All Forum Posts by: Mike Jakobczak

@Brian Parkman Welcome to the site.  I find a lot of people start by over educating themselves before actually taking action.  This is not a bad thing.  But remember there is there's no magic formula when it comes to investing.  Obviously taking things slow in the beginning is very important as you want to limit your mistakes. But analyze your numbers put together a plan of action and if it works, take action.  

I've learned way more by buying and spending money on RE then I have from any course.  

Best of luck!

@Damica H. Welcome to BP.  Keep us posted on your success in your RE.  Also keep me posted if you find any good deals you find that are good.  Always looking to partner up in the GA.

Basically they will be calling Highest and Best in the next few days. Now if the property is in decent shape it most likely will go over the listed price. As it sounds you know the area and the comps. They may have priced this property to get a lot of action. Which sounds like it has been getting the interest of a lot of investors.

Having said that when submitting an offer don't get hung up in the hype. Put together what you can do and if you get it then do your due diligence and close if it still works.

Remember that highest offer don't always get accepted. Sellers/banks tend to look at the best all-round offer. You can make your offer stand out by the terms as well as price (example: closing in 2 weeks, higher earnest check etc)

Best of luck

There's a bunch of benefits and reasons. To name a few:

Seller can get a higher price for their property.

May not need the cash and can collect a higher return then if the cash sat in the bank. (6-8%)

Faster closing

Tax benefits. Since they are not getting cashed out, they can spread the income over the next few years of the loan. etc.

Opens the property up to more potential buyers since financing is based on sellers specific qualifications.

raising funds can be hard in the beginning as you don't have a track record. Having said that, it's not impossible.

How I started raising my funds was start from your inner circle of people you know and that trust you. Friends and family. As you complete your first few deals then go to their inner circles and continue moving forward.

Some may say you should never borrow from friends or family but keys be realistic, you got to do what you got to do.

For my single family homes it takes my property management 4 weeks. I find I can shave off 2 weeks by posting daily on classified ads etc. I send the lends to my management and they show and qualify the tenants.

For my multi-family properties my management turns over units in 2 weeks or less. This is because they are always advertising as units become free each month.

I've actually used J Scott's staging before. They do a great job.

But besides from that I've used other companies and I typically pay $1800-2000. This is usually for a 3/2 around 1500 sqft. I've staged bigger homes and have paid $2500+

I have only wholesaled a few and they were to local US investors. Even on the flipping side I've only flipped to US residents. Only have partnered with canadians on rentals and flips on the front end

@Ming Lim

I have a general rule of thumb. If I feel uncomfortable going to any of my properties at any time of day then it's probably best I don't keep my money parked there, since it's spending more time there then me. ;)

welcome @Steve Kincer to the BP community. Best online community you can be a part of. I'm sure you will find a lot of great information as well as investors on here.

Keep us posted on your success!