All Forum Posts by: Cory Rogers

Error* Not sure what I want to sell at the kiosk, but figure if a person is bound to fail 9 out of 10, I would start small. Thought about flipping, but I have experienced the difficulties in finding the deals.

So, I'll be pocketing $122,000 from the sale of my tri-plex in California. Because I live in one I can take the tax exclusion for a personal property but the other two are going to be taxed. I have owned the property for 3 years and lived in it for 3. I thought about doing a 1031 exchange but my credit isn't great ( a few issues that are easy to fix once i get my proceeds). I have considered opening a kiosk asking something ( not sure yet), but I'm lost on what route i should go. Any thoughts or suggestions? Thank you

Tony,
Way to take action! I have done the same thing you have, but I quit sending them out because my life is hectic; that and because I started to wonder if all the concepts I had been using were old tactics that didn't work anymore. Anyways, I decided to get my license which I believed would help me separate fact from fiction. Sometimes separating the gurus from the real guys can be tough. Keep it up. It would be great to hear that you got a deal. I'm rooting for you.

Steven,
I'm still a new guy myself to investing, but I was working overseas too for quite a while. I didn't save that much and the money I did save I used to live like I was still earning what I got over there- what a mistake. Anyhow, you have a good chunk of change to get started and in those shoes I don't see you having any issues. Remember to evaluate your deal so that your ROI is still good vs someone talking you into buying at ARV. I would suggest getting to know an REO agent or short sales agent; learning to buy from that resource. I tried so hard to getting business off the ground when I was over there that I wasted tons of money too with zero results. Finding the right people to work with was the most challenging. I was really in need of a good agent, but finding one that was willing to stay connected with me while I was there was almost impossible. However, I did find one that was great, but getting him to pull comps for me was another issue. Needless to say - I still kept looking until I finally decided to work on getting it myself.

You shouldn't have an issue getting hard money loans as long as you have enough skin in the game provided you have evaluated the property correctly yourself. I just started learning about the Norris Group. Look into them.

I used an FHA for my first purchase. I still intend to use my VA though. My philosophy was this. If I get into a property now using FHA I can turn around and get VA without a problem. I was told that you would have to wait 2 years though. With FHA you have to live in in for, I believe, 1 year and a day before considering too be since I bought it as owner occupied. As for the 2 years, I am under the impression that VA will not consider my current tri-plex an investment property until after 2 years. You can go to e- benefits to apply for a CERT.

As for getting loans without a W2 job I think it can be more difficult to get a loan which is why I mentioned Hard money loans. But if your making money in your own company it shouldn't be an issue with VA. Good luck on your journey. Do you have a company? Legal zoom is great for that. Just in case.

I'm still quite new, but I would like to meet-up, and get to network. The education would be awesome. I'm in Upland. I work full time myself and would prefer the weekends mid day -early evening.

That was supposed to read elicensing.com. "Auto correct" sigh!

At this very moment I am sitting in on a crash test course through Prudential. I know some of their locations actually offer classes and I think they might even be free, but one thing for sure is this - if they can teach as well as this guy- than you'll go far. I personally did the Allied Schools, but I also saw one at w licensing.com that was cheaper. Prudential gave me that one, but I'm not sure if it is good. So far from my research I have noticed that they offer 2 classes that you can download and print PDF books, and one class is online. Hope that helps.

Damn iPhone really messes up my writing.

Oh, one last thing that I really wish I considered before I got my tri-plex. THE YEAR. Try not to buy too old. Maintaining it can be more expensive. Make sure it has a new roof. Just some thoughts.

Sean,
What is the 50% rule?
I have a tri-plex in upland and I'll tell you that if I wasn't living in one I would be short about $200 a month. Water, trash, sewer can be expensive. Don't forget your landscaping cost every week, regardless whether you do it or not I.e. gas, weed eater wire etc.... Find out what the vacancy rate is for Lakewood. I would imagine 15% - just throwing a number out there. It might seem great, but when it's vacant- it really hurts. Don't assume because you say beautified it when it became vacant that someone would want it right away- just saying (I did that). I bought might a little tight, but the way I saw it 1) I didn't want analysis paralysis. 2) there is more to make in property than just appreciation. I'm sure you know this- but depreciation, annual loss, adding value, most of all someone else paying it for you. California is a tough market to find great cash flow properties unless you have both ( I'm assuming) resources - network and cash. It's. how i got started. Good luck.