All Forum Posts by: Amber Schenck

Thank you everyone for your thoughts! I thought I would see what kind of responses I would get first, but ideally yes @Rick H. I think he should post more details to get the answers he needs. Hopefully over the weekend I will have my friend post more details.

Thanks!

Hi everyone,

A friend approached me with information regarding a beachfront property his family has inherited and I would like to help him with options. So I am reaching out to the BP community for advice and or possible investment opportunity for someone.

I do not have all the details as of yet, but what I know is the property sits on a double lot one block from the beach (in a very popular beach town). It is a ranch style home and the only one in the neighborhood that has not been flipped.

His questions were regarding:

-How can the family avoid having to go through an agent and pay a high commission

-He realizes the potential of this property and would like to partner up with an investor. He’s concerned he doesn’t have any leverage on his end. (He is a contractor and currently owns his own business)

-Is that even an option when the inheritance is split between numerous family members? He wants to partner up/develop/ and rent out. However, the other family members want their cut of sale as soon as possible.

-Inheritance tax.Inevitable… best options?

Thank you in advance for those who may be able to share any thoughts!

Hi everyone,

A friend approached me with information regarding a beachfront property his family has inherited and I would like to help him with options. So I am reaching out to the BP community for advice and or possible investment opportunity for someone.

I do not have all the details as of yet, but what I know is the property sits on a double lot one block from the beach (in a very popular beach town). It is a ranch style home and the only one in the neighborhood that has not been flipped.

His questions were regarding:

-How can the family avoid having to go through an agent and pay a high commission

-He realizes the potential of this property and would like to partner up with an investor. He’s concerned he doesn’t have any leverage on his end. (He is a contractor and currently owns his own business)

-Is that even an option when the inheritance is split between numerous family members? He wants to partner up/develop/ and rent out. However, the other family members want their cut of sale as soon as possible.

-Inheritance tax.Inevitable… best options?

Thank you in advance for those who may be able to share any thoughts!

@Steve Babiak . To answer your question. I did go to the DIG meeting last Thursday in Fort Washington. As a newbie I guess I had expectations of learning a lot more than I did. I say this because everyone on BP suggests newbies to go to meetings. The group discussion that took place ( the beginners group) before the guest speaker was not helpful. Was extremely basic and covered info I've been reading about here on BP and elsewhere. Of course the guest speaker had a lot of great things to say regarding the potentials of short sales, however when I realized it was yet another seminar and info package being sold I was disappointed. I'm sure for many they are in a financial place to dive in and take advantage but I did not have 1k to spend on that right now! @Roger Lin Roger, you mentioned this happening. The large profits sound great! but my reality right now is not dropping 1k for more courses.

I did meet/network with a real estate agent and a wholesaler and learned a few things from them. But overall was not the experience I thought I would have. Of course I would continue to go in the future, just thought I'd share my first experience.

@Will Barnard Thanks for the tips! When networking my approach is definitely to try and get others to share their experiences and learn as much as I can from them.

I am attending my first REIA ( DIG- Philadelphia) meeting tonight. I am brand new to REI and want to get the most out of the meeting. Does anyone have any tips to share when attending these meetings?? I started writing down some questions I had regarding certain strategies I am interested in. I also plan on bring my business cards ( from my current business-has basic contact info) if I have the opportunity to pass my info on in any networking situations.

Any other tips would be appreciated! Thanks!

Or, is anyone else in the Philly area going to the DIG meeting tonight?

Thank you for the warm welcome everyone! I truly appreciate the tips ( keep them coming....wink wink!) and I look forward to meeting some of you Philly folks at some of the local REI group meetings.

Hi Everyone! I am a new REI gal residing in Philadelphia, Pennsylvania.

What I have been reading here on BP has been incredibly helpful. I plan on reading through the “new to investing book” and other newbie materials, however, I am also looking for experienced Philadelphia Investors who have interest in sharing their knowledge and experiences. My professional background is in the Nonprofit/community development world. Over the last five years however my primary work has been in the music business.

I recently went to a 3day REI seminar. There were certain things about the company that made me skeptical but on the positive side I did leave with a lot of valuable information and a burning desire to further my education regarding finances and REI. What this company made extremely appealing is that their further trainings provide a vast amount of resources right at your fingertips including the education, a ‘power team', RE I software, and a mentor to guide you along in your first endeavors. I did not sign on for those advanced trainings. I wanted to do more research and learn as much as I could before jumping into something like that. However, I worry that trying to undertake REI on my own will take me twice as long as I would like it to! Another concern is just ‘reading’ about REI will not give me the confidence to make it happen. As for now, I am excited to meet others here on BP and I am ready to dive in!

Because I am so new and do not have a vast amount of capital to work with I am interested in Wholesaling to give me some initial funds to work with. Beyond that, for the first year my goal is to focus on Foreclosure, Flips, and possibly Lease Options.

I am passionate about learning new things and I am looking forward to making connections with people who want to make great things happen!

~Amber