All Forum Posts by: Mark Updegraff

@Benjamin Hauser Welcome! The interface catches on quick ;-) Glad to see more Rochester NY Folk getting active on the site. We've got a strong base building, and we've all been really good about getting to know one another in person. Hopefully we'll be able to catch up with you soon!!

Happy Spring! (almost)

Mark

Awesome! I've closed 7 so far this year but put a bunch into the pipe over the last couple of weeks. Had a day where I wrote 5 offers... I'm already getting burnt out and we're just getting started!

Things are flying off the shelf in Rochester NY. This is definitely an early start to the spring market. We're still at 36 degrees and buyers are flooding to the market. The market is being pushed, and it is selling.

Are you seeing this as well? Higher than normal prices and lots of action?

Cheers,
Mark

@Engelo Rumora what outfit in Rochester?

Cheers!

Mark

Hey Russ,

Good to see you jumping right in! I'll be happy to help you get the ball rolling on these this week. It sounds like you're going to have to find out what the payoff is and offer to buy out the seller(s). Otherwise, you'll have to wait until foreclosure and then you'll be playing with the big boys. You better believe they'll bid you right up too. Of course we'll have to make sure we know everything that needs paid off too (taxes, water, other liens etc).

See you soon!

Mark

@James Dow the island of Eleuthera is awesome if you want an island where the pace is slow, the beaches are long, and you can relax without the touristy bombardments.

Hey guys & gals,

This is my first time back to Tucson since I helped my little sister jump into the RE market 2 years ago. Driving around I couldn't believe the crazy low prices and I quickly convinced them that they should seize the moment, and grab some equity while they could. Driving around now, it is clear that it was the ideal time as things are back to normal. They purchased their home for 55K and were in a bidding war on a 49,000 listing. Using my advice they did everything they could to strengthen up their offer, and they took it! Just last month the house across the street sold for 97K and it is hole compared to the one they purchased. Theirs was a bank owned that the previous owner had spent a good deal of money improving with brick & concrete work outside, out door living space, tile flooring throughout, and nice brick fireplace etc. They painted and put in appliances and some flooring in two of the bedrooms and that is it. I would say their house is worth 110k today. It's funny because they were not even considering buying until my brother in law got bit by my enthusiasm and started looking at properties with me while I was on vacation. Now that I'm back my phone is still ringing off the hook and I'm writing this post... Hmm.... maybe I should just turn off all these devices and enjoy the sun!

Cheers,

Mark from Rochester but soaking up Tucson

Time for a burrito!!!

I'm going to bring this up with my broker tomorrow. I don't think marketing would have to, and I'm hoping I'm right. I haven't rolled anything out yet, but am excited to launch a new campaign and it won't have anything on it unless I have to.

I'll let you all know what I find out.

Cheers,

Mark

I'm so busy I don't have time to extrapolate. I've only been investing for about 8 years, and some veterans can chime in on this if they want, but I feel like we should all be hustling to get as many of these bargain basement deals into the portfolio before the window of opportunity slams shut in our faces. I'm sure there will always be a level of profit to be made in the industry but it just seems like this is the era of a monumental shift in wealth. I've already set up a trust and don't really plan to calculate how many units = XY or Z so I can move PDQ to the beach. I know that my wife and I have advanced far from our days in college when we were counting our change, paying rent late and working for someone else and I just want to continue to grow the business and set no limits in any regards. I want to keep it open for new ideas and professional development however that may shape. We work hard when we work, but set aside time for the family to enjoy each other. Maybe when I catch my breath I'll have a different answer, but for now I'm just focused on building successful businesses that will provide the backbone of expansion. I want my son to know that we don't work because we have to or so we can go "live the life" We work because we love to provide for our family and those that work for our organization. If those values do not translate, then the wealth will eventually die anyway.

That's awesome that you can return so much. You're basically using them like hard money minus the upfront points. Still seems pretty expensive for money.

Would you mind elaborating on the kinds of deals you're doing to give out these returns? Are you returning interest only or with principal?

Thanks so much for sharing. Interested in learning more!

Sincerely,
Mark