All Forum Posts by: Derek Dombeck

Ken,

1 possibility could be going to a lender like www.prosper.com. Borrow the money until the property is renovated. Then you can most likely refinance the unit conventionally if you choose.

Happy Investing

Derek Dombeck

Kevin,

In our state, all you need to do is give them a 30 day notice.  You do not need any reason. After they move, you need to return their security deposit, along with an itemized summary if they are not getting it all back, within 21 days after they vacate.

Happy Investing

Derek Dombeck

The season is relatively short for rental income.  Although he summer months bring in a premium, the winter months result in higher vacancies and less $ per night. Real estate taxes are also quite high here too.

Happy Investing

Derek Dombeck

 Don't pre-judge what the seller will or will not do. If his biggest motivation to sell is based on not wanting to be a long distance property manager, and not money, he may be very willing to seller  finance for awhile.  If you don't ask, you don't give him the opportunity to say yes. And as a current tenant,  you have been building your credit with your landlord assuming you have been a good tenant. 

By the way, I feel he's asking to much based on rents coming in.

Happy Investing

Derek Dombeck

I agree 100% Jim. I do a lot of other marketing as well as the free options.  What I'm really trying to do here is inspire the people out there that think they can't get started or grow their business due to lack of money.

Happy Investing

Derek Dombeck

Hey everyone at BP!

I thought it might be inspirational to some members to see that you don't always need a lot of marketing dollars to score big.

I really have been pleasantly surprised by a lead that came from my Craigslist ads that has developed into a huge deal.

I have a family that was losing there farm to foreclosure who contacted me asking if I could buy there farm and allow them to stay there. When I asked them what put them into financial distress, they explained that 2 of there children have severe medical problems and the bills just piled up on them. I really didn't think that I could get involved, until they informed me of the MILLIONS of yards of sand that lies under their farm fields. 

Due to some Government Ag programs that they were enrolled in, the family is prohibited from selling minerals off of this land............I however am NOT! 

We have structured a mutually beneficial deal that will preserve their family's farm for their kids and I will profit close to 1 MILLION DOLLARS!!!

All from a FREE AD! 

I LOVE THIS BUSINESS!

Happy Investing

Derek Dombeck

Hi Matt

Welcome to BP. I am the founder of the Central WI Real Estate Investors Association and have been investing in our area for 12 years. If you need guidance, I can help you.

CWREIA.com

Happy Investing

Derek Dombeck

Hi Todd,

Please join us at the next Green Bay REIA meeting on April 1st. My partner runs that group and I will be speaking that night. Just go to GreenBayREIA.com for details.

Welcome and Happy Investing

Derek Dombeck

Start a local networking group or REIA right away. When you run a group, alot of deals will come your way by default because you are the perceived expert in the room.

Happy Investing

Derek Dombeck

Hi Darrin,

I would consider paying for an option to buy the house at a future date. Your option cost would be the amount of back taxes owed. At the time you specify the option is to be exercised, your option payment would go toward the agreed purchase price. This way, you don't have the liability of owning the property at this time. 

Make sure that you have your closing agent conduct a title search, buy title insurance if you want it, record the option, and pay the back taxes directly to the county from your proceeds to ensure they get paid.

Happy Investing,

Derek Dombeck