All Forum Posts by: Wes Brumit

Please point me in the right direction. Maybe a thread , blog, podcast that discusses the following question:

My current profession affords me the opportunity to know of many individuals that I have a current relationship with, that are retiring. These retiree's have the availability to liquidate a portion of their Retirement account through a lump sum. The proceeds fall under IRS Code 401(a). Most of the time, these folks will roll the lump sum over to an IRA. I'd like to know if there is an opportunity there to have them instead invest that into RE deals. Ones that I originate for them. I know if they use the money there are tax consequences but I believe if I'm correct, the ROI would more than compensate their tax bill. So, in my scenario, is all this possible?( Maybe, cultivate a private lender list?) If so, please guide me to the discussions so I can read it and/or listen to the podcast.

I know Addison pretty well and do not know any area where a 1500 sqft home would go for that amount of money. The values of homes though are not my question. How does someone making $120-$150k a year gonna afford a home at $400k-$600k? I dont care how good your credit is the LTV just isnt there. How are CA lenders getting that done?

Im just curious. For everyone out in CA or even the NE (Boston, NY), how does a person 1. Get financing for a home. And 2. How are the lenders calculating what someone can afford? I know the price of a home is dependent on the location but from watching some of the TV programs a typical 3/2 1500 sqft cost roughly $400k. That same home in my area of TX would be about $150k. Lets also assume the buyers are the typical consumers 2 earner income make $120k between them. How would they be able to afford anything in CA?

Update: Signed contract with home owner this last Monday. We split the offer/sale price down the middle and came up with an acceptable number to us both. I put the home out there on Craig's list, made personnel contacts and fellow BP'ers. Today, I ran into a some friends at Walmart who live in the area of the home. After 45 minutes of conversation about other topics, I asked, "Who do you know...that would be interested? (Check out my blog, very ironic here.) She turned to him, gave a look, he asked where is it?  I told him the location. He said he had two other properties on that street, how much you want? I told him, he said "Sold".   Now I know he was saying that off the cuff, so I won't jumping for joy just yet, but after he looks at it tomorrow, this could be done this weekend.

Ha Ha Tom, yes, If you're interested Jon you can come over to Longview on the 30th of August. Meeting at Holiday Inn Express starting at 11:00am

@Jon Haft try this

http://www.meetup.com/EastTexasRealEstateInvestors/events/196698382/

Wow surprised then. I work with several folks at Lee and in Carthage.  BTW, in my experience with Tyler, there are still several great deals to have. Just got to do the right math and find that motivated seller. Its not as "thin" as you think.

Welcome Jon, lots of good info here including J. Scotts books on Flipping and Rehab. I would check those out. There is also a meetup group in Tyler you might check out. Where did you teach, dont believe I ever ran into you.

When reading the forums, blogs or articles, I often find where someone has used an acronym in their writing that I as a new investor am not familiar with. Its a little like my teenage daughter using these in text to her friends to shorten the typed characters. I get the LOL's and IMO's, but for us newbies out here and dare I say not too hip to the younger acronym world, it would be helpful if you actually wrote the word out the first time you use it in your post.   

Maybe their should be a list of acronym's compiled somewhere under "Learn" or "Resources" we could reference.

We have a venue!! We will be meeting at Holiday Inn Express behind Papacitas.

Tell your friends and fellow investors.

Cynthia, our meeting will be August 30th. You'll be able to network with other investors from the area. Hope to see you there.