All Forum Posts by: Steven Mann

thanks Darrell. The things that I'm finding that I'm stumped about our that if it were a one or two unit property or five or more, and I'd have little trouble finding financing. I have the down payment so that won't be borrowed I just wanted to minimize it as much as possible to use the cash for other investments.

hi Lawrence,

Thanks for your reply!

1) I currently rent there in Florida.

2) No FHA loans.

3) It's possible to live there in one of the properties but really not what I was hoping to do. If I was going to live there, it's much easier to find a loan (or so I've been told).

Thanks again for the response.

Steve

hey all,

As you will see by my question, I'm brand new to this. I own some small condos in another state but now live in Florida where I've identified 2 4-unit (separate tax parcels) buildings that I'd like to purchase as investment properties. I've spoken with several folks - lenders and brokers - and all are selling Fannie & Freddie products. I'm looking for a lower down payment (~10%)/90% LTV and I've been advised that the seller is not looking to hold any paper. Should I be looking for a portfolio lender? If no, what is it? If yes, any recommendations for one on the Florida panhandle? I've been searching blogs and watching videos but can't seem to nail this seemingly simple question. Apologies in advance and thanks for helping out this newbie. BTW, good credit, solid W-2, etc. Thanks!

Steve

going to follow, looking at JAX as it's the closest "large" city to me. Robert that is great info - thanks for sharing.

interesting. following as JAX is a key city for me to look at - it's the closest "large" city to where I am.

hey all,

I'm new-ish to BP and all the way up in High Springs (between Gainesville and Lake City) looking at GNV, JAX, MCO, TPA, TLH, and even at something in PCB. The closest REIA for me is I believe Orlando which is north of 2 1/2 hours so relying on networking. Kevin, just goodsearch (goodsearch.com, enter REIA) REIA and you'll immediately get the link.

Welcome.

Steve

 hi Elliott,

I'm glad there was something useful for you in my post. I would think they would be professional - this organization stands to make a lot of money from you if you're successful. I joined my latest group call the other day and there were about 6 or 7 parties on the line. At $250k/pop, that's $1.5M just from the initial agreement plus the monthly fee to use the software plus whatever else there is.

I also discovered yesterday that there is a low # limit to the private coaching sessions with your coach. I did not know about this. Is it in the contract? Maybe. I haven't yet looked nor do I remember reading it. Certainly no one said to me that it was only 5 or 6 or so private coaching calls. Does that change anything for me? Well, so far, only in that I want it all upfront and not left to feel as if I'm misled. Was I? Well, I don't feel like misled is the appropriate term. Was private coaching discussed before I signed up? Yes. Was I told there would be weekly private coaching sessions? Yes. Was I told that it was limited to 5 or 6 (or whatever the # is)? I do not recall ever having that discussion.

The monthly fee is to use their systems, software, group calls (by the way, hosted by free conferencing), etc. There is a lot of available material that is offered as part of the program (videos, templates, educational media, and more). There is website hosting. There is a large network of contacts and guidance for those contacts. There's Peter's time (I truly believe he knows his stuff). I do believe there is a lot to be gained from their system. Is it worth the ~$190/month? I don't yet know. Hosting in general is very cheap. I suspect the network is quite active. I had a dummy website and on day 2 already received a call (this was not my intent - I didn't expect the call and lost my first client before I tried to get one)!

If you have further questions, don't hesitate to let me know.

Steve

I'm pretty late to the game but I also stumbled upon David Harris, his videos, his websites, and the CPA website. I'm brand new to all this but decided to take advantage of a mentor service to get me started more quickly. The price? As pointed out above, it is $250k (being half of $500k) or $10k, whichever comes first. Split profits to $500k (realized profits - I had to know so I asked) then the $10k is returned. They call the $10k a retainer. I'm glad I found this thread before my first interview, however, as I was ready for it. I was told about it during the first interview so for me, it was up front. I'm with Karma in that if I did not know about it and discovered after a series of calls, I'd be frustrated and unlikely to do business with anyone who does that. It did not happen that way here. In fact, within 2 days of accepting their invitation to join (got to love this phrasing), I got a call from Peter, had 2 calls to go over the software, the program, etc, etc. I've had my first group call and an introduction with Peter and so far, it is very professional. I listened to a prerecorded group call and it was also useful and interesting. Being so new, I can't really report how it will turn out and won't have much time to read about anything as my first load of homework is enough for 3 weeks - I have until Wednesday (and that includes my travels on Saturday then again continent to continent on Monday). We'll be busy!!!

thanks Michael. I hope to do great things!

greetings all. I come to you as an 18 year veteran of the corporate world (software), traveling the globe to build someone else's stock portfolio. I have a few very small condos that I've rented for years in Philadelphia and a home in NJ that's also rented (I'm originally from NJ and have lived in PA, Brazil, and FL). I'd love (I think :) ) to get into commercial and have done some limited reading over the years. I've virtually no experience and will give back what I can when I acquire but appreciate all the good things you all so willingly share.

My Brazilian fiancé lands in the US in 2 weeks to live (and for us to get married) and I'd love to also introduce her to the world of REI.

I suppose that's all for now. Thanks!