All Forum Posts by: Dana Dotson

Will do.  Thanks.

Just checked the MLS. No new construction since 2008 in the area.

Didn't know that about the ADU's. I did talk to the neighbors but they aren't interested at my price. Good idea with the builders. I will check. I don't think there is a lot of new construction but I will drive around next time I am in town. Maybe I can find a builder interested and can start in the spring.

Hello Group.  Just starting to get back into BP.  I got stuck holding a vacant lot back 10 years ago in Garfield Park area of Chicago.  There were a ton of city owned lots that were going for cheap so selling was impossible.  Does anyone have any strategies for getting rid or making a deal for a vacant lot to at least get the $49K mortgage.  It is just sitting and obviously taxes, upkeep and monthly interest payments without any revenue is draining. 

@Antoine Martel Can you give a little bit more info on the turn key rental example and how you can buy 2-4 properties.  I am in a similar situation.  I have $25-$50 K in cash that I want to invest to generate either a good cash flow or grow.  I'm in Charlotte, NC.

Similar story.  Retired from a 10 year career in Corporate Finance and Accounting.  Same goal.  Transfer some paper assets into real estate holdings and/or create cash flow.  Real estate has always been on my mind but I haven't really dove in to gain the knowledge of where to start.  Hopefully, that changes this year.  I am in Charlotte and would like to start small and building from there.  Keep me posted as you connect with people and I will do the same. 

Sounds good.  I'll take a listen to the podcasts and order a few books.

Hello,

I am a newbie that's interested in beginning to invest in Real Estate in Charlotte, NC.  I have owned a single family home and I do currently rent out a second home in the Chicago Area.

What is a good place to read about the different types of real estate investing?  I am not sure if I want to start by doing flips or just continue to purchase single family homes and renting.  Also, not sure which would be more advantageous in my market or even which neighborhoods would support the different types of strategy.  I've read about wholesaling and I know I'm not interested in that.

Dana

Also, in my market... A motivated seller is equal to a seller that is in a negative equity situation and behind on payments (I call those potential short sellers). I am not running across any other motivated sellers.

Thank you everyone for your replies thus far. Just having gone through the short sale process as an agent, I am just convinced there is a better way of doing things and that investing in short sales is actually a service to the real estate market. I have had too many deals fall apart because the buyer couldn't wait on an approval, or the buyer wasn't willing to concede a few thousand dollars to meet the bank demands, and so on and so on. Getting a short sale approval actually adds a tremendous amount of value to a home. I know, I have had listings in which agents have called bank and cancelled the appointment once they found out it was a short sale.

That is my motivation. I know I can at least get the home to the position of being short sale approved with a bank price and be able to profit by selling a now clear title home to a willing buyer quickly.

Jackie, do you know of any investor friendly attorneys in the Chicagoland area that you can refer. I have gone through the process many times as a realtor with lots of fustration. However, I as an investor, could afford to wait until the deals could be achieved.

I know lots of people that have negative equity and are behind on payments and would love to sell their home short. Sure, I could take the listing, put it in the MLS, hope a realtor shows the home, put an offer on the home and watch them walk away because it takes 6 months.... OR, I could put an offer in on day 1, have a negotiator work the bank, make sure I meet the BPO agent, get the bank price and start to market the home at a price that it can sell to an end buyer in 30 - 60 days. Win-Win for all.