All Forum Posts by: Christian M.

Can anyone recommend an insurance company who will underwrite a policy for a vacation rental unit in Silverthorne, CO that includes the dwelling and liability? The HOA covers the building but I would like to insure everything inside the unit and protect myself from a lawsuit should anything happen.

Thank You!

Hey Everyone,

I am working on buying a short sale right now, and was informed that the bank will probably refuse to pay me a commission as a buyer's agent because I am also the buyer. I am a new agent, so I haven't dealt with this before, but I don't see why it makes a difference who the buyer is if the deal is getting done. Is this a normal occurrence and should I expect this in the future?

Does anyone know of a sewer scope company in Denver that will bring their own generator? How do you usually get a sewer scope on an REO or HUD that does not have electricity turned on?

Thanks for the advice everyone. I just went and looked at the property, and it has potential. The one concern I have is the floors in the living room are uneven. They seem to be alright in the bedrooms and the kitchen. I believe there is a crawl space underneath the house. Do uneven floors indicate that the foundation needs to be propped up? (It is not warped flooring as it is carpet not hardwood in this room) Does anyone know how much this might cost? (Ballpark cost, I know I would need to have a professional assess the situation)

Hi,

I am looking at a HUD home I am interested in, but the PCR states under plumbing "could not completely blow out or pressurize lines." Does anyone know the most likely reason for this and how much it may cost to fix? Is it worth investigating, or should I move on?

Thanks you!

FinanceExaminer, I agree. I wanted to see if anyone received more in return than what they paid. There doesn't seem to be any support for the idea of a paid mentor. I think you guys talked me out of it, thanks.

James, you are right, it may be more accurate to call a paid mentoring service a coach or support services. The traditional mentor/ protege relationship is usually formed organically. I also agree it is usually a mutually beneficial relationship. I think people get a lot of fulfillment out of passing on what they know and helping others succeed.

Great advice everyone, especially Deuce, you are very correct "The bottom line here to really, honestly think about what it is that's holding you back, then ask yourself if a mentor relationship is going to help you crack the code." I really do appreciate all the advice, BP is a priceless resource in the world of real estate investing. I have never seen a forum with so many knowledgeable successful people so active.

I am still getting the old "go to REI clubs and read books" response which I assumed I would. It is as if this questions compels people to immediately shut down the idea of a paid mentor. I know I already said this, but some people seem to skip over it. I am not overcome with fear, I have already done two deals, and am putting in an offer today on a property. I am able to invest without a mentor, I am just trying to figure out if a mentor might increase my efficiency, teach me systems and overall increase my business.

Does anyone have a response to the real question I am asking?

'I want to hear from those who have paid for mentor in the past, or continue to do so. What do you think your ROI was?"

Hey everyone,
I know a lot of you out there will immediately say it is not worth paying for a mentor. Go to REI clubs read books etc... I do all of this and because of it have been successful in my first two deals. I am just wondering if a mentor will step up my game. Even if they are expensive, if i can make three times my investment in addition to what i would have made this year, it is worth it.

I am looking at Bill Bronchicks mentor program, which is very pricey, but he is also an attorney and it includes some legal fees, all his published material, twelve boot camps, the opportunity to have a mastermind group. (the other students) as well as coaching for a year.

I want to hear from those who have paid for mentor in the past, or continue to do so. What do you think your ROI was? Was it the best thing you've ever done for your business, or a complete waste of money? Is it something worth considering?

I am looking at a duplex which is located directly across from an Elementary school. Does anyone have any experience with buying near schools and the effect on rental demand/ pricing and resale value?

HUD doesn't allow an inspection contingency. Additionally, they have their own guidelines for closing. I have found that the minimum acceptable bid (at least for the properties I have bid on) is 88% and then drops after 60 DOM. Also, bidding technically ends everyday at midnight so when it says 6 hours left it just means for that days bidding, which resets the next day if no acceptable offers are received. I would try to get a hold of a real person to discuss the bid, as HUD does some weird things and this can be helpful. I had an acceptable bid being held as a backup offer on a property and a month later found the property on the MLS relisted. My broker called HUD and was able to get them to take the property off the market and award it to me since my bid was previously deemed acceptable.