All Forum Posts by: Bob Couture

Taylor, try contacting an agent that specializes in REO's or finding the local auctioneer that handles bank auctions. For my area it is Aaron Posnick. For my area the auction is normally just a formality for the bank to buy back the asset and later list it with an agent. Sometimes you can get in between the process when it is a small local bank, but the big banks are a tough nut to crack and they just deal with hedge funds, auction houses, or REO brokers.

Creating more bedrooms where legally possible. In Massachusetts, we can finish a basement to create more bedrooms and bathrooms. Need to have an egress for those rooms that are legal (e.g. oversized window, walk outs). Some floorplans have dining rooms that can be closed off as another bedroom with addition of a closet. In non-coastal parts of San Diego HVAC may be the way to go where.

IMO your One Thing right now is getting your first deal. Put all your energy in that - market, network, view properties. Anything else you try to do will keep you from the most important step to make yourself successful. To put things in perspective - for my business I need to make 20-30 offers a month to make one acquisition a month. That requires a lot of marketing and networking. An an LLC is very important, but acquisitions are more important. Take massive action and create your own luck!! -Bob

Jacqueline,

In my humble opinion if what is holding you back from starting your business is a legal entity verse doing business as yourself then take the Nike stance and "Just Do It". In the short term that should be fine, but in the long run you will want to have a legal entity. 

Take massive action and create your own luck!! 

-Bob

Local Real Estate Investing groups/clubs/associations. Network. Find a friendly real estate agent and see if they will pull a list from the MLS of cash purchases from your farm area. Good luck!!

Interesting concept Satori! The business credit industry is doing something similar to crowdfunding for lines of credit (LOC) the only difference is the crowd behind the funds are not individual investors, but rather a number of different banks. On the front end are LOC brokers who will get your application and credit needs blast that out to their bank contacts and open up multiple LOCs with introductory rates (often 0% for 6-12 months). The brokers make an initial 6-12% fee. Examine how they structure it and I think you would have a good template / structure for your idea. I am seeing good crowdfunding sources come about for flip funding. My company just used FundThatFlip for a deal. Look up @Matt Rodak and his company for some ideas of the crowdfunding structure/platform.

Marlon,

I would recommend avoiding stating tax lien all together.. maybe something like:

My name is _______________________. I am a real estate investor purchasing property in the ______________ area. I would like to buy your property at ____________________ ALL CASH if you are interested in selling. I buy property in ANY CONDITION and ANY SITUATION (foreclosure, tax liens, divorce, moving, inherited homes, etc).

Ben,

I do foresee a bubble, but not in the near term. The fundamentals can't be ignored and are enough to keep things propped up in the near term. What I believe will weed out the newbie's are twofold - 1) increased difficulty in getting funding (or at least at reasonable rates) and 2) difficulty in sourcing deals (fewer distressed situations). Ultimately, isn't there opportunity in every market cycle? So the answer i my humble opinion is Zig Ben! Zig!!!

Hi Michael,

Welcome to BP!! Please consider joining the Western Mass REI Club (http://www.meetup.com/Western-Mass-REI-Club/) and network with local real estate investors.

Facebook: https://www.facebook.com/groups/1628479600713618/

Our meetings are once a month on a Tuesday night for now. We have two more before the summer recess. If I can be of any assistance with your REI business feel free to contact me directly at [email protected] or 413-314-3583.

Thanks,

Bob

Riyaz,

I commend you on getting your RE license. I did the same a few months ago and for me it has been absolutely worth it. No one will hunt properties down more aggressively than you will yourself. I hung my license with a Springfield area brokerage because the brokers are real estate investors. Go to your local REI events and ask members about REI that have a brokerage. Look up Justin Silverio, Mike Hurney, Ann Bellamy, and Michael Lohin. All are REI in your area that either run a REI meeting or are involved.

I personally think you are on the right track. Now you just need to execute. Good luck!!