All Forum Posts by: Account Closed

Hi Marco, 

Can you provide the street address for this property? 


Thank you,

Chris

Welcome to BP, Raju. I strongly recommend checking out the podcasts for information on everything real estate.  I have no doubt you'll learn many tips, tricks, best practices, strategies, etc. 

Hi Victor.  Welcome to BP.  I look forward to visiting San Antonio sometime.  You may want to consider multiple market insertion strategies before deciding on flipping.  As Aaron Mazzrillo pointed out in podcast#37, flipping is quite encompassing.  In the podcast, he pointed out that a flipper needs to be proficient in several different areas including negotiation, contracts, rehab assessment, appraisal, and marketing.  It is recommended that one has a system and strategy in place first prior to flipping.  

Please don't assume I'm implying your intention is misplaced.  I'm merely offering some things to consider.   

 Best of luck

Anyone know of a reputable RE attorney in north-central IL? Thank you in advance. 

Hi Traver. Welcome to BP.  This is a great place to learn and connect with others.  Since you're in So. Cal and are interested in buy and hold, you might want to listen to podcast #37 with Aaron Mazzrillo.  He is a very successful buy-and-hold investor from Riverside, CA and primarily deals in the Inland Empire.  I recently listened to podcast37  (I am relatively new to BP myself and am working my way through the podcasts) and have found it to be very informative - the best podcast I've listened to yet.  You might also want to connect with Aaron and read the posts he has commented on, though this might take you a while as there are many!

Welcome to BP once again and good luck in So Cal.

Do REIA organizers typically charge admission for group meetings? I found a local meetup REIA and am interested in attending since I would like to network and connect with experienced investors, agents, etc. However, the organizer is charging $10 admission. I've never heard of charging admission for a REIA and am a bit suspicious as a result. I would appreciate your thoughts on this.

Sounds great Johnson!  I look forward to attending the meetup. 

Best regards, 

Chris

@Jami Morton thank you for satisfying my curiosity.  Also, congratulations on getting started in real estate investing and welcome to BP.  I learn something new every time I log on.  This is a great community indeed. 

@Brian Fouts Thank you for the follow up, Brian. I will research RealTrust IRA. I'd like to know more about them. I'm in California, so perhaps I could find something similar for my state.

Hi Jami. Interesting move with the self-directed IRA. I'm curious, which professional guided you through the self-directed IRA process? Did you get an IRA custodian? Do you have any advice regarding the establishment of the self-directed IRA? Overall, was it mostly painless and hassle free, or were there unforeseen hangups?



Best,

Chris

Hi Chelsea.  Welcome to BP.  I lived in AZ for 5 yrs and look forward at my next opportunity to visit again.  I am a novice investor myself and I'm sure there are potentially hundreds (thousands?) of members on here who are more savvy than I about the topic, but I thought I'd offer my two cents to give a fellow Arizonian something to think about.  

You might want to consider how much capital you have to invest at the moment and begin your research from that stand point.  Your starting capital will probably define which markets you can invest in.  If you're considering conventional financing, remember that the banks will ask for a significant down payment (minimum 20% in most cases).  There are other more creative options, however, such as seller financing, in which case you might secure a property with a much smaller down payment (do a search on here for "seller financing" or "owner will carry" for more information on this topic).  

Also, you'll want to keep a cash reserve for extraneous costs of ownership and don't forget closing costs.  How much cash reserve one should maintain is up for debate but, from my experience, most investors agree a minimum cash reserve of 5K (emphasis on "minimum") after closing, which you should budget 5k for. 

If you're brand new to this industry, I suggest taking time to 1) educate yourself about the different aspects of real estate investing (which I am still doing) and 2) begin networking and connecting with people on here.  After you are in contact with a few experienced investors, you'll most likely have a better idea of which direction you want to go in.  This website is a solid start for any investor and there are some really knowledgeable individuals on here who share their valuable thoughts on a regular basis. 

Good luck and have fun