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All Forum Posts by: Guy Gimenez

Guy Gimenez has started 48 posts and replied 1999 times.

Post: My home is on tax sale.

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

@Dele Gabriel

There are a couple of easy, quick fixes here. (1) An investor will gladly pay your taxes in return for an undivided interest in the house. This keeps the house out of foreclosure and gives time to get the property sold. All an investor needs is a title search confirming there are no other liens on the property that would cause a problem when re-selling. (2) An investor can also consider doing a tax loan to cover the unpaid taxes. 

Post: When and how do I get to close?

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

This is a direct result of "jumping in with both feet" before you have a working knowledge of how to construct a deal. You're not alone here but this will be a great learning lesson and it's often one of the most valuable lessons you can learn. Your first job will be to build relationships with those in your area who are doing assignments and understand the process from top to bottom. They know the forms, strategies, processes. Without these relationships, you'll end up at this same place again. This "mentorship" comes at a price but good education is never cheap. And there is no substitute for 3 to 4 hours a day of good old research. In your current situation, it's clear you didn't understand your contract which is huge mistake. Spend time reviewing and researching the contract online and off so you'll understand how to draft it properly to address the matters you're now dealing with. Then research the process...there's plenty of information online on the process of assigning a contract. Since you've already assigned the contract you didn't understand there's not much you can do other than wait for things to play out. Once assigned, you're no longer the buyer...you presumably assigned all your rights and obligations to the assignee. And yes, the title company doesn't have time to coach you on how to complete a contract or the administration of a contract...that falls solely on your shoulders. Start your education process today so you'll be prepared for the next one.  

@Mike Schorah

Post: Newbie Dilemma: How do you vet a Guru, a Coach, or A Mentor?

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

It really depends on how you define the terms mentor and coach. The definition of each varies wildly, not unlike the definitions of hard money and private money. To me, a mentor is someone who provides general guidance but does not get deep into the weeds, whereas a a coach is active in helping with your daily or weekly real estate decisions. My mentors (attorneys) were not paid, however, I provided them value by bringing them my business and referrals. My coach was paid and helped me go deeper into the mechanics and strategies of investing. I have also mentored and coached others to whom I have a close relationship with and whom I knew had what it takes to grow and be successful. I have refused to mentor and coach many. I have had the benefit of both mentors and coaches (general business and investing) and it was money well spent. But I have seen newbie's, even very intelligent business professionals, get taken to the bank for tens of thousands of dollars by "coaches and mentors" who are merely highly effective salespeople and excellent marketers but nothing more. They know most new investors are easy prey and will do no vetting. Regardless of which you're looking for, you can vet them by talking to them at REI events, asking questions about their experience, asking others in the REI clubs / events what they know about the coach / mentor. You should also spend time vetting them online. You'd be surprised as how many have ongoing criminal cases or arrest records for fraud. There are both free and paid sites online for vetting someone (real property records, public criminal records, etc.). You can also ask their students about their successes (if any) from working with the coach / mentor. Don't be swayed by the coach / mentor's ability to wow you with words but instead take your time to research them thoroughly online and off. And remember that what will ultimately determine your success is YOU and what you're willing to do to achieve your goals, which must be clearly defined. In my first year in real estate, I worked my W-2 job (evening shift), did real estate during the day and studied at least 3 to 4 hours every night. I lived off 4 hours sleep a night for a year. I was exhausted at the end of 1999 but it allowed me to leave my W-2 job and go full time into real estate so it was very much worth it. The mantra you should live by is this. Believe none of what you hear and only half of what you see.

Post: Example of filled out TREC 1-4 form for wholesaling please

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

@Ashley Hightower

It's not a separate agreement...it's stated in special provisions that the contract can be assigned. 

Post: Assigning a Realtor’s Contract

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

Make sure the seller is aware of your intention to assign the contract, unless you plan to close on it IF you don't locate an assignee. The agent is likely using your state / association approved contract form so there's no reason to be afraid of using that contract form. Seasoned investors will likely be more familiar with that form than yours.  

Post: Closing costs on seller finance

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

First you should read and understand your contract as it should state who is paying what. Then reach out to the title company for an accurate estimate (HUD) based on what is stipulate in said contract. Each state has different miscellaneous costs, as does each title company.

Post: What would you do? First time home buyer in ATX

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

In a softening market, condos are typically the first to go down in price and the last to go back up in price. And you're not accounting for any special assessments from the HOA that could put you in a hole if the HOA is under-funded / under-insured.

Post: Looking for new real estate coach.

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

Get your checkbook ready. For weekly coaching, you can expect to pay a min. of $3K+ per month (1 hr. per wk) IF you have a seasoned, active investor coaching you one on one. The majority of "coaches" are theorists, meaning they don't buy real estate, they sell courses and coaching. Determine exactly what areas of real estate you're looking to increase your knowledge, then determine what you'll pay for the coaching. Once you've determined this, you can narrow down who is in that circle. Of course, you'll need to know how to conduct your due diligence on your coach so you're not paying a pretender. There are more fake gurus in this industry than you can shake a stick at, all who are willing to take your money, so your contract should be specific as to what you'll receive in return for money spent. 

Post: Joining a mentorship/ mastermind - is it worth it?

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

Masterminds are a group coaching model, not one on one. If you're being told you get one on one coaching, you should drill down deep in your agreement to confirm, how much time is one on one, how often is the one on one coaching, etc. You should also vet any guru who is charging for this service. Get a list of their development projects, each project's numbers, each project's success post-build, etc. Very few students will do their due diligence and those that do often find the guru has little to offer in the way of a track record. I had one on one coaching years ago and found it very valuable so the expense was not an issue. 

Post: Are these internet/Instagram flipping "Gurus" legit? Let's debate

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

@Marty Boardman

I think it's safe to say that coaching / playing football hasn't been affected by court cases and legislation like real estate has. Personally,  I don't want to receive coaching from someone who hasn't bought or sold real estate in 10 years even if that coach will give me 100% of their time and all their knowledge from a decade ago. I don't want a doctor who hasn't performed a surgery in 10 years directing another physician who is doing my surgery. I want a coach who is actively engaged in the industry and who is current on legal strategies that will impact my decisions.