All Forum Posts by: Account Closed

Agreed, grant. 

I consistently get told I'm "Trying to cheat the system" because I use debt to acquire properties and I am going "to lose" because "the banks can take back a property whenever they want", what? These people also have no clue what they're talking about so I don't care what they have to say until they educate themselves. 

Hard work, live frugal, proving I can add value and not taking no as an answer  Just being a Do'er, really. 

My market is dry, there is low inventory. Mailers aren't working. 

I posted a quick ad on craiglist advertising that I am looking for off market deals. A realtor reached out and said " I may have some pocket listings". This agent works for the same company my agent works for. I always am asking if she has any leads on anything and she hasn't lately. She knows I am constantly looking. 

Should I disclose this to the agent that reached out to me? Should I tell him to email my agent the listings? I would prefer to use my agent if I am dealing with realtors. I've used her on all my purchases. 

am I in the wrong for doing this? If another agent has what I am looking for and you were my agent would you be pissed? 

Any insight would be great. 

Thanks, 

DM 

Find a local portfolio lender. Many do a 5% no PMI program and don't use the same inspection criteria FHA requires. FHA loans aren't appealing to sellers. You'll be more competitive with a conventional loan. FHA loans are expensive over time. I agree with @Jonathan Greene- off market deals are bought with cash, less contingencies and established investors. Your best bet is to work with an agent who knows the area and use the MLS, zillow ect.

Dont we all...

Put some of your own nut into the game then ask this question a few years later when you're established with a proven track record. 

Should I start small or go huge? 

$80k duplex. Rents for $1525. 

Market the extra land to hunters to lease during hunting season? I know guys that will pay great money for great land. 

Prime lending lent to me on an 80k building (Conventional 25% down). Interest rate was inflated half a point higher than prime. See if they lend in your area. Jerry Padilla is on BP and works for them. Shoot him a message.