All Forum Posts by: Alan Brymer

This is probably a really late answer, but I would just call a few foundation guys and get their thoughts and some estimates.

I've had slanted floors that were easily fixed, and in both of those cases the contractors could tell exactly what needed to be done to fix it beforehand and it worked no problem.

If it involves propping up wood, it's pretty simple. When it involves concrete, it's a lot trickier.

I would try to get a short sale while simultaneously trying to find a seller-finance buyer like you described.

There's a best way and a least expensive way:

Least expensive way:

Make a list of every investor you find in an excel spreadsheet or Outlook Contacts:

* Houses for sale in classified ads that have words like "lease/option" and "renovated" or other signs that it's an investor selling it. Call these guys and get their contact info.

* Contact info on people listing houses in Craigslist.org or Kijiji.com

* People who put up Stop Foreclosure or We Buy Houses Signs

* People you meet at REIA meetings

* People who respond to your For Sale ads and signs

The best way:

* All of the above, plus doing some internet marketing to get people to fill out an opt-in form on your website to be on your buyer's list.

This takes some time to learn and some money to get a site with autoresponders, but is totally worth it in regards to the time it can save you. There's a chapter about this in the book This Market Stinks, where Sam Bell talks about how he does it.

I have not seen much use for it, as I've always gotten agents to pull comps and list houses for me.

But since you've already taken the classes, it sounds like it's a question of how long to keep it.

You could make some extra money listing and selling your own houses yourself. But ask yourself if $1000 is worth the effort, since that's all you're saving (I've always found good flat-fee agents to list and sell my houses)

You could list other people's houses or be their buyer's agent, but is that what you really want to do? I don't think it would be worth it unless you do it full-time and build a real business. Otherwise, make investing your side business in addition to whatever you do full-time.

Also, I haven't heard of anyone not wanting to rent a house from someone who happens to be an agent.

I'd like to know how easy or difficult the mortgage payment is to make on your house.

Unless it's unaffordable, why sell the house only for what's owed? There's no incentive.

I don't see any incentive to (selling?) your note that pays 12% if you're collecting regular payments. Then again, if you sell it now you'll never have to worry about payments stopping and then having to pay the line of credit totally out of pocket.

I think the question is unanswerable without more information--what could you actually sell the note for and how easily?

I would take an organized approach.

Take a few minutes to write a questionnaire to fill out as you interview potential realtors on the phone.

I like doing this because:

1) It let's you think in advance about what questions you want to ask in advance so you are clear on what's important to you and your goals.

2) Because they are written down, you won't forget them or fumble around while on the phone.

3) If you ask them all the same questions, it makes it easy to compare their answers to each other later on.

Things I would look for or ask:

A) How long they have been an agent?

B) Do they own investment property themselves?

C) How many of their clients are investors vs owner-occupants?

D) How well do they know the area/prices/nuances of the specific location where you're interested in buying?

E) What they charge. If they're finding me properties, paying 3% is no problem. However, I have never found an agent who was able to find properties successfully over time (this works best in areas with a lot of junkers--find pretty house deals I always had to advertise myself). If they are selling your houses, I'd only consider paying a flat listing fee of $1000 and paying 3% to whoever finds the buyer.

I'd brainstorm at least 5 more questions on top of this that are based on your goals and area.

I use Quickbooks 2006 (I guess Pro) and use it to track rentals, notes due, rehabs & flips, and also my speaking business.

I really recommend taking a Saturday to go to one of those non-credit classes that community colleges put on to learn how to use it in a day or so. I tried the user's manual and it just wasn't doing it for me.

I have two cards for two purposes:

1) One is a typical card I give to sellers directly, with other investors, and anyone I'm networking with. It has all of my personal contact information on it. It has no picture, contact info, and a tag line or something like "Real Estate Investor" or President of my company's name (I can't remember and it's not on me right now---deadly sin)

2) The others are bright yellow We Buy Houses CASH cards with as much persuasive copy and benefits as I could cram onto it as possible. It has my seller hotline and web address on it. These I strew all over the place when I'm shopping, or persuade store owners to leave in a stack by the register.

I had to make the tough decision whether to finish school once I started doing deals while in college. I think:

1) I would try your best to do what you love and let real estate assist you in doing it--whether your full-time pursuit is real estate investing or an unrelated job or business. If the degree helps you to do that, then go for it.

2) I think it's smart to have all of your personal income needs met by your full-time pursuit and don't have to rely on real estate to pay the bills (it makes you desperate, which leads to bad decisions). If your degree helps you to survive comfortably, then I think it's a good thing.

3) I have never heard of anyone saying their degree prepared them for creative real estate investing

4) Most of the math we need to do deals is nowhere near as complex as finance classes. I think the book Calculator Power is probably as hard as our math ever gets.

I have not had experience with this, but look up Chris Johnson and Sherry Watson, as they both have courses on the subject.