All Forum Posts by: Elizabeth Sky

And yes, I do not have a Realtor's license, I have a NYS real estate salesperson's license and I better start using it again!

Thank you to everyone that has replied to my quandry. I just received Brandon Turner's book on investing with little to no $ down and will consult that. I have also decided to call the credit card companies, AGAIN, to see if I can get them to come to some sort of deal, instead of moving forward with BK, and them receiving nothing. I am in debt to the sound of around 25K. Not a huge amount, but still enough. I know I am wasting my time at this crappy low-paying job, and will continue looking for a way out. 

The talk about wholesaling and seller -financing has piqued my interest. I will investigate further. Also, I am going to check out Dave Ramsey's philosphy as well. 

I do feel isolated living outside of town, and will consider other opportunities as they come along. Thanks again for your time and consideration.

Hi there-

I am in debt to credit cards. I have a low-paying job and at this point, no retirement. I am in my mid-50's, so I am a late bloomer to investing. I thought that claiming Chapter 7 would be a good idea, in order to wipe the slate clean, so to speak. Now, I am not sure and am questioning that decision. I have chosen to begin investing in real estate, within the year, after I reasearch and reactivate my Realtor's license. My question is: bankruptcy or not? I can barely pay my bills now, and have almost exhausted my work opportunities in my small town..I suppose I could wait the  years and then start, but I feel an urgency to get started pronto! Any and all advice / input will be highly appreciated. Thank you

How do you find a good Realtor? One way would be to network in your REIA group. They could suggest a Realtor that they use and in return that Realtor would be able to eventually refer you to someone in NC. Let me know if I can help. I was a Realtor in the SF Bay for 10 years and will be taking my NYS test tomorrow! Good luck!

Thank you, everyone, for your input. There is an REIA group in Rochester, and I think I will contact them for any input they may have. Merry Christmas!

There are no investment groups in my close vicinity. Nor have I been able, at this point, to find a mentor. I have noticed REIA, as a possibility to get other investors together...can anyone vouch for them or have other ideas they could share?

Cheryl - I am feeling a little nervous about stating a purchase price without any comps. Can't find them anywhere. Called an appraiser and she wants to charge $600. Would an appraisal be advisable at this point, or just go with what I think would be fair. For example, the assessed price has not changed since last year and stands at 105K. Owner threw out 120K. 15K difference. As far as appreciation goes, this would be a buy and hold. Apparently the unit next door (3/4 of the house), brings in good rent. I will investigate this further this evening. I guess I will let them know that I don't have a good feel for an offer price yet. I will, however, throw out your idea for terms...

I totally hear you, Joel. Thank you. Lots to think about, that's for sure. But I think, if I don't start now, with a house that isn't perfect and could use some work, when will I? Food for thought.

Slaterville is still in the "sticks"! Great hearing from you, thanks Cheryl.

Utilities are separately metered, with new gas meters outside the house. They haven't said what the other unit pays in rent, and I will find out this evening. I believe it's a section 8 unit. I pay $500/month, which includes water only (it's from a well. There is a septic tank too.). They said they would bring tax information as well. They didn't approach me with regards to selling, I approached them and they said they would be happy to consider it. I would imagine that a stress-free stream of income would be of interest to them, as they are retired and spend the winters out of state. I plan on looking at comps today. Yes, there is delayed maintenance with the roof, a new exterior paint job and I can only imagine what the other unit will need after move out. There is also a torn down shed in the back that will need removal. Insulation, etc. NOthing that I can see that I would have to do sooner than later, I don't think. Oh yeah, there are also animals (prob. rodents), in the walls and ceilings during the winter, too. Is there anything else you would suggest as far as getting them to owner finance the whole package? I am not in the position to finance a big down payment atthis time.

I have lived in an older duplex, in the country for over 4 years now. My landlords are coming over to talk about me purchasing the building this evening. The property was assessed at 105K this year. My landlords threw out a starting number of 120K, too much I think. They have made some improvements which are great: new furnaces, water pumps, and water heaters. My unit has double paned windows, not sure about the other unit. They own it free and clear (it was her grandparent's house). Anyway, I have no money for a down and mentioned the possibility of talking about creative seller financing. Any suggestions? I am so excited.

I am not new to real estate, I was an agent in California for 10 years before moving here, and am studying for my NYS license. 1st time investor though. Thank you for your comments!