All Forum Posts by: Richard Warren

Go to the Forums home page. Click on My Discussions.

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You will need a hard money source and that can be very difficult to find in your situation. I would suggest that you find a local real estate investment club and attend the next meeting. Ask other investors what they are doing. Most of the hard money lenders that I talk to are very reluctant to deal with investors who lack experience and a track record.

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Check out the club listings on this site.

http://www.biggerpockets.com/real-estate-clubs/utah.html

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A mentor is not always someone that you need to pay. Join your local real estate investment club and introduce yourself to as many people as you can. Be open about the fact that you are new to investing and looking to learn. Many experienced investors will be happy to help you. You may be able to return the favor by helping them out. I have helped and mentored several new investors simply because they asked and showed enthusiasm for the business. Offer to buy them lunch or dinner in exchange for a chance to chat with them. I frequently meet for an early dinner before club meetings and you can do the same. You don’t need to pay $9k unless you feel that you will get something very significant out of that investment.

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Welcome, always great to see people from Las Vegas. I see you’ve already joined the Las Vegas Group. See you at the next club meeting!

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If you are at a bank it is insured by FDIC. It is money market mutual funds that are not insured.

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Money market funds, while uninsured, have always been deemed to be safe. The funds sought to maintain a $1 share price and only invested in the safest short-term instruments available. Yet Putnam Funds just closed a $12 billion Money Market Fund due to redemptions by major institutional investors. The fund has absolutely no exposure to the assets that experiencing turmoil yet the fund closed due to fears of a panic. The redemptions caused the shares to fall below the $1 mark.

Could the money market funds be the next wave of investor panic?

See article: http://news.yahoo.com/s/ap/20080918/ap_on_bi_st_ma_re/wall_street


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Here is an article from the Wall Street Journal calling this the worst financial crisis since the 1930s.

http://online.wsj.com/article/SB122169431617549947.html

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The 50% rule is not an excuse to avoid doing your homework. It is a guide that can help you to evaluate a deal quickly. If it makes sense on the surface then you need to take a closer look at the actual numbers. The 50% rule is simply based on averages.

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If the seller is contracted with a realtor then that agent is entitled to a commission even if you deal directly with the seller. The odds of being able to do a wholesale deal on a listed property is very slim at best. If the listing expires and the seller is desperate you may have a shot.

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