All Forum Posts by: Nancy Brook

Originally posted by @Account Closed:

Cash is holding me back. I have excellent credit and access to 80% conventional financing. Unfortunately, the 20% in cash is in an IRA. I can't bring myself to take a $7k tax hit and additional 10% penalty to access the funds. 
 

Have you looked into a self-directed IRA or solo 401k? Could be a great option for your situation.

Originally posted by @Richard Dunlop:

Metro Detroit has problems Yes But it also has Single Family Homes that would sell for $10,000,000.00 in todays down market.

EXACTLY! Every market has opportunities.

Originally posted by @Eldar M.:

Thank you for your response @Nancy Brook and @Bram Spiero

I am willing to do whatever it takes to get the proper mentoring, In a way to work for free for a good mentor.

What are you looking to do in real estate? There are so many facets. 

Come on, guys. Don't need to be so tough on @Chris E.

He's trying to get input on out-of-state investing. Are there markets you would refer him to outside of California? 

Here's something I found on CNN that talks about markets where buyers have the upper hand. I can say that Tampa Bay is a great market to invest in.

http://money.cnn.com/2015/04/22/real_estate/housin...

Here's one from last fall but has a list of hottest seller's market:

http://www.cnbc.com/2014/09/23/here-are-the-best-p...

Great job! I know what you mean about renovation on older homes. Can be more work than expected.

Good advice, Bram Spiero I'd also be specific about the kind of mentoring you'd like. What are you hoping to get in to? I paid for training offered through my mentor and it was invaluable through what I learned and the connections I made. No one really wants to take on a mentee without some kind of pay or benefit. It's not that people aren't caring but we all have a limited number of hours.

Such a good thread. I agree with Linval T. We hold ourselves back. No time? Give up TV, sleep less and work on your days off. No money? Lots of great books out there including Brandon Turner's No Money Down book http://get.biggerpockets.com/nomoneydown/ No deals? Go to Craigslist or look for bandit signs and find people who advertise "We buy houses." These wholesalers are certainly finding deals. Call them up and introduce yourself. The problem is always us. We are the ones holding ourselves back. If what you're doing isn't working then challenge yourself to ask how it CAN work. Others are creating success through real estate. Learn from them, read books with strategies and/or hire a mentor. There are always ways to get into real estate.

There's money to be made in any market. We have properties in Columbus, Ohio, that do great. I know people who buy in Detroit. There are all sorts of houses there, not just $500 houses that are located in war zones. I'd suggest you connect with people in the local markets and get their opinions.

I agree with you, John P. There's no sense in getting an inspection for a house that will be gutted. However, I have used an inspector to save around $11k on two duplexes. My inspector is very picky and the things he identified were used to renegotiate with sellers. I'm also using the same inspector in a contractor dispute.

Erica Juhl We financed three properties in a combined portfolio loan with a commercial lender. We pulled money out for other investments. Worked great!