All Forum Posts by: Richard Gaston

@Zaid R. Thank you for the information. I am still new here and still learning about this wonderful site.

@Charles Morgan Wholesaling may be fine and good for some people (I am still trying to figure it out). I am old school, I think it better to Fix and Flip then sell for more profit (or less depending what the house closes at), but I would like to include a wholesaler on my team, someone who actually knows what they are doing when it comes to that, with actual numbers. That way when I go to a private lender I have the figures in hand, of course I am going to need a Real Estate Agent as well ;)

@Joe Butcher Thanks, I am not to fond of signing up with Guru's. If I am going to spend tons of money on anything its going to be on the properties that I buy and work on. Guru's don't make people/Businesses money, inventories do. Granted I like getting information to get myself up and running. And when I hit the ground I am going to hit it running, lol....

I like to know everyone's take on Flip2Freedom? I just downloaded an EBook from them and so far it looks interesting (yes it was free, lol), so I would like opinions please :) on the company.

In the late 90's I have done this before. My experience on that is I did a Common Mortgage at 70% LTV ARM NoDoc Loan and the Investor I bought it from carryed back a 2nd mortgage which resulted 100% Financing, all on paper mind you actually the Mortgage company had their own Appraiser who showed actual Comps what the property would be worth After Repairs, that is what was shown on the Loan as the purchase price (why the investor showed they will carry back). What I was actually paying was less then the 70%, investor got paid for the property plus, Loan took care of the closing costs and I walked away from the closing table with anywheres from $4,000 up to $9,000 cash. That explains it in a nutshell.

Now things are different, this is 2014 and Laws are different, lenders are now different and I am restarting back into Real Estate Investing. I need someone to basically take me by the hand, smack it a couple of times to unlearn what I learned, and explain to me how I can do a 100% no out of pocket cash purchase.

Here is my business plan in a Nutshell:

Start the biz, find a good RE Agent who has dealt or dealings with RE Investors, Find General Contrators to help with Rehabs, Find Closing Attorneys who have/had dealings with RE Investors, Find Distress Properties that are in need (Fix and Flips), Find Private Lenders who deal/dealt with RE Investors, Fix Properties, Sell Properties...Then once the money is basically getting steady source of income consider Buy and Hold for Passive Income and build the business from there, if I do Buy and Hold then find PM's who have experience with RE Investors as well as Long Term Experience with Property Management.

My problem is finding a good Private Lender in the Lakewood/Tacoma Washington area, and of course my credit isn't that good, can work around that. I do have a job but my plan is getting this business going really good in 3-4 months, not to quit the J.O.B. but to cut back on the hours, the young man is a very nice young man that I work for and I have known him for about 10 years, he owns the store where I work at and I hate to quit on him, the Manager is also another nice young man (ok, yes I am bit old, 55 years old here going on 56 this year) and I know his mother. I have been reading here on the blogs and from what I read it looks more like Newbies like myself is to steer away from a certain Hard Money Lender or do not deal with PL's use your own money, how am I (and anyone like me) able to do that when I really do not have my own money, my J.O.B. don't pay me enough to use my own funds, I would like to get the funds to finance the property as well as the rehab (including closing costs). Any suggestions, sorry I am trying to think and listen to a podcast from here lol...

