All Forum Posts by: Account Closed

@Account Closed

My partner has a re license and uses it in the following manner: looking up properties that fit his buying criteria, running comps, going to properties that have a little a lock box directly in order to save time.  Sometimes on the purchase side he will take a commission however sometimes he will forgo all commissions  and give the full 6% to the listing agent.  We're more interested in getting the property than saving 2.5%.

When we go to sell the property he will always be the listing agent for one reason-control.  He takes 1% and gives the rest to the buyers agent.  However no other agent will sell his property and have his best interest like himself.  

Our properties sell for about 1.4MM to 4MM if that helps.  

Good luck

@Ali Boone

I'm a few miles from you in west la.  I've been investing in real estate for a few years now.  I'm a capital partner & help finance deals in Los Angeles.  I currently have 2 properties- marina del Rey & cheviot hills that are currently being rehabbed.   I will be picking up another property in Los Angeles in the next 2-3 months.  I don't invest outside my back yard & may eventually get into commercial real estate when the time is right.  

I have 2 awesome boys & a very cute German shepherd & work in sales full time.  

I agree with @Tyler Jones assessment of "Mike".  He's a total scammer and might have had @Samuel Riehn in his sights all along.  Mike did a few things psychologically to his advantage.  1. He paid for everything which makes Samuel feel a sense of obligation/indebted to him.  2.  The meeting with the 2k suits- Samuel says "he's glad he wore a suit" which signals he feels he would not on be on equal footing had he worn jeans and putting on a suit makes him feel more of a balance of power but not fully. 3. The "intense interview" another tactic aimed at shifting the power away from him to them. Imagine how one feels in a job interview-you are trying to impress the interviewer.  4. They sent him away & summoned him back- I would never send away & summon back my boss- it's the other way around.  5.  The build up of this guy being a deca millionaire- someone to look up to & admire someone you want to associate with.  6. Finally you've passed & are now being admitted to an exclusive partnership.  A members only situation but instead of the 80s jacket it's now an Apple Watch lol.  

I'm just going to call it like it is.  Mikes not your friend and views you as the fall guy. He's A very sophisticated confidence confidence man. Him and the "deca millionaire" who's got so much money (according to him) that he needs to scam the bank in order to make it happen.

Good luck 

@Barry H.

If someone actually puts in their post "little/no risk" run away as you are about to get taken.

To answer your question I think partnering with an experienced rehabber in your area is an excellent idea.  Remember to have an attorney look over all documents before you proceed.

Good luck

@Lauren Van Riper

I Think people are reacting to the obvious way this tenant is manipulating you rather than attacking you personally.  Since we have no dog in the fight sometimes the observation is more detached.  You say you were looking for advice but it seems like you have a solution to this problem which as you stated is to not renew her lease.  I personally don't believe her as I've known a few survivors of trauma and they never use the fact that they were abused in order to get accommodations.  Usually they feel a sense of shame and embarrassment even though it wasn't their fault and are not willing to publicly announce the abuse. Furthermore given her emotional instability it makes me doubt her claims even more.  

As others have stated non of this is your problem.  Not the tight rental market nor the alleged abuse.  Just continue to stick to your plan -which it sounds like you're doing and move on.

Good luck

@Steve Gress

Due to the foundation issues this house may need an all cash offer because it won't qualify for traditional financing.  If this is the case the price must reflect this & be much lower.

@Ricky Bobby

I lend money as a private money lender/equity investor.  It's extremely passive but you need to know what you're doing. However since you don't have the experience I would not start with that as you will run into people who will want to rip you off. Unfortunately you may not be able to tell the difference between an honest deal and a fraudulent deal. I would follow @David Faulkner advice if I was just starting out.  

Good luck 

there's been quite a few threads about FB.  The majority of experiences has been negative.  If you feel you've exhausted all avenues of learning than I would go the guru route.  But that's after library, amazon books, working with a local investor, internet etc.  I know of someone who bought the mastery program.  It did not work out well for him.  He's in the Bakersfield area trying to wholesale using their system.  It's been 11 months, 50k for the program, quite a few thousand on direct mail & not a single deal. 

Good luck

I'm seeing multiple offers and properties going quickly on properties that are priced correctly. we recently offered 1MM all cash for a property listed at 900k.  The house was not inhabitable and was a tear down.  It sold for 1.1MM so 200k over listed price.  2 of my neighbors condos sold in 6 and 8 days multiple offers and over listed price.  I think the houses that are sitting may be way overpriced and the appraisal doesn't come in.  

There's no room for emotions in business.  I learned this the hard way.  It seems like you're getting a bit offended that newbies don't want to work with you and you come across as a bit condescending.   If someone chooses not to work with you (for whatever reason) move on to the next.  Or do the flip solo.  If your business model depends on a steady stream of rookies you may want to rethink your system.

Good luck