All Forum Posts by: Peter Vekselman

After purchasing over 700 properties in the last several years i can tell you that there's no magic number. Many times you have see who the seller is and what kind of a future you want with them. Banks don't care and starting out at 60% of offer with them is no problem at all. Individual owners maybe too offended by that offer and you may need to have more tact with them. Remember, it's not what youi start with that matters, it's what you end up with. So consider the seller before making any crazy offers.

does answering questions constitute a post?

i did one about 1.5 years ago. the key to to these conversions it two fold. yo must have the correct contruction company doing the conversion so that it is marketable at the end. and you must understand the market you are in. are these conversions selling and what the price point they are selling at.

A great thing about hard money lenders is that they have the most flexibility when it comes to interest and points. My advice to you would be to start using one or two of them, get to know them, and then start working on point and interest rate reductions.

The best advice i can give you is to double check everything. Every descision you make in the first several deals should be checked and double checked with reliable sources. If you cant find reliable sources then get multile sources and make sure you are getting a consistant answer.

Good stuff. Remember, in this business it's not the docs that matter, it's your reputation. I have been in the business for over 10 years and have bought and sold over 700 properties. There's no way i could have done that if i was in the business of messing people up. The reality is that no matter where you live it's always a small investment community, and once you mess someone up you will very quickly be found out. So the thing i learned is when dealing with someone i have never dealt with before i give them the "small community" speech...and since starting to do that many years ago, i have never been screwed by anyone.

About 10 years ago I decided to buy 6 houses at once. After making every mistake that can be imagined i was over $400,000 in credit card debt after 6 months. I had made every mistake you can imagine (construction over runs, wrong financing, wrong values, wrong projections, etc...). But that was the determining point in my career. I could have quit or could have started to dig myself out of the whole. I realized that my mistakes were actually my opportunity to learn and if i could lose that much, why couldnt i make that much and many fold. So ten years latter i have now bought and sold over 700 properties, owned a constructions company, and even have done some private lending. The key in this business is to have a no quit attitude, and until you learn, make sure you check and double check everything.

what a great problem to have. you sound like you have a natural nack for this. why not do it with a investment property?