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All Forum Posts by: Tom Woythal

Tom Woythal has started 5 posts and replied 12 times.

Post: Lowering the price on property

Tom WoythalPosted
  • Specialist
  • Bradenton, FL
  • Posts 12
  • Votes 3

Hello, we are very new at this and in fact have put our first rehab on the market (which happens to be our own home). It is the first time that we have sold a home, and it has been on the market for around 140 days so far. It is a nice Home so we’re not sure why there have been no offers yet. Maybe someone can help me out with this? We are thinking of lowering the price. Would that be a good idea at this point? And if so, how much? I don’t know if there is something wrong with the way that we’re listing it, or maybe should we add something to the Zillow ad? The house has brand new windows, a roof that is only 10 years old, and a central air conditioning unit that is less about 7 years old. I’ve attached the link below. Thanks for any feedback!

https://www.zillow.com/homedetails/86908979_zpid/

Post: How do REITs make money for their founders?

Tom WoythalPosted
  • Specialist
  • Bradenton, FL
  • Posts 12
  • Votes 3

Hello, I am brand new in all this, and trying to learn the basics on some things. I have a question regarding REITs. From what I understand, equity REITs make money for their shareholders by paying out dividends on whatever the properties produce, and 90% of income must be paid out in dividends. My question is, how would someone who starts their own REIT be paid? Would it be based strictly on their ownership shares also? Or are there other benefits? What if someone were to depend solely on investment capital from other investors to start? Would they essentially be "bought out" before even getting started? I suspect that's probably the case, but just wanted to throw it out there. Thanks!

Post: Private Money Lender too good to be true?

Tom WoythalPosted
  • Specialist
  • Bradenton, FL
  • Posts 12
  • Votes 3

Vic, please let me know what you find out. I need $15,000 equity out of our property ASAP. Our credit has very recently taken a major hit due to our rehab loan bills coming due (as we have not sold our property yet), and the banks and finance companies have turned us down for an equity loan (or any other kind of loan for that matter). This does sort of sound too good to be true, but then again, there is firece competition in the alternative loan industry right now, it seems, and so you never know. Can you tell me who these guys are? (the lender)

Post: Tapping equity with bad credit

Tom WoythalPosted
  • Specialist
  • Bradenton, FL
  • Posts 12
  • Votes 3

@Nathan G. @Nathan G. Thank you for the reply! I was thinking about lowering the price a little but we’ve put a lot of money into it and our realtor seems to think it’s priced correctly. However, like you said, it’s still sitting there.

“Zillow estimate” (I’m not sure how significant that is) keeps changing. At first it was estimated right where we have it ($189,000), but now it has gone down $15,000 (because it’s been on the market for three months?). Maybe we should take it off the market for a month and then bring the price down, say, $5,000 and put it back on? We’ve listed it as firm, as we’ve put a lot of work and money into it. Maybe too much. Maybe we should allow some flexibility and negotiation, and that way we can get some offers.

It is a really nice house, and even nicer now. Many have expressed interest even before we listed it, and so we’re sort of surprised that those who have looked at it (and liked it very much), have not followed through with offers. what I’m thinking right now, if we listed it at a lower price, possibly we would get several offers that may bid it back to our present asking price, or even higher?

Post: Tapping equity with bad credit

Tom WoythalPosted
  • Specialist
  • Bradenton, FL
  • Posts 12
  • Votes 3

Hello, I am very new at this, but we have just completed rehabbing our home for resale, and have put it on the market. Actually it’s been on the market since February. Our credit has recently taken a massive hit due to some recent hardships, and we need to access $15,000 of equity ASAP. The banks and finance companies have turned us down for a equity loan, or for any loan for that matter. Does anyone know of a more “creative” way to access the cash that we need, quickly? Thanks!

Post: So what's holding you back?

Tom WoythalPosted
  • Specialist
  • Bradenton, FL
  • Posts 12
  • Votes 3

Hello, I’ve wanted to get involved in investing for some time (flipping and possibly rentals), but have some debt and driving a truck. Looking on settling in Florida and wondering what kind of “entry level” real estate market arena I can get involved in in order to learn some things about the industry while making some money. A bank? Title company? Agent? I also have an MBA if that helps. Anyone have any suggestions? Thanks!

Post: Learn how to analyze deals

Tom WoythalPosted
  • Specialist
  • Bradenton, FL
  • Posts 12
  • Votes 3

Dean, thank you for your response! I see what you're saying about the mold issue (and taxes). I'll have to do more research into those areas for sure. Thanks for the direction. 

Post: Learn how to analyze deals

Tom WoythalPosted
  • Specialist
  • Bradenton, FL
  • Posts 12
  • Votes 3

Here's another one:

http://www.zillow.com/homedetails/609-N-Washington...

Why have they been on the market for so long when it seems that they would be pretty good deals? I'm not looking for anyone to help me do an in-depth analysis, just some general feedback. Thanks! 

Post: Learn how to analyze deals

Tom WoythalPosted
  • Specialist
  • Bradenton, FL
  • Posts 12
  • Votes 3

Hello, i am very new to this, and am not sure how to distinguish a good deal from a bad, even with the calculators. I was wondering if someone could possibly help me out in some of these areas until I kind of learn what to look for. I've provided a link to a property that I found on Zillow. From all practical purposes it looks like it's going for a really good price, but it's been listed for some time now (therefore I know there's a reason why nobody else wants it). Any input and advice would be appreciated. Thanks! 

Here's the link:

http://www.zillow.com/homedetails/936-N-Monroe-Pl-Mason-City-IA-50401/86910537_zpid/?utm_source=email&utm_medium=email&utm_campaign=emo-sendtofriend-hdp&rtoken=bf351822-348a-4488-a40b-fe47fded8eab~X1-ZUx9yl5gxhs07d_9vdv6

Post: New member in North Iowa

Tom WoythalPosted
  • Specialist
  • Bradenton, FL
  • Posts 12
  • Votes 3

Ok... It looks like I can't respond individually to each person who replied to my comment. Thanks also to James and Joshua! My goal is to build up about $50,000 in savings before I would quit my job, and looking at doing this by doing maybe several house-flips (or maybe a series of house-flips over the next year maybe). Is this a realistic goal do you think? I really would have to start from scratch in every respect (financially and knowldge wise).

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