All Forum Posts by: Amber K.

@Jay Hinrichs, I have seriously considered getting licensed, but I've heard many times that unless you are a full time realtor, you have no hope in making any kind of money that way.

When I was going through the process of finding my current home, I was reminded of my love of homes and architecture, and how very easy it is to see if a home was loved or neglected.  You can feel it in it's foundation, in a sense.

I haven't had a chance to listen to your podcast, so I'm unfamiliar with your stance on this.  But have you found being licensed to hurt your investing or help it?

@Anthony Dooley Buy and Hold is my end goal.  I see how the numbers work out and I truly want to provide great housing for people in my area.

Have you found people to be receptive to being honest?  Seems like a silly question, but perhaps I'm just a bit cynical in this respect.  I guess I've gotten the impression that sellers are delicate creatures with high expectations that are very difficult to satisfy.

Thank you for advice regarding package deals.  There was a recent divestiture near me of almost $1.6M in real estate.  Of course, I heard of this after most of the real estate was already sold.  Even so, I could recognize the value of being on the receiving end of this type of opportunity.

@Darrin Carey I was so pleased to see your comment.  This has always been my view of things and I was beginning to worry that it was an outdated one.

@Alexander Felice I think I need to widen my view on how to earn money, as you said.  There is no need to follow the crowd, especially since there are untapped opportunities everywhere.

@Stanley Bronstein I won't!  I promise!

@James Carollo Very good point.  I guess my take on the situations you mentioned would be as follows.  I can be true to myself, while realizing that I can't control those who benefit from my actions.  If I close a deal with a seller and they go on their merry way, happy with the results, I can't control whether they use that money for their medical bills or they gamble it away.

Your comment was very thought provoking.

@Jim K. The human mind is a truly beautiful thing.  I can definitely point to a time in my life where I was unaware of the effect of my actions on both my internal monologue and my external projection.  Learning from that time is what lead me to ask this question.

@Llewelyn A. I must admit, my hackles rose at your description of what was common practice in that REI Club. While I can understand why those folks didn't question it, it was common practice after all, it does go to show why someone should always look deeper when something looks too good to be true. This is one of the reasons it bugs me to see people talking about getting owner occupancy loans, then just pretending to be living there.

I definitely see the difference in both examples you provided.  It is basically pointing out why it is up to each individual to do their own due diligence, which definitely includes education.  I would love to talk with you more on how you became so well versed on NYC requirements.  Was that under zoning or building laws?  Either way, fascinating to see how you were able to see that deal for what it really was.

@Ian Walsh Even considering the possibility of giving up my integrity already left me feeling greasy.  You said it very well.  I have no intentions of letting this part of my character go.  Thank you.

@Nick Rutkowski Absolutely not.

Originally posted by @Peter M.:

I understand why you wrote this post and pose this question but it is insulting to just about everyone on these forums. It infers that if anyone is successful in real estate, they are corrupt or amoral. Do you expect someone to actually say, "Yes, if you want to make it big, do whatever it takes just don't get caught."?

 Just be honest with people and you will be fine. Just because an investment deal goes south or not as planned does not mean anyone involved was acting irresponsibly or fraudulently. 

I actually was concerned about my question being taken this way, because I know plenty of successful business people who take their integrity very seriously.  I had hoped that people would realize that I meant no disrespect.

I appreciate your realizing that my intentions were pure, here.  Thank you for your advice.

I made the leap and invested in my first property in October of this year.  My plan is to live in this home for a year, to satisfy mortgage requirements, then rent it out.  I still own my previous home that I am planning on renting out.  There are some renovations needed before I can get market rent out of that home.

Which leads me to my current conundrum.  My original source of renovation funds is no longer viable and using my J.O.B. income will require an extension of the renovations timeline and carrying costs.

I know there are a few different ways to earn money in real estate that don’t require you to have credit and/or cash, like Wholesaling, Lease Option, Subject To, etc.  I am currently in discussions with a seller on a potential Subject To deal.  However I'm having difficulty reconciling those aspects of real estate investing with my own personal ethics.

I know Wholesaling requires both the intent to fulfill the terms of the purchase contract, as well as the means to do so, even if you ultimately end up assigning the contract to another investor. I have the intent, but not the means. I don’t have the cash to put another down payment on a property, which are required for Lease Option and Subject To deals.

So what now?  How can I put homes under contract knowing I can’t afford to close on the properties?  How do I make money to fund the renovations and still hold myself to my own personal ethics?  I can't bear disappointing a seller who is relying on me to help them.

Thank you everyone for all of your honest feedback and advice.  It is clear that, for me, these companies are not the way to go to fund my next deal.  My credit is too important to me.

@Amber Foley Welcome to a fellow Michigander and name-twin! I am also here with the goal of obtaining rundown properties and turning them into rentals. Would love to talk with you more. Feel free to reach out!

@Marc Faulkner Thank you, Marc. I hope this works out for everyone involved.

A situation has recently come to my attention regarding a potential eviction in a mobile home park. I understand that a 30 day notice is required in Michigan for evicting someone. Is this true for all situations warranting eviction?

There have been threats of bodily harm and property damage, which is why this person needs to be evicted. Their name is not on the lot lease, nor is it on the home's deed, but residency has been established since this person has lived there with the owner's consent for the last three months. No lease, verbal or written, exists, though I think the established residency does effectively put the person on a month-to-month lease.

Children live in the home and they have been removed for their safety and are staying with relatives.

Are there any other options here to remove someone who's potentially a danger to the occupants?

@Brendan M. I have my offer in and I'm continuing to search through other options.  I appreciate your advice thus far.  If there's ever anything I can help you with, please do not hesitate to ask.  Thank you.

@Buyan Thyagarajan Good morning, Buyan. I was in Wilmington for work this week and found the town lovely. I would love to know more about the area and it's potential. If you'd like to connect, please let me know. Thank you.

@Brendan M. Thank you for your help. I appreciate the reminder that questions are okay. I'm new, so that did make me wonder if I should hold back on my questions. Which is not something I usually do. :) I did end up putting in a secondary offer, however I've heard nothing and I think the inspection has already taken place. So my realtor has recommended that I move on to another property. It's clear that this area is becoming a seller's market, so I'm going to have to be careful on my numbers. Thanks again.