All Forum Posts by: Cecil Russell

20k is more than enough "money" but what you really need is KNOWLEDGE and knowledge is free if you look in the right places, which you did being on biggerpockets. Here is a good article to start with.

https://www.biggerpockets.com/blogs/5560/42108-how...

You need a good VA (virtual assistant) who can seperate the prospects from suspects for you. Run you a couple hundred a month. Also a mentor. Read Bigger Pockets Ultimate Guide to Beginning Real Estate Investing.

Mr. Oliver: As you probably know or have discovered, long distance investing can be risky. If you do not intend to personally manage those investments, finding a good reliable manager or management firm is tantamount. Mr. Dooley advises correctly. The best place to look for commercial investments is LoopNet. (www.loopnet.com)

I would suggest investment in a tourist location which is part of why I move from Texas to Kalispell, Montana. The tourism between the Yellowstone National Park to Glacier National Park has tourism in the millions of visitors each year making the Kalispell area ripe for investment. Montana is a rich retirement area for the people who love winter activities and hunting and the property values here continue to rise.

Cecil Lee Russell

CLeeR Enterprises

Hungry Horse, Montana

Hi, I recently moved to Montana, the Kalispell area and haven't had much luck uncovering the names of a local Title Company and/or real estate attorney familiar with For Sale By Owner, owner financed lease purchase or lease options. Also, if there is an REI group in Flathead county.
Thank you for any advice/recommendations.

beautiful home but out of my range, however, if it were me, I would convert 1 bedroom into a recreation room and add an Endless Pool with treadmill (http://www.endlesspools.com/) and a Total Gym GTS. (http://www.totalgymdirect.com/total-gym-gts.php)

The price would go up about $10,000 but nobody that I know of in real estate takes into consideration exercise and health. These 2 products provide most exercise types. Almost everyone wants to be able to get exercise. With these 2 products, it is feasible to keep a routine easily without leaving the home.

Just a thought.

I will be attending barring anything interfering.

According to the house rules of Bigger Pockets, sending links for a website is a no no unless one is a paid subscriber, which I am not yet, unfortunately. I am certainly interested in a REI group or club. If there is a decision to start one, please post to this thread. Thanks

I also would like to find an investors group in the Amarillo area. I haven't had much luck but that is primarily due to my ignorance in the nuts and bolts of REI. BP won't let me add my email.

I have a seller selling his mothers 3/1 home in Amarillo, as is-needs some work-asking $50,000. CAP is $58,000, actual tax appraisal on home is $51,000. I don't think I can make any kind of profit at $50,000. Seller claims mother is terminal and really needs to sell. Any input gladly accepted.

Cecil Lee Russell

I had a motivated seller call me this afternoon with a 3-bdrom/1 bath home for sale. He is asking $50,000, the Tax Appraisers office lists the home at $51,000 with a CAP of $58,000. House needs a little TLC. I have not yet been able to do my first transaction-mostly out of my own ignorance. I would like to trade this deal to a seasoned investor in exchange for proper mentoring specifically in the area of lease options.

Cecil Lee Russell

Mr. R. I was politely informed that the Lease Options "scam" as he put it, was only for get rich entrepreneurs using a quasi legitimate loophole in Texas law according to the way he understood real estate but, as a general practitioner of law in the injury aspect, he didn't know 100%. In any event he wouldn't consider a real estate transaction w/o a licensed real estate agent involved.

I told him about John Jackson and Ron LeGrand which may have caused some re-considerations on his opinion. To save myself the hassle, I just decided to look for another attorney. I know he is a good attorney in his field but real estate obviously isn't his field. Having knowledge of a local attorney familiar with non licensed real estate transactions is a plus whenever I get that first deal accomplished.