All Forum Posts by: Justin Morgan

Just set up "key words" last week and "utah" came up for this thread... direct email to me.... seems to be a great way to connect!!

Thanks much!!!

I asked this question to an attorney with American First Title yesterday in a CE class.

You are 100% correct that the "benefits" are really... none!

UNLESS you can play into the pride of the homeowner/seller. Often they do not want to leave the neighborhood with a mess. Or they want a "nice family" to buy their home and enjoy it. Or they don't want the neighbors to "think" they foreclosed and would rather "sell".

His point was "play towards their pride".

Additionally doing a short sale during BK is ONLY to be done by an agent that understands BK and short sales. The process can be quicker IF.... and I mean IF you understand how the BK systems works.

His point was most BK attorneys don't understand real property and bankruptcy... neither do agents.

Sooo you might be spending tooooo much time on the wrong deal.

In the end the BK trustee needs to sign off on "the deal" to ensure that the transaction is arms length and "fair market value". Because of the FMV that make it hard to "flip" unless your just into the deal for your 3% listing fee. FMV will kill any better of a price.

It was clear to me... walk away from anything BK and "deals"... simply not my niche.

I am not an attorney... hope that helps!

Great thread and I agree 100% with Sandy.

As a licensed Realtor and investor I start each conversation with. "I'm a licensed agent but at this time I'm not interested in listing your house I want to buy it""that is what your looking for right, someone to buy your property".

Then if needed I can come back at a later time and if I was unable to purchase for cash I can say. "Remember I mentioned I'm a licensed Realtor, hears how I can help you sell...".

Disclosure, honesty and being a "go to" guy for real estate deals!! Great way to do business.

Josh,

Your starting out on the right track by participating in BP and asking questions.

As for myself I started investing for a few years following many of the Gurus plans. Things went ok and I gained a lot of knowledge... read, read, read.

I got my Real Estate License after the market tanked to get an extra 3% and do some retail deals as my investing business shifted. I did my RE classes with www.relinkinstitute.com and enjoyed it.

Not sure how many months of reserves you would need but why not do the cell phone business and start doing RE on the side?

My number one suggestion is HAVE A PLAN. I have spent many months and years chasing others plans and chasing my own tail because I had no idea what I wanted or the real direction I was going.

Glad to have you in real estate.

P.S. Now is a great time to be in the business... all the week links have fallen out.

Aug. 15 2011

Why: Because this year is going to rock in real estate investing and people are going to start to want in again. Naturally as more people want to understand real estate they will look to social networks (another big change this year) and BP will see its members climb.

Look at a critical mass table and we will see "at some point" things accelerate with any good network or produce. Could BP be ready for the hyper growth and hit 100k. I think optimistically... YES.

If your a real estate agent... do a short sale for her to an end buyer.
You could "try" and work a deal with the bank and buy the home yourself direct from the bank.

As a new BP member I thought Bigger Pockets (BP) was somehow referring to British Petroleum in tons of posts. Took me a little time to figure out misuse of acronyms.
(My Dad is in the oil business... opps).

@Jeffery K... I use FireFox (and a Mac). This helps but still am still the worlds worse speller. :-)

Some duplicate of others posts but all based on my experience...

-Not having a plan... most landlords end up being landlords when that was never the plan. You better have a plan.
-Not properly screening tenants
-Unrealistic expectations of tenants
-Choosing the first tenants that is "willing to pay" only to realize they really can't afford.
-Accepting Personal checks... I hate personal checks. (P.S. Certified funds are not hard to ask for).
-Trusting all GURU's... big mistake.
- Not asking enough questions (part of having a plan)

P.S. Thanks for doing this...

I ran a PM company for 2 years with Quickbooks and Excel. Between 30-75 single family homes.
I looked into lots of software and Appfolio is one I remember being really cool and on top of technology. I don't remember how they compare in price, just remembered they impressed me BIG TIME.
P.S. I only manage my homes and pass the rest along to another PM company that uses Yardi (expensive).

We are beginning to invest in St. George Utah and looking to network?

Send me a message or connect?

Happy Investing,
Justin