All Forum Posts by: Ann Bellamy

Just ran across a great app for my Droid called Lookout. It will:

1. LOCATE: Activate my gps and locate my phone within meters on a google map from an internet connected PC

2. SCREAM: Turn on a loud and flashing alarm even if my volume is off, so once I determine the approximate location from "Locate" I can turn on the SCREAM and find my phone

3. VIRUS PROTECTION: Checks all my downloaded apps

4. BACKUP for my data.

The premium version will also lock the phone remotely and wipe all the data if I want, in case it is stolen and can't be found in time.

I have no affiliation with Lookout, but love the app and thought I'd share.

www.mylookout.com works with Android, Blackberry and Windows mobile. Enjoy
:D :D

This has been a great thread, very interesting. Newlife30 has a great investment going, and some systems and procedures, and most importantly screening procedures will go a long way towards preventing the next crisis.

I agree that get rid of the tenant completely, don't bring up the door, give her everything back, and make sure she signs something relinquishing the apartment and keys before you give her the money back.

J Scott has it right - title companies are no longer allowing you to use C's funds to pay A, and then walk out with that "$hit eating grin". Hence transactional funding.

And now the title insurance companies are requiring that if it's a short sale in the A-B transaction, the A's lender sign off on your C transaction. Kills most of the transactional deals. When you add the need for seller seasoning to the C buyers loan requirements, these deals are getting harder and harder.

Eric, maybe you have a solution for this?

We're pretty much not lending on condos because of the additional risk of the condo assn, and because of the reduced exit strategy if it's not 75% owner occupied.

I think an LLC is overkill on a personal residence, even a duplex. Find a good real estate attorney and CPA IN YOUR AREA - you need people who know the laws for your location. For example, in NH we don't use trusts much because of the NH laws, but in MA they are everywhere.

Consider an umbrella policy to increase your liability protection since you have a tenant, that will help also.

Transfer taxes in and out of an LLC can be killer, depending on the location also.

I don't think it is a deal killer either way, but info@ looks like it goes to a black hole. Certainly not a real person. I would use some form of my name, so that you are perceived as a person, not a bot, and you can have lots of email addresses all funnel to one place.

1) If BiggerPockets put on a conference, would you want to attend?

Yes

2) Would you be willing to travel (fly) to attend such an event?

Yes, but so many conferences are on the West Coast, we poor easterners spend two days just getting there and back. So a 2 day conference sucks up 4 days. A conference in the center of the country for a change would be great. If you try to do multiple locations, you'll be a nutcase in short order. Assuming you are not already.

3) Do you think 2 days would be adequate for a first shot at it?

Plenty - you'll have enough on your plate with the logistics for 2 days, believe me!

4) What kinds of ideas do you have for sessions?

I'd like to see some sessions more geared towards advanced topics. I founded a REIA and everyone is sick of the newbie stuff, except the newbies. Don't get me wrong, everyone needs information when they start out, but there are lots of local REIA's all over the US that provide that.

5) What would a BP conference look like to you?

A mix of meaty how-to seminars and networking

6) Of the real estate and other events that you've attended, what is the one thing that you've liked the most?

I like the rotating round tables, where you can sit with an authority, ask questions, and move on to another table when you are ready.

7) The least? Pitches that are upsells for pitches that are more upsells.

Definitely - hire a public adjustor - and do it right away!!! And don't let the insurance company tell you that they have claims adjustors, that you don't need your own.

If you got sued, would you use the plaintiff's attorney? Of course not. Same principle. Get your own public adjustor.

I think you are getting discouraged when 1 or two banks say no. I identify, I tend to do the same thing, as do almost all of us. The trick is to keep going after 7 or 8.

So make a list of the small local banks in your city, and credit unions. Speak to the commercial loan person. They may consider a blanket commercial loan. However, you will probably have to title the properties in a company name, so that the commercial lender can stay in compliance with SAFE, etc.

Also, you sound to me as if you are doing very well. But quitting your job to finish a rehab may actually help you in the long run. If you can't get a job, you may be forced to be a full time real estate investor. Most full time investors don't do their own rehabbing, they hire it out, and focus on finding deals. Or they do part of it, and sub out part of it. I think maybe if you had focused on finding a contractor who didn't cheat you, you might have been better off.

Go to your local REIA - real estate investor association - and meet some more investors in your area who are successfully doing what you are doing. They may be able to point you to a local lender who can help. And help you find an honest contractor.

In your situation, I don't think I'd use hard money - the carry costs will eat you alive if you are doing all the work yourself and it takes longer. also, if you can't refinance out, hard money won't help anyway.

Good luck, sounds like you just have a couple of bumps, you are doing well, I think.

Don is right. However, a few caveats.

Not all hard money is 6 points, so you have to run the numbers to see what makes sense. Be sure you calculate worst case scenario.

Taking an equity partner can cost more than hard money in some deals. Again, calculate worst case.

The key to using hard money is to get out quickly. Underprice your property so it sells quickly, and be as sure as you can in this market that the end buyer qualifies for the financing. Be prepared for the end lender to need 2 or even 3 appraisals if you've done a rehab.

Underpricing can actually make you more money at the end if you didn't have to pay the hard money for very long.

I've seen more deals go sideways because the seller decided he could get more money, and spend a month or two at the higher price, only to end up taking the same or less than if he had underpriced to the market.