All Forum Posts by: Robert Mack

J,

From reading your blog it seems like you are running your business with your family.

Did you sit down before any business plan was written and talk about the reality of going to business together with family?

I'd like to partner with my father, but one of my main concerns is what you wrote about having a partnership not work out and then leading to personal problems...

@Owen, The properties are in the $135-$200 range...also, I am looking to hold onto these properties so I thought that a HELOC would not be a good idea to use, but I have to learn the time frame of paying that back and how quickly I can refinance and so forth..

@Stacy, thanks for the tip, I need to get on that.
The properties that I am looking for are in another county around 20mintues away. Would it be better going to the local banks there or can I go to my local bank that's around the block from me?

I finally got hold of a REO agent that has a couple of listings with two banks which I've been wanting to check out,(found him through the bank reo pages). These are buy & hold properties I'm looking at.

I asked him about two properties hes listing for the bank. I asked to see them and he said that there's no way to get these properties unless you make a cash offer because the bank won't give out a loan due to their current condition. He seemed disinterested in me after I told him I am not a cash buyer..I am pre-qualified for a loan, but don't have the cash to buy outright.

What type of loans would I be able to get to have the banks loan to me, or what else can I do. I have great credit, and around 100k HELOC

Basically is the REO agent correct that only cash buyers should pursue these types of properties, or is he Bsing me and just wants cash buyers because its easier to deal with?

Hey Alejandra,

Welcome to the site, I have been to the Yucatan and it was probably my favorite vacation I have EVER taken. I spend 3 weeks there as part of a class in the winter of 06 (got 3 credits too :lol: )

I put up two pictures from my trip in my photo galleries. I did stay in Merida for a week, the pictures are of one of the cenote's and of the Tulum ruins.

That's a good start to get a basic understanding of REI.

Get out of the house and start looking at houses in your target area, they don't write books on that.

I have looked into college rentals also, home values seem to be inflated in my area due to the potential rent they can bring in, so I have not found one that works yet.

What I would do is find some successful investors who rent to college students there and talk with them. Every area is different, so you'll get the best feedback from them.

What area are you in?

Am I wrong or did our last three presidents admit to smoking pot.. and the current one said he might of done some blow...?

I say give him a break, I'm tired of hearing about this already.

Now we know the real reason he eats 12,000 calories worth of food a day. lol

I've also been thinking about taking some of the intro classes. My old landlord whom I've been speaking with told me the intro classes are good to take to gain some knowledge for your own personal investing even if you don't wish to pursue CCIM designation. (keep in mind this is just one persons opinion) You can also just buy the books and self-study if you want to get a grasp of the material...

Ingrid Nagy on BP is CCIM certified I believe or was at one point. Maybe try PM'ing her to find more information out.

I read an article in in one of the NJ RE blogs stating that

“if you under price by 10 percent, you are going to get a bidding war, even today.â€

The article say's that putting in a lower starting price will get the house more attention and ensue in more offers which can lead to the seller getting the price they really wanted for the house or even more...
What's everyone think about this strategy in today's market and has anyone tried it?
I can link to the article if it is allowed...

Hey Dave,

Saw there were no responses to your question, unfortunately I don't have an answer for you but did you try posting in the Central New Jersey or North Jersey groups?