All Forum Posts by: Peter Vekselman
Peter Vekselman has started 0 posts and replied 68 times.
Post: What was the most inspiring book you've read?

- Real Estate Coach
- Atlanta, GA
- Posts 80
- Votes 5
There are classics identified by many successful investors as particularly inspirational, among them:
"Rich Dad, Poor Dad"
"The Millionaire Next Door"
"The Greatest Salesman on Earth"
These are all good choices, but here are a couple more:
The Bible
"If You Want to Walk on Water (You've Got to Get Out of the Boat)"
The Bible may not make sense to some, but it's full of inspiring stories showing how people have overcome adversity and long odds. Whether you're religious or not we can all be inspired by tales of victory.
The second book, "If You Want to Walk on Water"... tells you that staying put won't get you anywhere. If you want to accomplish great things you need to have the nerve to risk failure and step out of your comfort zone.
That's a life lesson we can all learn from. If you're not willing to move forward you'll never reach greatness. So overcome your fear and have faith in yourself.
Peter Vekselman
Post: If the bottom is here why not buy now?

- Real Estate Coach
- Atlanta, GA
- Posts 80
- Votes 5
Is the bottom here yet? That's a question for the talking heads to debate on cable TV shows -- and they will (regardless of whether they have a clue about what's actually happening in the real world. The reality is that if you're smart about the property you buy, it really doesn't matter if property values fall -- in the short term.
The key is to do a good market analysis and make sure the property will give you positive cash flow. This is a critical point -- don't miss it -- unless dropping french fries into hot oil at McDonald's sounds like a good time.
As long as your investment cash flows you've got income each month and then you can afford to wait for property values to turn around and ride the wave of appreciation up to the top.
Post: Asigning a short sale

- Real Estate Coach
- Atlanta, GA
- Posts 80
- Votes 5
When you negotiate a short sale, the bank really expects you to be at the closing table. It would be fairly difficult to assign a short sale.
Upon negotiating and submitting your offer the bank will want to be presented with a contract. If the contract is an assignable one, the bank most likely will not even negotiate with you.
In todays climate banks are looking to deal directly with the buyers especially when it comes to short sales.
I would figure out how to buy the short sale property first and then resell it.
Post: Just getting started in real estate investing in Colorado Springs

- Real Estate Coach
- Atlanta, GA
- Posts 80
- Votes 5
Just remember, being in real estate and having to spend no money is not as easy as it used to be.
I would suggest finding some of the largest buyers of real estate investment properties in your area. You can do that through tax records or going to your local REI clubs.
I would suggest finding about 20-30 of these investors. Set up an a appointment to talk to as many of them as possible. Your goal would be to find the one or two investors that are currently looking to buy.
Tell them you would like to work directly with them, and bring them the best deals possible. Any buyer would welcome that.
In return you would like to be compensated for your efforts once they purchase the deals you bring them.
This is many times refered to as being a "locator" or a "bird dog".
I would also learn as much as possible from these individuals. What you are doing is establishing a win-win relationship.
Post: how much capital

- Real Estate Coach
- Atlanta, GA
- Posts 80
- Votes 5
When it comes to doing real estate the days of no money no credit are quickly getting behind us.
It is important to analyze each deal for all the financial commitments that may be required. Here are some things to consider on a per deal bases.
1 How much money down you need. This many times can be determined by your lender.
2 What are your mortgage payments going to be per month. Always add an additional 5-6 month into the equation.
3 The construction money neeed. If you are financing that part you should be OK, if not make sure you get atleast a few bids from contractors upfront. I would have atleast an additional 15-20% available for the unknows that are bound to come up.
4 In addition to all these costs I would have another 5-10% of the whole project available.
Post: Unsecured Credit for New LLC

- Real Estate Coach
- Atlanta, GA
- Posts 80
- Votes 5
Unless a business entity has some assets and or history it would be difficult to get an unsecured line of credit. Most of the lending institutions will want you to personally guarantee any loan made.
On top of that, they would also most likely want to have the loan backed by some collateral such as real estate.
Post: Found my first flip

- Real Estate Coach
- Atlanta, GA
- Posts 80
- Votes 5
This sounds like a house you just may want to buy and wholesale to an investor without doing anything to it. You may just want to make the purchase for the 10K and then sell it for about $15k.
Another option would be to flip your contract and pick up a few thousand that way.
Both of these options would keep you away from a potentially huge construction headache.
Post: Repo. Question ?

- Real Estate Coach
- Atlanta, GA
- Posts 80
- Votes 5
Once a foreclosure takes place the title (deed) is transfered over to the bank. That means they become the owner of the property. And just like any owner, they will enjoy all the upside and suffer on all the downside of the deal.
Post: Repo. Question ?

- Real Estate Coach
- Atlanta, GA
- Posts 80
- Votes 5
Once the property is foreclosed, it is then owned by the bank. When they sell the property one of to things will happen.
1 They will not sell it for enough profit to recoup what they have into it. At that point they may decide to go after the original borrower on whom they foreclosed for the amount they lost, or they may just absorb the loss.
2 They will sell the property above and beyond what they have in it. In this case they will keep all the profits.
Post: Guru's! Opinions welcome!

- Real Estate Coach
- Atlanta, GA
- Posts 80
- Votes 5
There are just too many things that are not clear about your situation that make it impossible to give a definite answer. But lets examine the different options.
1 Put 3k in and net out 20k in a month. That is obviously a great return on your money. But what guarantee do you have of that actually happening? It sounds like you would wholesale this deal. Being that this is your first transaction, be very cautious of what people are telling you, and exactly how you project all the numbers working out.
2 Do nothing and cover the mortgage. There are other costs in addition to the mortgage. For instance have you considered vacancy, maintenance, insurance, taxes, evictions?
3 Putting 3k into the property and doubling your mortgage payment. This obviously is a pretty good financial move. Although I will tell you based upon many years of experience that I don't know what could be done for 3k to a house that will allow you to double your rent.
4 Move into the house. This one is in your handds totally.
Overall, based upon what i'm hearing you say, it sounds like you are being very optimistic about this deal. And although I'm very happy that it appears like you have walked into a profitable property your first time around, it appears to me you may not have all your numbers correct and maybe working with some aggressive projections.
I would confirm everything with some local realtors, and contractors to make sure you have your costs and numbers correct. I would check on other rentals in the area and see what rents are being paid. Based upon all those numbers, I would then make the decision.