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All Forum Posts by: Bill P.

Bill P. has started 6 posts and replied 368 times.

Post: Taking properties Sub-2 - How long for loan payoff?

Bill P.Posted
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
  • Posts 435
  • Votes 198

@Account Closed 

Borrower had another house already purchased when I took over his existing loan. They are about 45 minutes away from me. They would like me to refinance and/or sell which I am trying to do through a lease/option. Their option runs until 6/30/15. I never expected to keep it this long but the housing crisis hit right in the middle of these 10 years and the value of the house sank like so many did. The borrowers are thankful that I have paid on time for 124 months but if the truth be known, I can't wait to get this off my books as well since 10 years is too long to keep any property for me.

Post: Taking properties Sub-2 - How long for loan payoff?

Bill P.Posted
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
  • Posts 435
  • Votes 198

10 years and going strong with a 2.78% rate.

Post: Getting a loan with no or new job

Bill P.Posted
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
  • Posts 435
  • Votes 198

@Joe Cayse  says above the best way is to find an awesome partner if getting a job is not the direction you want to go. Finding an individual that may underwrite a private mortgage for you is another option as well. An awesome partner splits the profits but a private mortgage can just be a great interest rate.

Post: To business card or not to business card

Bill P.Posted
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
  • Posts 435
  • Votes 198

@Glen Underwood 

You don't have to have a title that says "real estate investor" or anything else. Just have a clean card that says your name and contact info. There are plenty of templates at cheap places like Vistaprint.com that allows you to get cards for $10. Please make an investment in yourself of at least $10 to have an easy way to network.

Post: Is there a way to be anonymous, totally, when becoming a landlord?

Bill P.Posted
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
  • Posts 435
  • Votes 198

@Darrin Carey 

We've done the same way for over 20 years without any problems.  I'd add that we also treat people professionally (even when they are not) and we always attempt in compromising with any situation that is ambiguous (if we caused the ambiguity). Most people are decent people and you shouldn't have to spend a ton of money to quell your paranoia. If you are the type of person that is afraid of real life, then you probably should think about investing in another area (or be a silent partner with another person that can be the front person). BTW, our experience is owning property in 13 different states and the common denominator is that folks just want a decent and safe place to live without drama.

Post: Note Investing vs Inflation

Bill P.Posted
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
  • Posts 435
  • Votes 198

@Jamie Greenberg 

Yes your payments would become less valuable as time went on in an inflationary period. However, if you're buying notes correctly by 1)not having all your eggs in one basket; 2) have laddered maturity dates; 3) discounted the notes to give superior returns; and 4) monitor and enforce your notes properly, you'll do a lot better than someone who simply puts their money in a 2% CD.

Post: No refund policy on deposit

Bill P.Posted
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
  • Posts 435
  • Votes 198

@Marci Stein 

I understand that this type of model can work as long as everyone is honorable, but there are so many other ways to buy property, why would you take a chance? Most investors should use methods that have safeguards in place. Wait until you get some experience (25 deals) before you venture in this direction.

Post: What are the most important rules when getting started?

Bill P.Posted
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
  • Posts 435
  • Votes 198

1. Decide your focus area of real estate. (BBuy and flip, buy and hold, lease/options, wholesaling, birddogging, etc.)

2. Study that area through books, articles and BiggerPockets. Information is King. (Sure cash is King also but too much cash can make you sloppy)

3. Go to REIA if available in your area. Not every city has an REIA, so you have to look around the metro areas for a close one for you.

4. Network with people in all walks of life because you never know where your next deal will come from.

Post: Keep on a Month-Month, or Convert?

Bill P.Posted
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
  • Posts 435
  • Votes 198

@Scott Weaner 

I think the type of lease can depend on the type of organization that you run and what other value an annual lease can bring. We uniformly lease single family homes and we have standardized on annual leases. Doesn't really change the demeanor of the tenant but that's what they expect when renting a house. If things go sour, they still get an eviction notice like MTM tenants would. But as a side note: If you are running larger communities that sell in the future by using a cap rate, it can change the value a perspective buyer might pay if the leases are longer term as long as you are running a tight ship. When I used to run my public accounting firm, I had clients that paid less for MTM properties as the cap rate was in flux as there wasn't a rent roll that had a longer period thereby alluding to more vacancies. 

Post: Contact Organization Software

Bill P.Posted
  • Investor | Syndicator | Instructor
  • Cincinnati, OH
  • Posts 435
  • Votes 198

@Arin Hanohano 

We have used ACT! for over 10 years and find it to be a fantastic CRM program. You can enter your contacts (renters, vendors, banks, etc,) and have everything sync through Google. That way you can have your calendar and contacts on your smartphone.Their website address is www.act.com and they do offer a 30 day trial. Their new version is coming out soon (v17) but I am using v15. I only update my version every major update. Hope this helps.