@Kent Clothier Hey bud. :) I know what you mean, that is why I attended your webinar to help me find Motivated Sellers. I have found several Properties I was interested in and of course they were abandonded, I asked here and these wonderful people were nice enough to give me an answer to my question, I was just thinking that there had to be an easier way to find answers like this when I saw your webinar, of course I thought it was to teach how to find Motivated Sellers, but when I heard what you were saying my ears perked up, it was exactly what I was just talking about, I got excited and was sitting on the edge of my seat listening, then it hit me at the end. Now for me it was let down, here is something that can do me and other investors a great service, and yes it would be a very useful tool, but unlike some other investors I am starting to get my feet wet and I am trying my best to relearn this as fast as I can, I gave myself a 3-4 month time table, even put my notice in at work if that says anything (not to quit, but to cut back on my hours) I am really serious about doing this. My son has to be basically locked indoors when he comes home from school, this is not the best area to be raising a child in. I can not go to the store without someone asking me either for spare change (it happens even in the best of neighborhoods) a cigarette, or do I know where they can get some drugs, so it was a bit of a let down to see a $995 price tag. It was like me (and investors like me) were being locked out and only the exclusive were let in. Don't get me wrong Kent, you're inspiring to say the least and I have seen a lot of info from you that I have learned, and I have followed you for the past couple of years when I was just thinking about it, but now the thinking is done, the market is now a buyers market and its coming back up...Granted there are new Laws in place and all, and the game has changed, even from a couple of years ago when I WAS JUST thinking about it, now its time I get off my arse and start doing something, and in order to do that is to learn, learn and more learning...That and I think it teaches my son something, one is never to old to stop learning lol...And when I stumbled across this wonderful site I saw a lot of information and very helpful people as well, I though aha, a great place for me to learn and study about the new ways, and it fits my income level. Sorry bud about being really wordy here, I will let you get back to your work and time for me to see what else I can learn. Oh and I have never meant any disrespect to you, I was just disappointed about the price tag ;)

@Marcia Maynard Actually I am going one step further when and if I decide to rent, I will make sure I have a PM for that, they are suppose to know Landlord/Tenent Laws as well as an Attorney :) IMHO Laws have changed since I studied Property Management years ago and of course like a dummy I did not pay attention and when I say years its been better the 15 years since I last done this. But Marcia you're right I should've known the laws better :)

@Ken D. Thats ok, we're the same way here me and my wife. I handle all the mundane stuff like the Learning and all. Then when we fully get it going, I am doing the buying and flipping (well the RE Agent will not me lol) but for the repairs seeing here in Washington I have to have a General Contractors License anyways (even if I don't do the work on the house) we decided to put our hands in, she wants to do the Landscape, she don't like the way I do it lol, but the end result I basically get it done my way she just thinks she got her way, unless its planting flowers or something.

But that is mote and not really related to what you're saying. I think its the same here as there but for the Security Deposit it is illegal to do what they told you to do, but not sure. If its for Damages then that is what its suppose to be for, I don't think you can apply it towards the rent. I am not sure about the Laws on that but I do not think you can collect what they owe you if they have already moved out unless you can take them to court, but personally I think that would be a waste of time and your money seeing it may cost more to try to get 1/3 of the rent in court (court costs and other legal fees). I am sure an Attorney will agree and tell you to just chalk it up as a lesson learned. If you do a background check on your tenents and if there are bad marks on them, find out why. If its rent related then move on to the next prospects, less headaches that way. If I were doing a background check and find a bad credit rating on my prospective tenents I will find out why, if I find they have a criminal record again I will find out why and if anything is related to any apartments or houses they rented I will go to my next prospective Tenents until I find someone who is a decent tenent or at least somewhat decent. No late payments on Rent, No Drug users etc, no evictions on their credit report (up here landlords can do that I found out). But here I go again and getting wordy (talking to much lol)

ok, I am going out on a limb here, but I am confused. Where is the unlawful Detainer? Or did I miss something, oh wait, let me take a stab in the dark here. After you posted the question, they all moved out? Sorry, been up since 4am here and starting to get a bit tired (sigh, again. I really need to get off that dang Graveyard Shift lol) and am being a blithering idiot here so I am asking not just for me but everyone here as well, just in case they feel a bit confused too lol....

@John Van Uytven I know what you mean about abusing the system. As I said earlier, I work at a 7-Eleven. I saw this one lady come in, buy some groceries (literally, she was buying groceries at a 7-Eleven Convience Store) and then get in her car.....Did I mention that car was a 2012 Jaguar?

@John Van Uytven Oh, Duh.... Thanks. I clean forgot about Seller Financing, got to excuse me sometimes my brain gets a bit foggy when I am sleepy. I work a Grave Yard Shift, man I really need to get off that shift, lol... I confused what I read from a book and that Video I saw the other day here and on that video it talked about borrowing money from the homeowner lmao....funny video....