All Forum Posts by: Jim Bowser

Truly a great example of the principle that if you produce a great product, people will flock to it. With all the resources that BP offers, I can't imagine why anyone either getting started or who has been investing for a while would not be part of it.

I have read that you should ignore the National banks and go to the local and independent financial institutions, even credit unions that deal with businesses. This is to build up a relationship with them for future business such as loans that you may want in your investment business.

Welcome to BP Trevor! You can find tremendous information and contacts on the site. Be sure to read as many topics in the forums that you can and participate, read the blogs and listen to the podcasts. If there's anything I can help you with, please let me know.

Sure if the lender will agree to that. Certainly if you don't have the funds to do the deal, and you can borrow them on those terms, go for it. But, if it is your first deal, be very careful that it is the right deal and you make the right decisions. If the lender has some experience in doing the type of deal that you're doing, that would be very valuable in addition to getting their funds. Often when you do your first deal, it is helpful to partner with someone experienced.

I do not believe that forming an LLC is that difficult regardless of your state. Often you can download the forms from your state's website. Also the forms are sold commercially online as well. Or you can have an attorney form the entity. But what I have learned so far by following the BP forums and blogs, as well as reading the book by CPA Amanda Han, is that an LLC is not the perfect entity for everyone or every situation. I am firmly convinced that is a good idea to sit down with your own CPA, preferably one that is very familiar with advising real estate investors, and map out a proper strategy for your entities. It is my understanding that strategies for buy-and-hold may be different than those if you are wholesaling or flipping. At least that is my understanding from my reading so far.

is Reifax only for Florida properties?

That's great that you're starting to have some real success with your mailings. I'm sure that you will have even more success as additional months mailings go out as well. Continued good luck to you and hopefully we'll meet up sometime at one of the local REI meetings-I try to go to as many as I can.

That's a very good point. The first lien may be in the process of getting foreclosed as well. Hopefully any process on the first is not ahead of the foreclosure on the second mortgage. I would suggest you find that out ASAP.

You don't do anything to the property or spend any money on it until you have the deed in your name-meaning that the six-month redemption period has fully run.  

Ryan, as I understand it, a direct mail campaign should be for about 6 to 8 months where you monthly mail out to the same people.   Is that what you are doing and if so how far along are you into the campaign?