All Forum Posts by: Michael McDaniels

Fred,
Not yet. I have just gotten into contact with my local club and will hopefully make this months meeting because they are going through a restructure. I do believe that belonging to a professional organization is vital to any business. Especially when we need a voice against the uninformed politicians in office that create laws to make it harder on us. Small TAX DEDUCTIBLE price to pay. :idea:

I would completely agree with Rothchild. If you can manage your current finances first than you will have a much easier time. It will give you more credibility with a mentor if you do find one. To better answer your question about finding a mentor I would advise you to look for an investment club in your local area. However, you have to offer something to your mentor in return. You are asking someone to teach you the ropes and then when you are ready for your own deal are you going to bring them into the deal as a partner or will you become their competition? I would use this forum and others like it and start reading as much as you can. Books and tapes are great because they teach you when your mentor can"t. A mentor will have time constraints so books and forums will fill the gaps. The hardest part of the game is perseverance. Just hang in there! You have all the mentors you need with in these forums. Good luck.

Josh, There are always good deals to work. I am even more excited about the next 18 or so months. Prices are starting to correct themselves at a nice steady rate. I see your in Colorado. I was born in Leadville and moved to New York after my parents split. Thanks for building such a great resource. This site will help countless investors stay motivated and help one another avoid pitfalls that they may have struggled with .

Hello everyone. I am new to this site and am happy to find such a diverse resource. My name is Mike McDaniels and I am 35yrs. old. I am currently a new investor with only one SFH. My business plan will have me working as a full-time investor by December 2009. I am looking for another SFH to hold and cash flow. My market is trending downward and am really excited about the opportunities that I believe we will see over the next two years. I plan to buy a minimum of five SFHs and hold three of those for cash flow. I hope to learn as much as I can from everyone here and I will contribute where I can. I would like to hear from my fellow New Yorkers so we can compare notes and follow the laws and trends effecting our investments.

Credit freeze is cheap insurance. The big 3 now offer what they call a credit freeze. You pay a small fee ($10 in NY) and they issue a pass key to you. No one can even look at your credit without the code. The catch is you have to pay another fee anytime you need to access your credit. For me it works out great because there is no chance to fall victim to an identity thief opening credit in my name. There are only fees when you need the reports vs. a reoccurring fee that could be between $200-$500 a year.

I don't see anyone talking about the tri-merge reports. You are allowed a free report from each one of the 3 major clearing houses. Equifax, Trans Union and Experian. They all use separate formulas based on the Fair Isaac system and they all have separate numbers to rate our credit. You need to get a copy of all three reports and dispute any and all negatives. They have 30 days to contact the creditor and verify the information. If they can not do it within 30 days it must be removed BY LAW. You can continue to dispute everything and it would only take them 1 delay before they would have to remove it. I think we should all take the time to learn the laws regarding the FCRA and with the identity thefts on the rise you should look into what they call credit freeze to stop ANYONE from even viewing your credit without your Pass code. It's cheap insurance!!

I know you said that the lawyer stated that you should not contact the police or DA because they don't care about getting your money back. That is not true. If there is fraud and can prove it to the police, they will attach his assets and you would be entitled to restitution that would be ordered by a criminal court. If he doesn't pay he goes to jail and it is supervised by a probation department. A civil lawyer will only take the case if they see a profit for themselves in civil court and doing nothing will result in nothing. What more can you lose and who are they defrauding as I write this. Let's stop them while we can and by doing so possibly save someone else the same fate. Let's help this person go make a license plates for the cars he use to own.

It is in my own opinion that the show Flip that house is not based in my definition of reality. The show was in trouble for allowing a few The Montelongo family is just star struck from a little success. Here is a funny YouTube link. http://www.youtube.com/watch?v=bAQb1-5lHmg&feature=related
Read the comments. They made me laugh so hard I cried.
You can get a lot of free audio and pdf stuff from a free download at limewire.com.

Did a rehab to the house I am in now. Paid 92K and with a little labor and another 7K refinanced for 137K. 38K for four months of 20hr. weeks = 118.75 an hour. I am not making that at my JOB even with the benefits so I am looking for my first (investment only) property.