All Forum Posts by: Joe McCorkell

I have not seen this answer yet: Without writing a book here it is.  Find a good realtor and consider him/her a partner. They can bring you new deals and sell your old ones. It is like everything else. You can paint, you can handle plumbing you can do it all, the only thing you can not do is create more hours in a day. Pick the things you want to spend your time doing and subcontract the rest. Selling is the same as any other part of your business. 

@Randy Phillips

Nice job! Way to stick with it. There is so much fear and misinformation with real estate on top of it being the most important purchase or sale of most people's life.  I am glad you stuck with it, and were able to turn it into a good deal. This is truly inspirational. 

Seems like  a recipe for a disaster. If you truly made the money on the improvements, why not sell it, and close out the loan? 

Also, sounds like you went from one Loan Shark (HML 15%) lender to another (8.4%, + 5%) prepayment penalty.

Can you sell it and clear the books?

Can move into one side a refinance at a more traditional rate as owner-occupied?

The market is hot right now, there is an election coming that may or may not affect the economy, and more and more people are using HML and other tricks to get into the market. This could be dangerous for you long term.

Thank you for the welcome notices. I am a ways out from investing in anything local at this point, but its always great to learn and that is why I am here on BP. 

Hi,

I am interested in learning more about property investing. I have worked for a development firm for many years and always dreamed about being a developer myself. In the mean time, I want to build a rental portfolio to support myself and my family long term. The biggest challenge I have is finding viable properties in my area. Santa Barbara is one of the most expensive areas of the planet!