All Forum Posts by: Joe Ward

Thanks guys that was what I needed I will use all suggested.

Hi guys, I want to at least get a couple offers in on these 2 short sales I am interested in before I leave for vacation on Thursday. But I have been slammed with work and haven't been to a bank yet. To put in an initial offer, through the selling agent, what would you suggest I supply to have the best chance of the bank accepting my offer? Just an offer on a contract and a copy of a check for earnest money? Should I try to get to the bank and get a pre-approval letter first as well I am assuming? I know a ton of things I would prepare if I was going directly to the seller/banker to try and make a deal, but I know this is a different situation. So what would you guys suggest I supply the agent with the offer? Thanks in advance...Joe

Thanks for the posts so far guys and Mike I will take everything you said to heart. I will def be reading up on this board every day, learning and hopefully meeting people that are smart successful investors that will help me out. I'm glad I didn't shell out the cash for RD Training that's for sure.
Windy city roundtable huh, nice, I will have to check that out thanks brother.
Thanks again guys...

That does help a lot, Thank you very much Ryan.

Hi guys I just made my first post below and again am very excited about becoming a member of your group and getting help from you guys until one day when I can return the favor to others.

First off I am 28 yrs old and own my own General Contracting Business that is doing well in Bartlett, Illinois. I am very motivated about becoming a successful real estate investor with the profit from my construction company. I have read a few books and just finished
the 3 day Rich Dad Education Real Estate seminar. I did learn some stuff from the seminar but felt it was more of a sly sales pitch and decided against spending the $40 thousand dollars to go through their advanced training and Mentor system. Don't get me wrong, I do feel it would have been beneficial in teaching me and others what we need to know in depth, and the mentor would have probably been a big help with starting me out on the right path, but not for $40,000 when there are people like you guys and forums like this.

Right now I have been focusing on 3-flat units that are primarily Short Sales. My 1st goal at this point is to purchase a fully rented 3-flat for under FMV that has a positive cash from of around $750-$1000 a month (this is what I calculated cashflow-wise on the 2 properties I am planning to make offers on). For this investment I plan to hold on to it for 5 years give or take making a nice monthly cash flow and betting on the value to go back up. (they were worth $200k or so more back in say 2006).
But I am also interested in learning more about; Wholesale buying, much more in depth about Short Sales/Foreclosures/REO's, Lease options, Creative Financing Ideas, Commercial, Mobile homes/Park investments, and Asset protection and Tax Relief (which I'm sure my lawyer will help me with as well when I meet him this week in setting up a LLC/trust) but tips from Seasoned vets are just as valuable if not more to me.

I know a little bit about all of this stuff and will continue reading and doing what I can, but would love some recomendations on:
* local REI Clubs where I can learn and meet people.
* Get recommendations for training classes that teach these types of investments that are not ridiculously expensive and scammish feeling.
* Meet someone or multiple vets here at bigger pockets that will help me with questions.
* And most importantly I would love to work with a Seasoned Successful Real Estate Investor who has been in the game for many years and would be interested in having a young motivated protege to help build into a successful Real Estate Investor. I know it would mainly have to be someone who just wants to give back to the world for good karma and to feel good about helping out someone out. And maybe enjoy watching your young protege grow into a successful investor because you were a generous enough person to help start him out in the right direction. Then maybe even have a Investment partner in the near future. I also wouldn't expect not to give something as well in this relationship, from helping out the Mentor in doing things for their own investement business and helping them do their own analyzing and due diligence to even some sort of payment to you from me for your help and time wouldn't be out of the question either..

Thank you to all of you in advance for any help you can give me from just answering my questions here and in the future, giving me recommendations for other things, and someone who would truly like to help me start my journey by being my online or local mentor.

Sincerely...Joe Ward

Hi guys! I am really excited about this forum and all the help I hope to receive from the members here to become a successful real estate investor! I have been in the process of Analyzing and viewing 3-flats in a pretty nice town in the Chicago-land suburbs. I really want to start making offers on these units that are primarily Short Sales. Here are my few questions that I hope you guys can give me some tips on:

First: is it a waste of time to put in an offer through the agent listing the property? I know if it is listed by an Agent I have to go through the Agent, but is it even worth it or is this just going to take FOREVER to even be acknowledged by the bank and at that point most likely denied if I come in too low? Any other tips if I do put in an offer through the selling agent?

Is it imperative to find the short sale myself that isn't listed by an Agent yet and go directly to the owner (getting a letter of auth and hardship) and then going directly to the banker with an appraisal, letter showing what owner owes, owners income vs. expenses, owners negative assets, the signed contract from me to the owner and a check in hand to buy the property for about 70% of what I feel the FMV is (not the appraised value which will be higher)

Next if you feel I should go directly to the banker is there anything you would suggest to also have in my arsenal that I am missing? Any other tips with going directly to a banker or how to do this properly?

Will the banker even deal with me directly or am I kidding myself?

What is the best way to find these short sales before they are listed with a selling agent and put up on the MLS?

Thank you very much in advance for your help. I would like to put in 2 offers this week with the agent who I have been working with but need to know if it's even worth it or what else I can do?....Joe W.