All Forum Posts by: Conny W.

Lisandro~

since you didn't mention how experienced you are with landlording, rehab or any other part of owning real estate, I can only assume that you have not a lot of experience yet (you mentioned you are still young). :)

My advice would therefore be....

a) Find a more experienced investor than yourself, and buy a CASH-FLOWING rental building (at least 3 units, better 4 or 6), and "go dutch" with him/her....

b) Buy a cheap 2, 3 or 4 unit property for under $10K, rehab it for no more than $10-$15K (30-45 days), and use a contractor who knows how to rehab (you are NOT moving in yourself, so don't fix it up like you would). And then get the cash flow going by renting to already waiting, pre-approved renters. A good, experienced local property manager can have these tenants waiting (pre-screened and all) before the 30-45 days of rehab are over.

c) Take out a non-recourse loan (takes approx. 2 weeks to 2 months), get 40 to 50% of your original seed money out.

d) Reinvest it (like above) via your Roth IRA into the next project (alone or with partner). And if necessary use PM (private money) or HM (hard money) to do the rehab.

Keep repeating this a few times, and your monthly cash flow from these units can carry.... And make sure that you have somebody advising you who has done this before. My 2 cents.

Conny Wolfram

Rick~

just curious: did you ever get a call back resp. an adequate response from Cam's team why the bank refused his POF? Is the POF letter Cam gave you for "liquid funds" or just the kind of 'paper' transactioanl funds that are never leaving the account during the transaction - which is what most banks will NOT accept?

Conny

Jerry, look at your local library for this book: How to write a business plan (McKeever, Mike P.) - it comes with a CD, and has as far as I recall 5 pretty good sample business plans. Just chose one of them, and adjust the specifics to your situation/business.

Also, question: where in NY are you located? If you want to work on a 2nd property I would (like other BiPo members already suggested) wait until I'm done with the duplex. Because this first property goes a long way in proofing to a potential (private or hard money) lender that you know what you are doing. Or you could purchase a REO/wholesale property that comes already with owner financing built in - i.e. we sell these sometimes on 6 - 9 months financing... if you have questions let me know. Good luck!

Conny

Robert~

I agree with Jeff. Contact Amex and get it back. If you need help with that, contact me. I have had a similar experience, years ago (different company, less money). But I received every penny back. So, it's doable...

Also, since you seem to be from LA.... if you would like to get started in your own state give me a call. I have some suggestions for you.

Good luck!

Conny

OMG! Is this for real? Or did you just punk us?

This would be unbelievable..... IF it would have been true!!! I had a friend email me that it's fake, and I quickly checked it: OF COURSE... it's just a clever advertisement (for a bluetooth headset)!

http://urbanlegends.about.com/b/2008/06/10/cell-phone-popcorn.htm

Nice job, Joshua.... you GOT me! (I guess you are getting paid by CARDO Systems?!) :))

C.

Hi Natalie,

I can see that you got already a bunch of (good) advice. My suggestion beyond that would be: try to wholesale a cheaper property when you start out. Even investors these days have often problems to get approved for their hard money loan or other funding.... and a much lower price tag on the deals you try to wholesale most likely will get you more prospect investors. And the chances to actually close are more favorable when the property price is $25K instead of $205K!!!

Your profile doesn't state where in Northern CA you are, but if you are anywhere close to Richmond please contact me.... I might be able to help you. You can find my contact info in my profile. Looking forward to hear from you.....

Conny