All Forum Posts by: Account Closed

When you say very solid, can you explain what you mean? Some terms are relative so I wanted to understand your definition of the market.

I sent you email replying to your PM. Check your email and come back to me.

Thanks in advance.

John Corey

Agent007,

There is a forum specific to CS. I will PM you with the link. It might be a great place to post specific questions where you reference the material you are reading. That way others who have the same info can explain the term or idea being presented.

Note that the forum is not run by the CS organization. Hence it might be more neutral in that they are not promoting CS in the formal sense. Just people who like the CS materials.

If anyone else would like the info get in touch.

I have no connection to the group and do not use CS's materials. I just know the CS forum exists.

I started with Robert Allen's materials.

John Corey

Peter,

They used to have an office in Lake Oswego just off of I-5 at 205.

Try google and you will find a couple of hits as there are two organizations the last time I looked.

There is also a national organization so you can get local details there.

Do you know about the NWREII group? They run local investor meetings in the metro Portland area. Another resource who will have info or contacts at different associations.

John Corey

Great point Robert. Sometimes it is more important to see how someone responds to a question than it is to get the answer.

John Corey

Peter,

The person said 1 hour outside the city. I think you need to time the drive and check again.

Kelso & Longview WA do not have rent levels the same as metro Portland. Albany OR would be about an hour south and the rents are lower there. 1 hour into Clackamas County puts you in areas that have lower rents. Even heading along the Max lines you can find rents that vary a fair amount when you get out towards the end of the Blue line.

I am not saying that every all areas will provide great cashflow. More that the rent levels are clearly different as are the prices.

John Corey

Education. Classes you take as part of your degree plus outside reading can be very helpful. Improving your math skills if they are not great is another key skill.

Part-time work: Property management, construction, sales in a hardware store, almost any sales job where you are dealing with the public on a regular basis, working as a support person for a real estate agent who is very active (marketing, web support, etc), admin work for a mortgage broker. Property management might be the best.

John Corey

Having the money is great. Keeping the money and growing it is what you are interested in. Yet we know nothing about you and your experience.

Before you can invest and before someone can offer suggestions take some time to tell us about your background. Even if you are just starting out there are things you might have done in the past which you can build on.

Do you have any trade skills (licensed plumber, etc)?
Any family members in construction?
Background trading or investing in public investment markets?
Math background?
People skills (useful when dealing with tenants or contractors)?
Do you own or have you owned your own home?
What have you been reading on real estate investing?

The above is not a complete list. I am just trying to understand what you bring to the table and what your starting point is.

To complete a journey successfully you need to know your start point.

John Corey

Let me see what I can turn up. It will be a while as I want to see what comes out over the next month of so.

As I noted the UK has regular events where overseas properties are promoted. It could help your marketing if you see what others are doing.

Ping me if I do not reply in a week of so. Use email as that is something I am less likely to miss.

John Corey

Tim,

You have pretty much hit on the main options. Maybe you can add the bank that is selling the REO but not likely.

The big problem is the amount you want to borrow is just too little for most lenders to make any money. If they wanted to lend how would they pay their staff? If you failed to pay can they make any money foreclosing on the property? I suspect a foreclosure will costs about $3,000 so the risk is really a problem.

That said a Working Line Of Credit (WLOC) can work with a local bank. They might have issues or they might be fine when you want a low cost property. If they expect a lien over the property they likely will object. If they are lending you and your company money without looking at what you are buying (they have a lien on existing assets already in place) then they will care a lot less.

John Corey

Ibanez,

Thanks for the update. That does address my question.

I, like you, expect there will be deals to be done. More so now given the REOs/foreclosures, etc. Some of the dumb money that was overpaying will leave the market so folks looking for real deals will be able to find them.

Good hunting.
:shoot:

John Corey