All Forum Posts by: Account Closed

hey! don't forget my company, Auction Brokers - we o over 200 auctions a year. many are some really super equity deals. go to auctionbrokers.net for a list.

Areas to invest in ---- if the building has a potential cash flow or better yet, EQUITY - you are in a good place as long as you know how to negotiate for that equity.

Be prepared with:

1.  a simple short contract of sale that is weighted in your favor (I use a skinny contract)

2.  uses pro-active contract clauses; right to assign, delayed settlement, banking days, check funds, discount clauses, possession language,

3.  always be ready with your tools of investing and don't be timid - about making offers and make them often. (this is the best way to open negotiations and to smoke out the true reasons for selling.

4.  understand comps, first stage negotiations, second stage negotiations and creative seller financing as well as the 57 ways of seller financing formulas.

5. have fun - this is a wonderful business and can be extremely profitable.

charlie 

As far as areas to invest in, ir th3 building has a potential cash flow or e 

i understate your issue - you need some professional help - glad to refer you to a lawyer who works on thes problems.

call anytime.

you are welcome - when I started investing over 50 years ago - I did well with foreclosures, got lots of good deals, but understand you have to talk to many sellers until you find that one deal that is a perfect equity profit - but understand that you will be dealing with owners who are under lots of stress and are about to lose their home, you need to understand their situation and not to take advantage of them, if you can honestly help - great - but DON'T BE AN EQUITY PREDATOR just to make a profit - it is not worth it, be kind, share your knowledge and try to help them, the laws of reciprocity will reward you well - so be kind - do not take advantage of others for self-profit.

Charlie

That sounds like the NO HELP you get from  Baltimore.

to find foreclosures - get a copy of your local legal news paper

Charles

Jay - thank you for the kind words - it is good to know another developer in Baltimore - my son and I build a 11,000 sf night club/bar on Charles Street, The Baltimore Eagle Leather Bar, it is producing $18,000 a month net-net, we are about ready to build another club, it will be called the New Hippo it will be about 15,000 s.f. dance club, a few years ago we built Joe Squares Pizza on North Ave at Maryland  Ave. All self-funding.

stop-by to say hey when you  can

Charlie

I have been using our CPA for over 40 years, he has been with us during IRS audits and took good care of our family's real estate business, we own over $10,MM in houses and commercial buildings, night club and some bars. Be glad to give his numbers, but don't want to do it in this forum - he is very busy and selective on taking on new business -- Charles call anytime.

Those people who call themselves "Wholesalers" are just kidding themselves, if you are an investor you are buying below retail market value to make a profit, why not just, if you really need a title, consider yourself an investor. Better yet don't declare yourself anything, you don't need to tell people what your are in real estate, you should keep that part to yourself, it is not going to motivate a seller to do business with you, if anything the seller will be leery of you. We say at our REIA, "Don't tell on yourself!

I am a full time investor and auctioneer, when I am negotiating with a seller, I just let them know that I am investing for our family trust and that our goal is to earn a reasonable profit as long as we can do it honestly.

My group does over 100 assignments a year and have done so for a long time, I advertise on radio and direct mail, when I get a lead all I need to know is how much potential equity there is and how much of that I can secure for myself. I don't make offers on properties, I offer on the equity I can make (also know as cash at settlement).

It is important to make full disclosures to the sellers, they need to know that I am not going to settle, I am going to assign my position for a profit.

The other important item is my contract, over the years I've created an offer contract with few words, it is known as my "Skinny" contract. I made it so it is ease to read and understand, no tricks or long agent's contract, it's to the point - sellers like and trust it and me.

From the first telephone call from a seller to the settlement table, it is about 7 weeks (PAY DAY).

keep it simple- be honest about what you are doing, make full disclosures and do it often.

I advertise that I buy houses, commercial, lots, land and non-conforming properties.

You need to create and tell your story, people like to do business with those they understand and know a little history about, here is my story as told on the telephone before make the appointment, "Mr. Jones, thanks you for calling me today, I'm 77 years old I have been in this business now for 49 years, we are a family business, buying for our family trust, I am licensed, bonded, insured and an auctioneer, will you be available tomorrow about 10 am"?

So..... have fun.... smile often .... be sincere and honest and make full disclosures and you will do well in this business

Charlie

i want to know the comps, the condition and the fast sale equity profit.

if I can't assignment it quickly for a profit - I move on to another one that I can turn over quickly. As an auctioneer/investor we move several hundred properties a year for equity profits without the obligation to settle - I use the Control and Roll method.

Charlie