All Forum Posts by: Bill Patterson

Read Mike's thread above again. Good sound advice. Sounds like a voice of experience!

Hal, I’ve seen other landlords in a real mess when meth labs are set up. It means an environmental clean up. I'd check this out very carefully before I would buy. Also, as far as cash flow goes, get 2 years of verified income & expense. Tax returns are good. This will give you the real story on vacancy and income. If it won't cash flow, I don't want it. Remember, too that time is $$$! Your management and labor for repairs, etc. is valuable and should be figured into your income and expense projections.

Welcome Katrina! I think you will get a lot out of Bigger Pockets, no matter what your real estate interests may be. It has been great for us in our field of expertise as well as other interesting areas. There are lots of knowledgeable members to give their advice and perspectives. This is a great place to network, also. You never know when we may need a Realtor in Greensboro!

Welcome to you, too Johnny! I’m sure that you have found a wealth of information on Bigger Pockets. Most of the information that you can find here is good advice from experienced professionals. You can pick out what pertains to your business and the advice that you can agree to and leave the rest. Even if you don’t agree, the opinions of others can be very helpful. You’ll get valuable insight into other points of view that will make you more able to deal with the every day road blocks that get thrown in front of you! Good Luck!

Hi Thomas,
One thing to think of when getting licensed as a real estate sales person, is what do I want to do? You can represent sellers, buyers, or both. You can specialize in investment property, starter homes, upper end properties, vacant land, etc. You plan on (and I believe you will be) being successful in what you describe as a down market. There is a lot of distressed property and the market is quite strong in most areas of the country for a good deal. One thing to remember is that you should concentrate your efforts on endeavors that make you the most income. Finding and listing short sale properties would be a good place to start. But, like Ted said, leaving the negotiating to an experienced professional is a good move. It's like building a house. You are a good carpenter and could probably do plumbing, HVAC and electrical, but having the professionals do those items will get you a better job and free you up to build more houses. In the end, you make more money! Same thing in real estate. It has taken us a long time (I've been a Real Estate Broker for over 25 years) to put together a great short sale team, but now that is done, we can be successful in helping Realtors and home owners deal with these distressed properties.

Real estate investing is lots of fun, stress, success and sometimes it doesn't turn out so good! You won't win them all, but by being careful, getting involved in the forums, asking questions and taking what you can learn on Bigger Pockets, you can be a success most of the time! Good Luck!

Tell them that the key is in the negotiator. A professional can have much more success in avoiding a deficiency at any offering price. We look to the point of best offer the lender will accept and negotiate out the deficiency in most cases. Of course there are some cases where other circumstances dictate the deficiency, but it is not necessarily the price. Also, the seller has the final say on accepting the offer after the lender approves it. They need to decide... is this better than a foreclosure?

Dan, do you have these properties listed or is there a listing agent that may be able to help with getting the seller to understand all of his options? If he can understand the ramifications of foreclosure vs. short sale, he may decide to move forward. Does he realize that no matter what the sale price, he will not receive any proceeds? Is his concern a deficiency?