All Forum Posts by: Account Closed

@Markus Ennis it is true that their contribution equals 25% of the overall purchase price with 75% covered with a mortgage, they are providing 100% funding for the deal.  

I am not judging your idea, it is up to each member in a potential partnership what they believe their contribution, and the contributions of the other parters, are worth.

Personally if it was strictly a business relationship it would have to be an amazing deal for me to consider that split.  If it is family who are already successful investors they may be willing to be more generous to help you get started.

Again, good luck and have a great Thanksgiving.  Let us know how you make out.  

@Markus Ennis just want to make sure I understand.  You are looking for 50% ownership for finding the deal?  

Anything is possible, it is up to the partners to decide how much their contribution is worth.  Good luck on the potential deal and let us know how you make out.  

@Denise James have you ever been in the house?  Did you have an inspection?

A few possible reasons, maybe something happened since the last time you were inside the property.  Maybe a major repair that wasn't identified previously.  Either way, if someone is trying to keep you out of the house it is a red flag.  You can let the seller know that if you find something on the final walkthrough that concerns you the closing may be delayed.  They can let you in sooner or risk a delay later.

Good luck and let us know how you make out!

@Dylan Thomas Agree with the sentiment already expressed, you were the emotional one in the situation and it cost you a potentially good deal.  You even wrote in the follow up post that emotional people drive you crazy, yet you are the emotional person in this scenario.  

Someone else suggested reading "Never Split the Difference" and I second that recommendation.  You misread the negotiation and who had the leverage.  Time was not on your side, most sellers know the current market favors them and are in no hurry to jump at an offer.  The moment you created a deadline, let it pass, then set a new one you completely surrendered whatever leverage you had left.

We have all made mistakes, at least anyone who has been at it for a while, so you are in good company.  Do your best to learn, be better, and not make the same mistake again.  Emotion isn't the enemy, just have to learn to control it.  Good luck.  
 

@Ava Labuzetta that is great advice to get started.  Welcome to BP, always good to see other local people on the site.

@Carly M. Sure thing, I will send you a PM.  

@Ronald Starusnak you are right about being able to make money if you know the markets in upstate NY.  An interesting development in Rochester has been the appreciation.  

Back in May this year realtor.com ranked Rochester, NY as the hottest market in the country.  

In August Business Insider Rochester was ranked 5th in the country for affordable home prices and robust local economies

Also in August Rochester was ranked as the 4th hottest market in the county.  

October Market Watch Redfin.com ranked Rochester as the least likely to tank during the next recession

Prices for entry level houses have been rising quickly and selling in a short period of time.  Good luck with the hunting! 

@Gregory Craig welcome to BP.  There are quite a few people who live and invest in Rochester on the site.  If you would like to get started connecting with a local agent/broker I can let you know who I have worked with in the past. If you would like to connect with anyone else, attorney, property manager, local banks or whatever I can pass those along as well.  

Rochester is a great market, good luck.

@Shane Welch the previous posts are solid, signing at the property is the best option.  Do yourself a tremendous favor and do not, under any circumstances, give a tenant your home address.  Do not give them your personal cell number either.

Spend the few dollars a month for a PO Box, or a UPS store if you prefer, and provide that to your tenants as the mailing address.  Get a virtual number for your cell, can get one from Google for free.  

Congrats on the new tenant and good luck!

@Joseph Falco congrats, you have completed the first step to having a million dollars in the stock market.  In all seriousness congrats, nice job.  Its also great to see you are not assuming that since you were successful in one area you can replicate that success without doing any research.

I like the NNN recommendation, that is a great long term play to build some lasting wealth. If you are looking to 1031 into a large project check out offerings in a DSTs (Delaware Statutory Trusts).