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All Forum Posts by: Jourdan Mercer

Jourdan Mercer has started 11 posts and replied 40 times.

Post: 1099s - A Good Reminder for Investor Newbies

Jourdan MercerPosted
  • Posts 40
  • Votes 18

Understanding taxes is a weak point of mine that I'm trying to fix.  

What does giving a vendor a W9 do?

Post: Hearing a lot about a BPCON, what is it?

Jourdan MercerPosted
  • Posts 40
  • Votes 18

I was wondering the same thing.  I've heard good things about them on podcasts, but not much more than that.  I'm a first year investor myself.  If you find the answer, let me know please.  Have you tried looking on youtube for it?  At the very least, they might have some clips to give an idea as to what happens.

I just put it in my calender.  As long as I can get a sitter for the kids, I'll be there.  Looking forward to it.  It would be very nice to meet you too.  and thank you

Post: REI Meetup Preferences

Jourdan MercerPosted
  • Posts 40
  • Votes 18

I'm a new investor and have only been to a couple of meetups.  With my experience so far and being in the early stages, I like having a presenter.  I've been trying to learn as much as I can through all the avenues I can find.  For me, sometimes it's nice to have someone dedicated to a certain topic, that way you can ask questions  directly to the topic and talk about them and hear other people's questions and thoughts about it as well.  It's one thing to watch a seminar, youtube video or listen to a podcast, but it's another to be able to ask direct questions and be involved in the conversation in the topic you're trying to learn about.  The more involved you are in anything, the better you will not only understand it, but the better you will be at it.  
Too long and people can loose interest.  Whatever the topic is, it should be directed at the highlights of what it is and how it works and give a few real world examples from the presenter and to make it even better, get examples of people's investments, leads from the crowd to get even more involvement.  If people are new like me, they can get more involved and get more of a realistic idea as to what to expect and how things work that they might be struggling with.

Another idea is to have a role play session.  Could have people try to talk to "sellers" and present different options for financing or how to talk to banks or whoever.  

Yes, food helps.  Like Nicole said, if it's dinner time and people eat at home, they're going to be less likely to come back out.  Even if it's a sandwich platter, it's something.  I go to the gym at 5 in the morning, work all day and come dinner time I'm ready to eat.  If I go to a class and there's food there, I'm all for it.

I missed this one.  Do you have the schedule for the one next month in February?

Post: Sub to. Is it legal in Massachusetts?

Jourdan MercerPosted
  • Posts 40
  • Votes 18

I'm a new real estate investor trying to understand creative methods of purchasing real estate.

I've come across the idea of taking over a mortgage sub to and I've heard some mixed things as to whether it's legal or not...

I know Massachusetts can be sticklers in many legal areas compared to other states.

I've reached out to multiple lenders, attorneys and agents to get their take on it and it's kinda mixed.  Probably leaning more towards it's not legal.  

Does anyone have any knowledge and/or experience doing a sub to in Massachusetts that would in fact make this legal or illegal?

Quote from @Levi Bennett:

Hey Sean, I don't think you can do it exactly like that, but I do have a client who "games" the system (so to speak) and creates an LLC where the seller becomes an investor in the LLC, and they have a payout schedule just like a mortgage for the remaining balance, and the LLC is subject to the loan. SO it's not technically a second lien, but functions like seller financing. Very creative, and he's done a few that way. He's usually able to acquire with no money down if they can convince a seller to do it.


 That's genius!

Post: Suggestions on creative financing

Jourdan MercerPosted
  • Posts 40
  • Votes 18
Quote from @Melvyn Mangion:

In which country are you looking to invest?


 USA.  I live in Massachusetts outside of Boston.  I'm looking to invest in the cape cod area.

Post: Suggestions on creative financing

Jourdan MercerPosted
  • Posts 40
  • Votes 18

I'm on the fence with it honestly.

If I can make it work, I would like to give it a try.  It would be totally worth it in the end.  If I can't, I can't.  But, if I can then it would be a great cash cow and an amazing learning experience and so many other properties would be a breeze in comparison.

Post: Suggestions on creative financing

Jourdan MercerPosted
  • Posts 40
  • Votes 18
Quote from @Henry Clark:

Reach out to @Jared Rine.  Ask him if he sees a way

Long shot.  Talk with the bank.  See if the two heirs pay x of the debt will they accept your $30,000 on terms.  Then try to refi as you noted.          
Keep grinding for a solution.  
Put a deal together with numbers and pictures.  Put on the BP market site for a co-signer. 


That sounds like a good idea.  This might be a silly question, but where do I find the market site?  I might've missed it in the main selections...

Thank you btw.