All Forum Posts by: Ryan ODonnell

My advice is not to go out looking to qualify to an investor.  I believe you just need to show some intelligence and fire for learning real estate investing. Plus, what kind? Find the people you want to emulate and try to network with them.  People with real experience and that make a living as RE Investors will take time with a genuinely passionate person. My best mentors have been out-of-the-limelight guys who didn't see themselves as my mentors but continued to answer my questions and agree to spend time with me. It eventually led to a great relationship (and opportunities).

Not sure what organization you mean, which is why you may not have gotten much response.

I don't know that I would post that you have access to the MLS and are not an agent. If that is what you mean, it would be bad for the agent to be caught giving you that access. My feeling is you're going to have to compete in the market anyway as the agent really has no say over giving you first crack at it or something. If you stick to your numbers and make enough offers, there's deals out there. With an abundance mindset and a plan, you'll get deals.

I know of case after case of banks accepting cash offers over a higher (significantly higher, mind you) financed offers! So who's hurting the housing market and who's just taking advantage of opportunity? The point of an investment is to buy it at a good price. I don't blame investors for doing what's possible. I do kind of agree that some people are going into it flighty and not fully understanding what a real estate investment will entail.

Here's a better question as I believe it pertains directly to what Georgette will or is running into...
Is it legal to "assign" a contract without the notice/option of doing so being stated on the contract?

I think many will be surprised to know that it is in fact legal in most 50 states to assign a contract without any knowledge or option of doing so stated on the contract. The contract is presumably assignable unless stated OTHERWISE.

Why then do we hear so much about "and/or assigns" ? You really don't need it nor need to tell anyone that you are assigning it.

Don't discredit realtors, but you have to make sure they have some knowledge of what you're trying to accomplish. Don't let them tell you what a deal is unless they have experience investing. Let them make their commissions and focus on investing, you'll make more money anyway and won't have to worry about marketing and being the agent as well. You're typically held to a higher standard as a realtor too so you can find people want to point at you for doing something legal, but because you're an agent.

To start, banks don't advertise short sales, they only approve them. The OWNER is the one trying to short sale. The bank has to approve it and move to close. You are correct that they can do what they want. Your offer unless signed and returned was no guarantee that they would agree to a short sale.

This can happen and unfortunately that's the process. I had a guy who offered every single term and price the bank would agree to and they still took it to foreclosure saying that he didn't do it "in time" although they control the time and extensions.

Sorry to hear, but don't give up because of that. You're going to come across all kinds of deals that fall apart, maybe even AT CLOSING. It's just business.

Haha, sorry everyone. wow...and my wife's a math teacher! She'd be so proud!

Wait a second Will...are you saying that if this guy makes 9k gross that's 750/month and investors would only be willing to pay 15k for this property!?

I think if you do the math, by his numbers the TOTAL into the property was 31k because 9k would be the 30% he claims. Maybe 5k is a ton of money to put into it for him.

There is no debt service because he is saying COC return.

All you can do in my opinion is put it out there for sale and see if you can sell it for what you want. If you're ok with taking break even just to get out then do that. Otherwise, you should let it cash flow and keep marketing it.