All Forum Posts by: Seneca Hampton
Seneca Hampton has started 3 posts and replied 20 times.
Post: What is a good return in Bakersfield, CA?

- Involved In Real Estate
- San Diego, CA
- Posts 20
- Votes 6
A seasoned mentor of mine told me this:
"The further you move from the Coasts the more cashflow you can earn, the further you move toward the coasts the more equity one is able to build over time"
Post: Advice on first buy with low funds!

- Involved In Real Estate
- San Diego, CA
- Posts 20
- Votes 6
Post: Advice on first buy with low funds!

- Involved In Real Estate
- San Diego, CA
- Posts 20
- Votes 6
Post: Advice on first buy with low funds!

- Involved In Real Estate
- San Diego, CA
- Posts 20
- Votes 6
Post: What are you reading, right now?

- Involved In Real Estate
- San Diego, CA
- Posts 20
- Votes 6
"You Can Negotiate Anything" by Herb Cohen
"Flipping Properties" by Will Bronchick
"Think and Grow Rich" by Napoleon Hill
"80/20 Way" by Richard Roch
Post: What does it mean to get a property under contract?

- Involved In Real Estate
- San Diego, CA
- Posts 20
- Votes 6
@Steve Babiak my question was not concerning the basics of a simple Real Estate agreement nor the process of how to go about coming to a meeting of the minds. The question was concerning the term "under contract" which implies a process. Having never heard the term I was attempting to gain clarity rather than assume. Better to ask a dumb question and look dumb now than find myself looking dumb in a real life situation.
@Bryan L. Thank you for clarifying I appreciate it!
Post: What does it mean to get a property under contract?

- Involved In Real Estate
- San Diego, CA
- Posts 20
- Votes 6
I think I have had a case of not understanding the verbiage. So getting a property "under contract" = opening escrow... ? I.e. Me: "Hey Bob, I'll give you 100k for your house. What you do you say?" Bob: "Ok, I'll take it."
Now at that point are we signing a contract on the spot (is there a template for this)? Or is this something you'd have drawn up by an Attorney?
Correct me if I'm wrong but "getting a property under contract" is the exact same as the process one goes through with a broker but with a great price, right?
Post: What does it mean to get a property under contract?

- Involved In Real Estate
- San Diego, CA
- Posts 20
- Votes 6
I've got a dumb question (Trying to learn the process)..... What does it mean to get a property under contract? What does it look like (step by step)? What do you need to do that? Is this something an Attorney would do or I could download?
Post: Newbie Introduction - Los Angeles

- Involved In Real Estate
- San Diego, CA
- Posts 20
- Votes 6
@Christian Sanchez check out http://www.biggerpockets.com/real-estate-clubs/california.html
its how I found my club!
Post: First Steps...

- Involved In Real Estate
- San Diego, CA
- Posts 20
- Votes 6
@Jay Willems is right, depends on the type of investments you're interested in. Like, Jay I've only been on for short while but I'd say it might be a good idea to try and find a mentor. They'll be able to help you avoid a lot of pitfalls. Second, create a plan including your investment criteria first: types of homes, % of return on deals, property types, etc. That way you are not chasing everything that looks like it could be a good deal. Also, during this process it may be a good idea to start to build your team: CPA, Mortgage broker, RE Agent, Contractor, etc. These are the people that will make your deals run SO MUCH smoother. It's your choice on whether or not you want a mentor but they could be an excellent resource to help helping build a solid foundation. Like Jay said, keep there is a lot of great info and wonderful people on this site. As long as you are motivated and do your due diligence you'll be just fine. To help you get started check out the link below:
http://www.biggerpockets.com/real-estate-investing/introduction
Good luck!!