All Forum Posts by: Glenn D.

Patrick,

Be encouraged my man, be encouraged... 1st and foremost, real estate investing (REI) is not a race that you can jump in and win off the bat. REI is a marathon. It takes training, preparation, dedication, blood, sweet and tears. So if you have just gotten into the game, "Be ye not discouraged".

2nd REI also requires an open mind to more than just one strategy. I am sure that you have heard - in real estate its all about "location, location, location" what can be added to that is "timing". You need the right location at the right time.  One question to you is how are you trying to find these deals?  Which leads into item number 3.   

3rd Some of the people that you are coming across are saying that we just lucked into it.  I don't believe in luck.  As I have heard it said, "Luck is the point where hard work meets opportunity".  I come across deals ALL THE TIME, and it's not because I am lucky.  It's because of a number of things:

1. I am continually actively looking (hard work) for deals so I see them (opportunity).  Tons of people want deals badly but are either not looking when the deals come up (timing); don't know what they are looking for (lack of education); or don't know what to look for (lack of knowledge).  All leading to not finding deals.
2. I tell everyone that I know (not literally) that I am looking for deals and what I am looking for so, I have people who come across deals that pass them my way.  Which I gladly give them a kick back for if they work out.

As for me, I could not find a networking group in my local town, so I made one and am using that to not only learn from my piers, but to share with my piers and network ideas and deals, which has also brought me deals. 

So be encouraged, put in some hard work and keep your eyes, ears and mind open.  

Good luck - "Luck is the point where hard work meets opportunity."

Glenn

@Nancy Bachety

Yep the best bet is to utilize an LLC for your own protection etc.

@Nancy Bachety

Sorry for the slow reply.  You understanding is on the mark, but as you said each bank/credit union may vary. Yes we did talk to a lot of banks in my area and unfortunately we live in a small town so the lending options are limited but we found that Alerus was more than willing to work hard for our business.  So it comes down to contacting a bunch of lender and seeing who has the best deal.

Personally if I had $2.5 million I would separate it and not put all my eggs in one basket. It all depends on your risk tolerance and possible fallback if you lose it all. That's one of the things with investing is nothing is a sure deal. Me personally I would split it up between commercial, industrial and residential income bearing properties. But I am also not a big Baller with $2.5 million. Let's see what the rest of BP has to offer.

@Christina Labowicz

Welcome to the BP family! If you are interested in REI you have found the right place. I would advise you socialize here AND connect with an REI group in your area to get connected into a network of like minded folks who you can engage with face to face and voice to voice. There are going to be TONS of neigh sayers, so just remember the vast majority of the richest people in the world have a good portion of their investment portfolio in RE because it's smart!

Good luck.

@Sean Forner

Whoop Whoop ! That's the sound of the fraud police - lol.  

I am sure you are trying to do something completely legitimate but on first impression this totally sounds sketchy.  So I think you have a couple hurdles.  They are not closed doors but you'll have to work some things out before you can slam down the pig skin for a victory dance.  Like in much of life "it all depends" is a great answer.  

1st if you go to any legitimate lending institution and want to work a cash out refi they are going to do the research to find out what is owed against the property like other mortgages, liens etc.  So then the questions will start, which in each state can only be answered by the local lending regulations.  Maryland is a stickler.  I have family their.  BUT as long as you and your dad work the refi out legitimately together all is good.

My 1st call (with my dad in tow) would be to the original lender.  They already carry the note and may be less hassle to work through.

Best of luck.

@Jonathan Beemer

Command your troops well sir.

@John Thedford

I think you may be placing too high a label on what Jonathan is trying to do. And I understand that point of view coming from a Realtor/Broker. My opinion is as long as the seller gets paid what they are willing to accept there is no issue. Wholesaling or being the middle man in a transaction is very common and happens all the time across all industries. As well I have know of two investor buddies that have wholesaled deals off of the MLS and HUD. All things are possible and you don't even have to lie. The phrase "and or assigns" works wonders, is completely legal and ethical.

@Jonathan Beemer 

1st and foremost - Thank you for serving OUR Country with me.  

2nd I applaud your interest, drive and desire - Never Surrender HUA!!

3rd I understand but tend to disagree with @Brent McKee.  I understand your sentiment Brent, but I think that the main reason people don't do this (real estate investing) is because not everyone has VISION, DRIVE and or DETERMINATION.  Everyone has a dream but only the few have what it takes to work that dream until it becomes reality.

So to answer your question Beemer - there are tons of web sites to find properties.  I myself have listed and sold fixer uppers and above using nothing more than Facebook.   I think your hurdled to overcome is not finding the deals, but if you are still overseas, it will be inspecting the deals to see what the details are and IF you have something you can work with.  Do you have a partner (battle buddy) here on the ground to be your scout?  Where there is a will, there is a way!

Here are a few places to start:

Facebook - look in whatever area you are trying for and search "for sale", "homes", "rent".  I know in my little podunk area we have 15 "For Sale" Facebook pages that people sale everything from DVD's to airplanes on.  

HUD - Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties. Check them out- one might be just what you're looking for! http://portal.hud.gov/hudportal/HUD?src=/topics/ho...

Zillow -

Realtor.com

MLS - I have found properties to wholesale right in the MLS.

So this is just a start.  Rock it my brotha!

@Bab Adetiba

Sorry for the slow response I was working other projects, but it looks like you guys got it all worked out.  You guys are awesome.  Thanks for the information back up @Dante Pirouz.