All Forum Posts by: Nick Lee

Congratulations. It's a good feeling I know. The first thing I noticed was the road sign. "One way" Maybe that's the way your real estate investments will go now, forward:) Keep moving forward and growing

Happy investing.

Nick

Hi welcome to the site.

I see you are from Nigeria, so like me an overseas investor, I am based in England. I think you have come to the right place to learn and grow. The pod casts are a great way to start. I went through and at first targeted the ones that seemed to apply to me. The free Bigger pockets book is also great.

Nick

Hi and welcome to the site. I am an overseas based investor from the United Kingdom investing in Indiana. If I can do it from so far away then do can you. 

I think you have started the right way with going through the podcasts. They are a great resource and any questions you then get can be posted in the forums. You will be surprised how much help you get from the members on here . 

Happy investing

Nuck

Hi and welcome. Jump in,get involved and you will find yourself and your investment business grow.

Nick

Hi and welcome. Jump in,get involved and you will find yourself and your business grow.

Nick

Hi and welcome. Jump in,get involved and you will find yourself and your business grow.

Nick

Hi and welcome. Jump in,get involved and you will find yourself and your business grow.

Nick

Last week I was looking at a seller finance deal on a Duplex, I was going to buy. That has changed for now and I have learned a very important and valuable lesson.

So the deal was my first seller finance deal and I was excited about getting the property, without going to the banks. The figures made sense and I thought I could negotiate a little more, in my favour.

I ran the BP software and everything looked good. I am somebody who keeps reasonable control on my finances, with a budget of “sorts” and that’s why, I could have come unstuck. It was not good enough!

When you decide to become a real estate entrepreneur you need to start strong. As has been said, you cannot build the empire states building on a 6inch slab. You need better foundations, make sense? It is essential that when starting out you take time, to build these strong foundations. Implementing good business practices early on is essential. It does not matter if you only intend to buy one house or one thousand, take the time to do this and you can easily scale up with little difficulty.

So my problem came as I decided to begin to do a yearly budget, to see my cash on hand for the rest of the year. I reviewed my monthly income and outgoings and projected this for the rest of the year, including planned and unplanned expenses. Now this may seem like something that is very basic, but I guarantee I am not the only person not doing this. I charted out two paths, one buying the Duplex with seller finance and one without. With it in black and white it was clear that I could be finding myself a little short, while paying off the down payment over the next few months. This simple error probably would not of landed me in the debtor’s jail but imagine this problem scaled up 5, 10 or even 100 times. This is how empires fall and fail!

So let that be a lesson, do your personal budget, and always do a forecast before committing to anything. With things written out in a spreadsheet it is clear to see what can and will happen. It’s easier to click a mouse and make a change on paper now, than to spend sleepless nights worrying about how the hell you can change things later on.

Hope this helps some more of us new kids on the block.

Bradley, no such thing as a dumb question.  

I thought that for a long time and I believe it held me back.

You can only buy if you intend to live in the property,in the first look period. I am certain of this. It's to encourage home ownership.

I was in a similar situation a few months back. I was certain it would go first. If I was you I would prepare yourself as if it will still be available. Take a look,get a contractor in to give you a quote on the property and do your due dillige ready. Speak to the realtor and have your offer ready to go. The second it's available,put your offer in.  All this will cost you nothing. If it goes ,it goes.  Consider it all part of the game.

For me the property I wanted went after the first look period and for a bit more than listed for.  So I would thing about how much it is worth to you and base your offer on that.

Good luck, let me know how it goes

Nick

I have seen a lot of pre fab Multi units on the market now as well. It looks like the standards are very high. With the reduced construction time involved,I have wondered if this would be a way to go?