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All Forum Posts by: Ray S.

Ray S. has started 33 posts and replied 122 times.

Post: Marketing my property outside of a realtor

Ray S.Posted
  • Investor
  • Miami Beach, FL
  • Posts 123
  • Votes 19
Originally posted by @Michael Jobe:

@Ray S. 

I agree with Alex that a good agent will effectively market your property. If I am your listing agent, you don't need to worry about anything except replying to my correspondence and coming to the closing. But to answer the original question; try postlets.com for a sort of "one stop shop" to help market the property. 

Ideally I agree with you 100%, but if there's anything I can do to try and give me an edge on getting this sold that my agent may not be doing I want to try it. Sometimes realtors aren't up to date on the latest technology, trends, ect. Can I post on postlets even if the property is already listed on MLS?

Post: Marketing my property outside of a realtor

Ray S.Posted
  • Investor
  • Miami Beach, FL
  • Posts 123
  • Votes 19
Originally posted by @Jeremy Tillotson:

Go to your REIA. Make a post on craigslist. I know a guy that offers a free flat screen tv to the buyers, (not sure how legal this is) just some thoughts.

Thanks for the response. Not sure if a TV would help on a property at this price point. But do perks like that generally help, such as including car? What would I use the REIA for in promoting my property?

Post: Marketing my property outside of a realtor

Ray S.Posted
  • Investor
  • Miami Beach, FL
  • Posts 123
  • Votes 19

Is there any kind of marketing I can do independently of my real estate agent? If so what should I try? Can I try sending letters or postcards to other co-brokers advertising the property? And if so, would it help to offer some kind of bonus or gift to the co-broker? Are there any sites I can promote my property on outside of MLS? How about social networking or creating a website for the property and buying ads or Google keywords to promote the website? I'd appreciate any suggestions, I'm willing to spend money on it. Thanks!

Post: Borrow against property

Ray S.Posted
  • Investor
  • Miami Beach, FL
  • Posts 123
  • Votes 19

I want something that will borrow against the equity I have in the property, it's 100% paid off, but nobody will lend because it's listed on MLS. I want something as close to a HELOC as possible. Are there any loans that would do that without crazy points or interest rates? Thanks

Post: Borrow against property

Ray S.Posted
  • Investor
  • Miami Beach, FL
  • Posts 123
  • Votes 19

I have a property that I currently have listed for sale, it isn't my primary residence. It's paid off 100%. I need to take some debit on it to pay off some contractors and ongoing costs. I can't get a HELOC or a traditional morgage because they tell me the property can't be listed for sale. Is there any kind of loan I could take against the equity in this property?
Thanks!

Post: New investor in sunny FL

Ray S.Posted
  • Investor
  • Miami Beach, FL
  • Posts 123
  • Votes 19
Originally posted by @Kirk R.:

If you are making good money doing what you are doing, why switch?  Why not expand what you are an expert at and already getting good results?

 I'm not making a switch. I'm still doing what I do, but am making all this money that's sitting idle or in stocks/bonds that carry big risks. I want to put it to work for me. I want to start building some side income doing something on the side that I also really enjoy, while I continue you build my businesses. 

Post: New investor in sunny FL

Ray S.Posted
  • Investor
  • Miami Beach, FL
  • Posts 123
  • Votes 19

Hi there! I own and run a few very successful tech companies, which have made and continue to generate great income. I'm not looking for a get rich quick scheme, I already do very well with my own companies and know the meaning of hard work and risk. I looking to get into real estate because I've always loved it since a very young age. I think I'll be very good at it, and I need to build more income streams because who knows how long I'll be successful in my own companies and want to put my money to work. I have a flexible schedule, am a very fast learner, have a good amount of capital to invest, excellent credit, a high risk tolerance, and am willing to get my hands dirty. 

I've already been involved with funding a very large development project, which turned out not to make me a penny. I learned a lot about what NOT to do from that experience, but am ready to start making some money. I just purchased a multifamily rehab at a very good price in a very desirable area that I'm looking to rent out and cash flow when I'm done with the work. I'm excited to get started but want to things the right way and grow this into a new business for myself. I hope to get educated from this site and hope to meet others who do the same.

Post: Paying cash and getting a morgage with rehab costs

Ray S.Posted
  • Investor
  • Miami Beach, FL
  • Posts 123
  • Votes 19

I'm looking to buy a foreclosure, rehab it, rent it out for a few years, then possibly sell it at some point. I'm paying cash for the property and the rehab. I want to get a mortgage for the property after the rehab is done and the units are rented. But I am wondering if I will only be able to get a mortgage against the original amount I paid for the property or if I can somehow factor in the renovation costs too? 

Post: Homepath Owner Occupied Buyer First Look question

Ray S.Posted
  • Investor
  • Miami Beach, FL
  • Posts 123
  • Votes 19

It says I need to move in within 60 days. The unit is a rehab and will take longer than that to renovate. Is that going to be a problem? In the mean time I would have to have another place as my residence. 

What happens if I have another place that's my vacation house but don't claim that as my primary residence. Can I own or live in other properties part time as well?

Post: Homepath Owner Occupied Buyer First Look question

Ray S.Posted
  • Investor
  • Miami Beach, FL
  • Posts 123
  • Votes 19

If I buy a 2 bedroom property during this period and make this my primary residency, can I have a roommate and charge them rent or will that raise any red flags? Or what if I were to airbnb one of the rooms? Are people who get in trouble just those who don't make the property their primary residence at all?