All Forum Posts by: Charles Hill

Welcome Michael,

I'm from Indy. This site is exactly what you have been asking for to get info about real estate. Just post and watch what happens. Get your pen poised!

It has been my experience with BP members that valuable and credible information is gleaned from the member forums. The information I have sought from the BP forum has provided me with intelligent questions to ask of my mentor(s).

There are many people who find it difficult to ask questions because they think, "that's a stupid question, I'll look foolish." That's a behaviour that has stopped many from a life of prosperity and happiness. This forum creates a venue for the "stupid questions" to be asked and a thoughtful response from experienced investors to reply.

With the exception of my lawyer (who always gets paid for his mentoring) none of the other "mentors" have received monetary compensation. Some of my "mentors" are BP forum contributors. Several have provided me with their phone number and/or email for a deeper conversation. I recently had a 45 mentoring conversation with a BP contributor. This person was not "paid" he did receive a heart-felt acknowledgment (different kind of payment), which was graciously received.

In my opinion, It is quite possible that mentoring can be achieved through the BP forum, if you choose to invest the time and energy to follow the hundreds of threads of your particular question and the ancillary questions that will arise.

Hi John,

If you contact The Naked Investor's Michael Carbonare in Florida, www.naked-investor.com/contact_information.html. He will be able to give you some valuable insights and he is available for mentoring. I personally consult with Michael on deals.

Tell him I referred you so I can get my free microwave oven :-)

Hey Chris,

Thanks for the connection. I receive updates about Memphis Invest regularly, and intend for my first turnkey property to be with your outfit. I like the philosophy and the integrity I believe you represent. I will connect with Cameron Ellis and Ali Boone too!

Blessings

Thank you to everyone who has provided insight into this thread. I am aware of and get updates from Chris Clothier and Memphis Invest.

Thank you Pam. I have signed up!

Thank you Wayne and Wendell

Hi BP Members,

I would appreciate your professional assessment of this offer I received from a seller. My focus is on seller financing and I have been using Craigslist using the terms "motivated seller" "desperate" "must sell" to narrow the offers. Here is the craigslist script I use:

NO MONEY DOWN! NO BANK! NO CREDIT CHECK!

Please allow me to pay out your mortgage when it is due.

I pay your monthly mortgage payment, taxes, Strata and insurance.

I am responsible for all of the maintenance and repair -basically...you just walk away!

I would have a free and clear Condo within 15 years plus a cash flow of Market rent (if I rent it out).

I offer to keep a Quit Claim Deed in escrow if I default, say 60 days or more late, you get the property back. No foreclosure required!I

Got this email reply from a seller:

Charles, I own 3 condos in White Rock. They are all identical. The original price 3 years ago was $349,900 each.

Now the real estate market is slow. Each condo now Appraises at $269,000 to $300,000.

If you are interested in buying one or all of these condos at a sale price of $269,000 I can arrange financing for 95% or $255,000 at current interest rates.

I will give you a $30,000. Cash Rebate at completion of the transaction on each condo. End result is you own all 3 condos with no cash outlay and you will have $90,000 cash in your pocket at closing.

The property information is the same for all three:

1 bed/1bath/ 508 sq.ft./ taxes $1816.00 yr. or $151.33 monthly / Strata Fee: $157.00/mo. Rents $1,200 monthly.

Is the offer I made a valid one given the numbers. I intend to get this with little to no money down. If investors were involved how would the deal be structured to provide a 6.35% ROI.

This is a lot of info however, the seller would like to have at least one sold by the 15th of August.

I was born and educated in Indy. Got out and haven't returned. I am in the process of acquiring a 3/1 renovated home on the WEST side of Indy. My brother still lives in Indy and has strongly suggested to avoid investing on the East side due to gang violence.

I'm in agreement with Erin and Suzie that due diligence is required. Not all of the East side is troubled. For me, I prefer to look at homes outside of the IPS Indianapolis Public School District. Washington, Warren Townships are great areas without the violence, IMO.

Is there anyone on the BP site that has used MLO's in Canada? What type of property was involved (apt, commercial, storage units)? Did you use one of the programs mentioned on BP or did your attorney draw up the documents and walk you through the process?
Thank you,
Charles