All Forum Posts by: Account Closed

I've had good experience with online auctions to buy and sale.

I use a reserve price when listing with an auction.

Research the auction policies to become familiar with their procedures.

Also, learn a good bid strategy.

Due diligence on any property is also important.

And, beware that bidding (and winning) can become very emotional and "addictive" similar to gambling in my opinion. Never bet more than you can afford to lose as the saying goes.

From a business perspective, auctions can also be very profitable and fun!

Regards,

In a recent ad that I saw, a bulk reo seller listed that an offer had been made but that he was accepting additional offers. Have you seen this in listings as well?

Regards,

I think that in some social circles, it is more difficult for homeowners to trust the unknown or to discuss their personal finances. Some see and hear alot of hype with no results too.

Access is easier today with snail mail, e-mail, fax, cable and computers that make the competition fierce and the average homeowner savvy and informed.

Investors are changing their strategy on marketing accordingly.

Regards,

Greetings George!

Welcome to the BP forums.

I'm in Ohio but travel to New York several times a year on business.

I'm familiar with Ohio building codes but not NY codes. I'm sure you have alot to offer and I know investors here will do the same.

Good luck & good investing!

Regards,

Greetings Diane!

I am in Ohio and travel to Michigan on business a few times a year. Michigan and Ohio both have high foreclosure rates. Is that the direction you are going... to invest in foreclosures? One option that I use is online auctions of foreclosed reo properties.

An investor's exit strategy would also determine which direction to take.
Short term or long term investments?

Another option is to partner with an experienced investor or mentor until you are in a position to work deals on your own.

Take a deep breath and one step at a time! Good luck & good investing!

Becky M. Burt

Check out efax.com to send a fax online.

Regards,

July 17, 2008

Welcome to the BP forums.

Education is key and knowledge is power so it is good to read everything you can.

There are several avenues of real estate investing... residential, commercial, reo (bank owned), auctions, pre-foreclosures, foreclosures,
short sales and so on.

Each is unique in its own way and every deal varies. The key is to run the numbers to make sure that you are not wasting your time, money and effort in each case.

REI clubs in your local area is a good start.

You can access valuable information by networking on the internet.

Run a search on real estate forums and have fun with it!

Regards,

July 9, 2008

You can separate your personal and business credit by filing the necessary paperwork with credit reporting agencies. You can track your business credit with your EIN instead of your SS.

Unsecured business lines of credit are available. An established business account with American Express is a good way to start. Some of their guidelines are a net worth of 50k unless it has increased lately.

Store credit is not a cash line of credit. There are lenders who want to establish a business relationship and offer a business account with a line of credit on stated income. If you have a partner, you can use the equity business partnership to obtain a line of credit for each partner. Have the finance paperwork such as an operating statement form or rent roll within the lender's guidelines. Remember, it's all about the numbers! If the numbers work then so will the lenders.

Regards,

July 5, 2008

FYI, you can always add an option to extend the seller financing after the first year in your initial negotiations.

Regards,

July 5, 2008

FYI, try buying reo and recycle them back on the market.

There are alot of variables.

Regards,