All Forum Posts by: James Stevens

I understand.  My thoughts would be, that if you didn't have it sold by the time agreed on in the contract, you could probably re-fi it.  At that point you would have already made the needed repairs and increased it's value, so you should have some decent equity in it.  It seems like it should be able to work out either way.  That's where always having back-up strategies/options comes in handy.  In case one thing doesn't work out you can move on to option 2.

What's your credit score?  That'll have a big influence on it.

A land contract is for vacant land where  the title doesn't convey until a later date.  So, what exactly are you asking?

My opinion, on looking for real estate agents, is that you need to let them know up front that your an investor. As such, you typically will be offering lower than market prices. They need to be willing to work with you. Some agents don't like dealing with investors, while others are great at it. Also, by having an agent on your team, it will give you MLS access and you'll be able to see properties quicker.

I would NEVER buy any property hoping for appreciation.  If it won't cashflow, then it's not a deal, in my opinion.  That is the name of the game.  If your not cashflowing then you're simply speculating.

I'm with @Account Closed tell everyone what you are doing and I love driving for dollars.  You can learn more about each different neighborhood firsthand.  I still see things changing weekly or monthly in neighborhoods that I've known for years!!

I think that the back taxes portion would HAVE to be paid buy the current owner at closing, so yes your example is correct.  As far as the utilities, I'm not sure.  They're not in your name, but is it possible for them to put a lien on the property until payment?  I haven't actually heard of that, but just asking.

Hi @Amelia Kayes and welcome to BP.  What @Tim Bishop said above is absolutely true.  Anything that is 1-4 units is considered as residential but once you go above 4 units it is all considered commercial property so it won't matter whether you live there or not.

With any other marketing that you do, you can include the page information and put something like "Like us on Facebook."  Anything you send out via email should have a clickable link on it that takes people to your page, like below.   https://www.facebook.com/JS.Properties2012

Just a couple ideas, hope they're helpful.  I'm also interested in additional forms of marketing to attract people so I'll definitely be following this thread.

(And btw, I "liked" your page from my FB profile as well as my businesses.  lol)

Excellent point @Mike H.  I like the way you expanded on the idea.  That is were a lot of people fall short, is coming up with creative ideas to start with.  I also agree with your point that if you can't come up with around $500 and/or the time for a part-time job (whether you're actually getting a part-time job or not) then you're not going to have the time or resources to put into real estate investing.  Marketing alone, takes some kind of finances to properly accomplish.  You can't achieve EVERYTHING off of Craigslist for free.

Check out Podcast 39.  It talks a lot about vacant land.