All Forum Posts by: Account Closed

I am a virtual real estate investor who focuses on pre-foreclosures, probates, and REO's. I am passionate about automating my businesses, and am grateful I am able to make a 6 Figure income in real estate investing on auto-pilot. The most important thing to me is freedom---so I can live out my true passion and purpose of ministering to those in need.

I hope to help all of you in any way I can. If you have any questions, I'de be happy to see if I can help resolve a frustration or challenge you have in real estate investing.

Here's to your success!
Blake Templeton

Hi Marcus!

I am new to bigger pockets but not real estate or short sales!

First, there is no legal problem with you being the buyer and negotiating the short sale...typically however its best to use your LLC or company DBA for the purchase contract and your personal name for negotiating on the phone and through faxed communications.

Just disclose you are a realtor to the homeowner, and you already said you had disclosures done :-)

You shouldn't be paying that much for transactional funding---and I wouldn't seller-finance. I would do a double closing and flip it to an investor and collect a check the same day you close.

I would check out Cory Boatright's one-day funding, I think its much cheaper:

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Also, check out Charrissa Cawley...I've heard she has one-day funding also...you can compare pricing.

Hope this helps!
Blake Templeton
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Hi Nareth! :D

I am new to Bigger Pockets but not real estate! :-)

I have a couple suggestions. The first is that if you are looking to buy and hold, you need to have 5-10% of the Market Value of the Properties you are holding in cash reserves to be used for emergencies...to give you moving room if you need it, especially when you are relatively new to this kind of investment. I hope that isn't discouraging---I think its most wise.

So, if you have $50,000 to invest, I would keep 5-10% of that for reserves for the building you will purchase in case of unexpected repairs, etc.

The rest you can use for a down payment towards an investment property. I would suggest buying properties for cashflow in Texas---we have great spreads for cashflow.

An LLC is really easy and relatively inexpensive to set-up, but I would have an attorney write up your articles of organization. I would suggest having 2 managing members in the LLC rather than just you--if you are married your wife. If not, you can set-up a single member LLC now, and alter it later. It just makes the LLC stronger legally.

Also, I would recommend doing some quick flips while you are building up your long-term wealth for the first 6 months-year. You can do what is called "double closings" (if you are in California you may not be able to do this), and not have to put down any money at all. In other words, its very realistic to make $10,000-$50,000 in 6 weeks doing quick flips...and make that per month every month after that.

This will tremendously help your liquidity and will quickly increase your confidence in real estate investing.

Hope this helps!!!

Blake Templeton
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