All Forum Posts by: Chris Pohlson

@Sheryl Griffin Your problem starts and stops with your financial institution.  No one should have to change their business' name because it has "investments" in the title.  Financial institutions are left to interpret regulations on their own.  The larger ones pucker up and will make you jump through hoops like the one you're describing in order to comply with what could be multiple interpretations of the same regulation.  Smaller banks and credit unions will have less red tape.  I manage a credit union and I've never asked anyone to change their business' name...nor will I...ever.    Good luck. :)

Also, I can guarantee the bank you find with fewer restrictions will also have fewer fees on deposit products and loans...in case you need more motivation for your search!  

Congrats, @Jenn A.!   Reach out to Paul Lems at Minnwest Bank here in Sioux Fu.  Good luck.  Let me know if I can help.

I've had good (cheap) luck with Stewart Title and Land Title Guaranty as well.

@Eric DeVito  I had the same problem.  It gets better...especially after you do a few deals and you don't go bankrupt.  If it bothers you, turn it off by keeping things to yourself.  If you can turn that negativity into motivation, then mention it every chance you get.  My parents still give me the same sage advice: "Hold on to your good job and pray that your 401k and social security will take care of you when you retire." (baaaaaarrrfffffffffffffff) 

Good luck dude!

Me: "Hey, @Michael Rogers, how's it going?"

Michael Rogers: "Oh you know just livin' the dream.  Literally."

Congrats on all your hard work paying off! :)

@Mary Lou Moffat No, 65% asking.  I just bought one this year at 71% asking so this isn't too far off.  You may be thinking of prices of triplexes in your area.  Asking price was $100k.

I'm looking for opinions from some BP'ers that have had success purchasing off the MLS at discounted prices. After running numbers on a triplex, I contacted my RE agent to make an offer at about 65% of asking price. I gave her my explanation and she asked if I would like to type a letter to the seller explaining my reasoning behind the low offer. If that would help, I'd be all for it. Has anyone else had success with that? Is it common in the REI world? Any other advice from experienced investors would be appreciated! Thanks!

@Mark Schneider Start a relationship with a property management company in your area.  I send deals to my PM prior to looking at them and say "Hey what do you think this will rent for?"   I used to be way off but now I'm pretty close.  It might take a little while but you'll get a feel for it.  Good luck!