a plan and a formula, I want their inside scoop.

Thanks for the Input guys. It is truly appreciated.
Justin S.
I have an idea of the business model I want to pursue. I have a few months to learn and refine before I pull the trigger on my first REI. I am developing a business plan, not necessarily to present to anyone but simply to put my thoughts on paper. I have no illusion that my plan will be static but always involving with the things I learn. I don't want to fail before I start. So I plan to start right!

Danny D.
I have attended a few County Trustee auctions in my area to observe the process and talk with buyers. Very interesting. But I can’t see myself buying real property without walking through a building first and having a solid idea on rehab costs. It seems insane to me that folks will pony up tens of thousands of dollars on a property sight unseen. How do investors justify this? This is not a rhetorical question, literally, how do investors justify buying property sight unseen?
Multi family is the route I'm pursuing for the passive income. Definitely not in warzones. Maybe in the future I will move into other areas of REI such as wholesaling or flipping – I'm not there yet and I don't believe the market in my area is there yet. (But what do I know!)

David A.
This is a recurring theme that savvy REI investors seem to adhere to- Go where the best potential for growth is- I will be doing lots of research as far as infrastructure growth is concerned. Thanks for bringing this up.

Mark U.
Brother, your input is always appreciated. Thanks. My focus at this time is to become intimate with my local target market. I know who I want for customers/tenants . I know their income and I can predict their growth.
My situation being the way it is (I'm in Afghanistan) I don't have "eyes on" any properties. I have basic internet searches at the moment. But I have plenty of time to prepare for my REI for when I return! Failure is not an option!

Where did you find your best deal?

I'm guessing each market has it's differences. But generally speaking where and how do the pro's get the best deals on real property?

I would like to find a good cash flowing multifamily, and from basic internet searches I cant find anything in my neck of the woods that makes good business sense.

(applying the 50% rule on my numbers)

I'm not deterred here, because I'm hopeful that something will eventually come up. Just not sure where the best place to look is.

If cash buyers get better deals ( which at this point I'm not sure they do, just an assumption) how much of a discount will cash buying actually get you?

Considering condos and town homes have varying HOA fees does the 50% rule go out window when evaluating these properties as rental prospects?