All Forum Posts by: Jim Tedder

FYI the Triad Real Estate Investors Association meets twice each week of the month, except for the 3rd week, and is an exceptional network to be involved in.  They meet on Tuesdays from 11:45am to 1:30pm at Logan's Roadhouse on Bridford Parkway in Greensboro, and at Lone Star Steakhouse off Hanes Mall Blvd in Winston Salem on Thursdays, same times.  The third week of each month the meeting is at the Marriott Hotel by the PTI airport at 7pm.  Again, excellent opportunity to network with investors of all levels and great educational programming.  Check them out:  http://www.triadreia.org/ 

Kaz, yes, owner is looking for $10-$15K cash. Thought he said he owes $38K, not sure what he is willing to take for the whole deal.

Thanks Wendell for the quick reply. Yes, I definitely get those numbers as well. I guess my question would be, 'what would be a good offer for this situation?' Though he owes $38K, it's not a mortgage to a bank ready to foreclose for missed payment. It's a private loan to a friend, who owed him a favor. I get that there is some flexibility with those funds. Seller financing is also offered.

Found a FSBO property I'd like to get some feedback on for a potential deal. The house is in very poor condition. 3bed/1bath with full unfinished basement and a pull under garage. Has been vacant for at least 7 years, and will need a complete rehab in every area (elec, plumb, HVAC, floors, roof, kit, bath, etc...All) Tax value is 100K. Large lot with a fenced in portion at the back currently begin leased to a commercial veterinarian for $1200/yr, which pays property tax amount. This arrangement could remain with the sale. Comps are selling from $85K to $97K. The owner owes $38K to a private lender with no interest and is looking to get at least $10-$15K in cash up front to settle some judgments. This is potentially my first deal so any feedback would be greatly appreciated. Thanks.

Thanks for the response Ned. Tax value is $175K. Comps selling in the $250K range. Still learning the evaluation process and know to carefully price it right or let it go. Will try to contact the owner. Thanks.

collinscapitalinvestments.com is available. Check your state SOS for LLC or Inc. name.

Newbie question for getting started on a potential 1st deal. I've been aware of a particular property in my neighborhood for a number of years because I was acquainted with the older couple who lived there. The husband died around 7 years ago and I've watched his Mercedes deteriorate in the back yard with no tag ever since. I just discovered now that his wife passed in November and the property is currently in the name of the heirs with an out of state address. The house is not on the market, however, the yard is getting to be a mess and the house obviously needs some work, like a new roof. I'd like to look into the availability of this property and see if there's an interest in selling. If so, I'd like to find a creative financing technique to acquire it. I'm wondering what would be the best way to approach the owners. Phone call (if I can find a number), postcard, yellow letter...? Again, I've never approached an owner or made an offer so remember, I'm real green here.

Hey Daniel,

Yes, would like to start a conversation as well. Feel free to drop by when you're in town. We're at 411 W. 4th Street and open 11am to 2:30pm for lunch M-F. Or we can set a time to meet.

Hi all. Brand new to BP and REI. I've had extensive experience in residential remodeling and management of my family's rentals but have just recently become interested in investing by chance. I own/operate a multifaceted arts facility downtown and as a result of building the business over the past 7 years have let our own home get in disrepair. So we made the decision to 'flip' our own house and move into a condo downtown at some point. In the process of investigating the flipping process I stumbled on a plethora of investment info & opportunities, including BP. My initial interest is to begin wholesaling and no-money-down flips and learn as much about investing as possible, with the goal of eventually investing in commercial properties to house my arts businesses in other cities. Looking forward to the education within this community. Would love some face to face time with folks in the Triad area.