All Forum Posts by: Andy Stroman

Do not invest with GoodEgg! I have invested 7 times. 5 of 7 are not paying out and have not paid out and now asking for more capital. they have no idea what they are doing. they are over their heads. I regret investing with them. Run away.

Also passiveinvesting.com is partnered with them. Also bad. 

Thanks all for the advice.It sounds like it really just depends. I've read a lot about making a lot of offers and it could be very time consuming. 

Would these be accurate assumptions:

If dealing with a realtor showing the property or even over email, I should be very professional about it. I should present my bio, proof of funds, etc.  It's their job and they don't want to waste time.

If it's FSBO, I can be more personal, especially if I have met them and they have shown the property. I can write an offer and we can go over the details later. But we could get an understanding informally and then get the official offer.

Regarding this particular property, It's been on the market for over 2 years. She says the bank really wants to get rid of it.  I could offer them cash and ability to close in a week. I guess we'll see. The Property needs some work but once fixed and leased would probably get a 20% cap. 

Hi BP Forum

I'm just getting into real estate. I have my eye on 4 properties. I'd like to make some offers on them. Some have realtors and some are just FSBO. When I make an offer to either, do the offers need to be official letters, with legal jargon, etc? Or can I just send an email or letter that basically says I'd like to buy your property for $200k?

For Example, I'm looking at a commercial property REO listed for 300k. I want to offer $180k for it. I've talked to the realtor who has it and also emailed her. Can I just send her an email that says i want to offer 180k?

Where are the best practices her to make official offers?

hi @Mark Christensen

I'd be interested in helping with the finances. Pm me if interested. 

Hi @Nicole Stoddard

I am an investor in Northern Utah and would be interested.

Hello 

I am just getting into realestate in a professional sense. I was a small business owner for 15 before selling it. I acquired two commercial spaces that I previously occupied and am now holding onto them for rent. I want to purchase a 3rd building but not sure if I'm getting a good deal. Here is what it looks like, I'd appreciate any comments.

Purchase Price: 310k

mortgage amount with 20% down is ~250k.

I can rent it for about 2700/month

taxes are ~4k

My mortgage would be about $2k, all in. Insurance, maintenance, etc. I know this because I own the exact same property next door.

So, it's still $700 cash flow positive If I get it rented. There is no renter now. If I don't get it rented, I'd have not problem carrying the mortgage but it's still money out of my pocket. the area is very good and is growing like a weed. There is no doubt that prices will go up. At the same time, it's very expensive to build. Trying to build a new equivalent property would cost at least 500k today.

How do I analyze this? Is it a 'no deal' because there is no renter? If I get a renter before I commit, is it a good deal? I'm just not sure what I'm looking for here and what else I need to consider.

@Marc Maser

look for a private investor who will go into it with you. No problem with this to get started until you build up your cash flow for down payments.