All Forum Posts by: Account Closed

You have not supplied enough information for anyone here to give you a good opinion.

What is the CAP rate, how much are they asking, what does the financing look like what is the NOI?

Are you buying a job or an investment.

What's your financial situation, do you have reserve money emergencies

Can you mange, increase rents

How much will the owner financing, do you need financing

Hello Jami, we may have something in common; I own a house on Amelia Island, not far from Jacksonville. I visit my homestead abut 7 times a year.  I am also an auctioneer.

I had thought of doing some Control and Roll deals in Jacksonville, but just didn't have the creative contacts to helps succeed.

Are you buying houses at the court house steps or attending owner/investor auctions, those being held at the property?

We do about 200 a year, all are out-cry live auctions in front of the property; this is a great system for flipping properties provided the controlled equity is sufficient.

Stay in touch,

Charles

Rob, I own a bunch of houses and commercial properties, they have never contacted our company or me.

I have had back ups before, but not that many. If we find it is a tenant caused probable, we charge them for the cost of clean out.

Depending on the price of the insurance, it may be worth it, but if you only have a few houses, the odds of not having a back up is in your favor.

As an investor and future owner of many more properties, you should try your hand at doing it yourself;

• Rent the machine with the auger and motor on it
• Turn the water off to the commode
• Drain it as best you can
• Remove the two closet bolts (when replacing, don't tighten too tight or your brake the porcine commode).
• Remove the wax ring--- messy, stinky -- use cloves - don't get it on your clothing
• Life the commode from the waste line......guaranteed you'll get water on you (hope it is not yellow)
• Now feed this heavy cable down the waste line as far as you can go.
• Push the start button on your machine and watch the cable spin as it seeks the block, oh, be careful because sometimes stuff will fly out and may  smack you in the face.
• If you are lucky you'll find a baby's toy, a rag or some sort of material that may be unpleasant; bag that ugly stuff for later disposal.
• Oh, did you buy a wax ring? They come in two models; one with a flange and one without, I usually buy one of each just in case, sometimes you'll need two wax rings if the commode is not seating tightly,  you don't want to flood the bathroom  and have to start all over again.
• Put the commode back, tighten the closet bolts and test for leaks and flow.
• Clean up the mess you made, clean the equipment before you take it back to the rental store. Change your cloths before you enter your home, wash up - take a shower - have a drink.
• There now ------ a job well done!

Alternative: Call a plumber ------- your time is more valuable finding, negotiating and closing great deals.

Charles Parrish

the way I would accomplish this is for the seller and the buyer settle with you being on the HUD -1 as an assignment fee.

You would not benefit tax wise, your assignment fee would be taxable as ordinary income.   

It seems like so many so called investors are hung up on funding and the first thing they want is a hard money lender, Why? why hard money, what's wrong with soft money, money form your relatives or friends or a joint venture. Find and negotiate an equity pack property and the MONEY will come, or just flip and you don't need the money.

Money is not the key to real estate success - the key that will unlock the doors to many transactions is the deal, the knowledge to negotiate, the ability to think of 10 ways to write an offer, finding great properties and the ability to negotiate an attractive transaction.

Why buy property when you can CONTROL a property and flip it while you are in contract.

Selling something you don't own is the highest leverage in the world ----

I have been doing Control and Roll for years now and it is the fastest way to make short term cash profits - try it, it works!

If you have an agent who is acting a Fiduciary Buyer's Broker for you, work with him to make offers on other listed properties, also, make it clear to your agent that you will pay him a commission on any unlisted property he finds for you; FSBO's, bank owned properties, leads from advertising, expired listings.

It sounds like you are tripping over small change when you should be looking at the big numbers and the big dollars.

You might want to have several Fiduciary Buyer's Broker (under contract) working for you.

Want more leads, advertise on the radio, newspapers and TV.

Get a copy of your local legal news papers, find lawyers who are doing business and running ads in that publications; foreclosures, tax sale etc. call them.

There is also a publication that list lawyers and what the specialize in, I am not sure the name of it, but it is a national publication.

You can also find a suitable lawyers by attending houses and rent court in your area, chat with them, ask for referrals (in-between cases).

You can also find some super deals there also.

An investor really doesn't have to be from that area to analyze the transaction and make a deal that works. I'm willing to listen to your numbers.

If you have you unit sold, you don't need the agent. You will need an intermediary to do the 1031 exchange, remember the rule about boot.

If you unit is not sold and you think the agent can do that for you, go for it, make sure you disclose that it is going to be a 1031.

I have done very well with exchanges and intend to do more, it is a great way to build a real estate portfolio without have to pay capital gains (deferred).

Good luck, call if you need some more ideas.

Tell us about your ideas, I am sure we could raise that much with all these folks here on BP.

How much is the return if someone invested $1 MM?

Where would you build it, do you have the land, would it be houses?

Where would the income come from?

Do you have any plans?

Why do you think this is a good idea?