All Forum Posts by: Blanchard J Ross

It depends on how much you know and how fast do you want to know the stuff you don't know. And what makes you think that ALL the knowledge you need to know about is right here on BP. You are dealing with a bunch of egos in may instances. People who think they know, but in reality, they don't. Their level of knowledge could well be limited. I've learned this many times in many businesses. They talk a good game, but that's about it.

There is am Anti- coaching/mentor faction on BP. And to think you can just go to the local library and read a book is rather naive at best. You may learn the basics from your local RE club, but that's it. But you might find someone who is willing to take you under his wing and show you the ropes....one on one. But that's a maybe. Unfortunately I find people in general to be "cheap" They don't want to invest in themselves and expect to get something for nothing. 

There are some excellent coaches/mentors out there but you have to separate the wheat from the chaff. Sure it will cost you but in my experience you can recoup that outlay very quickly with the deals from a new found knowledge and energy.

You should start to do research on such a topic. But let's face it. Some people don't need a mentor and can figure it all out. They don't even need a BP forum either. They are naturals at creating a RE empire from nothing, and I think that is fantastic, and many do need a bit of a push. It's all up to you to decide what you want to do. 

Good luck.

Simply put you are dealing with egos, politics, people who think they have power over you. The list goes on. Welcome to the world of dealing with banks. Oh and don't forget, they will cut off your supply of money at any time, just because they can. 

I've known at least 2 of my friends who lost everything and went belly up because of banks calling in their loans.

You have to think more creatively and rid your business of bank participation. You can also try to research "Private money" as a source of funding your deals. And I don't mean "hard money"

As you can imagine, virtually every investor falls into this dilemma. I know of folks out there though

who decided to learn the art of investing without banks and manage to accelerate their holdings quicker than they could ever imagine. It's a matter of learning about creative financing, seller financing. Learn the nuances of this segment of the market. It's a great opportunity not to be ignored.....Good luck

forget that deal. That's a guido loan. And forget about moving to Texas. . Ocala is a good place to invest. You need to find a good motivated seller who will sell to you on terms. In fact there is no way I'd put anywhere near $60K down. That's crazy.

Try to find a seller whete you just take over his loan amount, with no down. Or very little. 

A job would come in handy, because that will take the pressure off you. 

Good luck 

 Well if you saw it on the Internet, then it must be true. Honestly, do you honestly believe all,this nonsense LOL.

Only in the good old USA would this kind of thing get traction. The EPA claims it's a real danger and is life threatening. But can you really believe anything these days coming from any Govt agency. It gained popularity way back in California. Where else? 

If radon gas exists then it's been around for hundreds maybe thousands of years. 

I've bought and sold close to 50 houses in my time. How many have gone thru a radon gas test...ZERO!! But if you do your research, I'm sure you will get various opinions coming from both sides of the argument. I choose to ignore it and move on. I've got more important things to worry about. Take it with a grain of salt IMHO. Good luck. 

not much of a deal here. Virtually no equity and you will have to make up the back payments plus do the repairs. 

Personally, I wouldn't mess with it but somebody who is desperate for a deal might go for it. 

There's got to be better deals out there. 

have you asked him if he will carry a second? If not, why not? If he's motivated, then he might. That's going to be a deciding factor. It's even tougher these days to get financing from banks. 

excuse my curiosity but why on earth are you using software to do any kind of taxes. You are dealing with a very complex tax code as it is. Now with all of the complexities of LLCs, write offs, deductions, you have to know the ins and outs of taxation so that you don't pay too much. 

I have an S corp in another industry that is cash intensive. I've got numerous LLCs within the RE arena. I regard my tax accountant in FL as priceless. Not in a month of Sunday's would I even attempt to do my taxes. Let the experts do it. They do this everyday. 

My goal every year is to pay as close to zero taxes as I can. I let my accountant advise me on the ways to avoid paying taxes as much as Pssible. Tax evasion is illegal but not tax avoidance. I'm afraid I take a very negative view of any kind of software for taxes. I let a live body do them, and he's done a great job so far. 

you will have a torrid time getting any $$ back. Friend of mine just got scammed out of $4K with a roof contractor. She's been to small claims court etc etc, but no luck. You've gotta do a better job of due diligence. Referrals are not enough. Takes patience and careful sifting before you can find the right guy. Too many loser contractors out there. 

this is why I don't mess with tenants, especially friends of friends. To be honest, you are partly responsible for this situation and the tenants have taken advantage of your so called generosity. Many folks think they saving money by DIY rental management only to find out it bites them in the butt. 

I'd turn the whole thing over to a property manager and let the experts do it. I've done this  and I'm glad to give up some money in order to have peace of mind. It takes skill to find the right tenants and it gets the emotional attachment out of the deal. 

Good luck. 

terms, terms, terms is a great way to go. But you haven't said if there are any mortgages on them. Free and clear? Create your own notes on the properties. Offer to buy them all on terms, no $$ down. Will she do zero down? See if she will do it that way. It's all about how you structure the deals. IMHO don't give personal guarantees on these properties, and take ownership in an entity like a LLC.

She sounds motivated so I would see what she really wants. I would offer numbers below market so you have created instant equity.  Offer 10-20% below,  There isn't enough info here to get down to the nitty gritty. If you buy them all on terms I suggest you do it in such a way that your first payments are only made when you have each one rented, or you put a tenant buyer in. She could take part in that evaluation.  For instance, make first payment 30 or 60 days after tenant moves in. Then it takes the pressure off you scrambling to make the note payments. 

This is a great opportunity if it's done right. Good luck.