All Forum Posts by: Mike Jakobczak

Sounds like you have a problem.

I would be very careful with allowing that and her knowing that you know. If there is a problem with the law and she turns around and says "but the landlord says it was okay" could be bigger problems for you.

Great answers,

I always have a number that I will not go over when it comes to rehab jobs before I close the deal. Once the offer is accepted, I get an inspection and also get quotes on all repairs. If my numbers are way off, I back out but if I'm within reason I close or ask for the price reduction. Usually I don't get to the point that bids are way off unless there are serious issues that no one would have know about. I usually try to sell the idea that it's a bigger mess then it is. This sometimes works and the banks want to dump the place. If not I usually follow up in 2 weeks when no offer has come in and they tend to want to do business again. It's a big numbers game, but as investors we have all the time in the world.

Well moving outside your backyard, if done correctly can be very very lucrative. I think it's an art form that when you get good at it can allow you to find the up and coming areas, get in and maximize your profits.

Also allows you to have a fresh pair of eyes on cities. Some investor dont' get the big picture because they grew up in an area. They think that the numbers are way to high and they miss out on the appreciation that has yet to hit the city.

Once you get good at knowing what markets are going to hit next, you can time markets and get in before any other people drive prices up.

But best to stay near home and get some experience before venturing out.

Some states just require you to produce a Certificate of good standing for your LLC. This certicate simple tells everyone that your business is legal, and all fees are paid and no one has a problem with your company.

You can own a LLC in any state and do business in any state. But some states require different paper work.

The easiest way to set up your business is pick a state to register and put your main banking branch in that state. Paper work is much easier to deal with.

Hope that helps out a bit.

I agree with Gregory.

Due Diligence is key to the success in buying unseen properties. Your Power Team is always the most important part of your business in real estate but buying unseen properties it makes it even bigger!

Some tricks I do is working with a realtor that will do some extra leg work for you.

Ex: take lots of pictures of each part of the house, the neighbor houses, the main streets. Even videos, if possible.

Also you will need the realtor to open the door for contractors, appraisers, inspectors, property managers, etc.

This usually means you need to throw some extra cash sometimes. Depending on the relationship with the realtor. My advice tho, is do not call any realtors unless you are ready to start putting in offers. Relationship building is key to success, and you calling up to discuss areas without knowing anything about the area. That spells out, not serious, to the agents. Don't waste their time, they are very busy people!

Also use the internet to your advantage, use google maps, bing maps, you can walk through neighborhoods as if you were there. If you see a lot of run down properties, chances are they are still like that.

To be successful, you have too be very organize for buying unseen properties. I would not advice first time real estate investors to jump right into something like this. But once you get good at it, the world is your back yard have fun with it.

Well I figure I bring to the site a little more character, instead of just fitting in. I needed a pic to kind of stand out.

It's funny because I posted a conversation on e-mail accounts and taking yourself seriously. Then I go and post a pic like that...talk about calling the kettle black!

Thanks for all the comments, funny or serious, good advice all round.

There is no formula on how to have a successful day, or is there!

1. Start the day with one of your favorite songs, that inspires you or gets you motivated! One of my songs is Soulja Boy Tell'em-Turn my swag on (For all the older generation, don't even ask lol)

2. Have a good website that offers great quotes, get inspired early.

3. And last but not least, make your bed!! I shouldn't have to tell you this. Start the day by accomplishing something small. Worry about the big problems later!!!

Hope you have a Successful day tomorrow!

Thoughts and opinions on what you like to do first thing in the morning that works for you...

Definitely good comments everyone. Lets hope we change a few e-mail accounts in the process...

And as for Matt, now I know why I didn't get that job ;)

make sure you have done your due diligence for the area. So you know what numbers your working with. I would only move in on the deal if it there is a greater amount of resales in the area compared to foreclosures. Try to stay under 20-30% foreclosures. Then make sure you get a killer deal with the property. Just in case you need to liquidate fast, you know you have room to move it.

Hope that helps you out a bit.

I would say put in an offer!