All Forum Posts by: James Vermillion

Please tell me I have been shunned! I think everyone tried to be polite in describing why they dont like the course or gurus in general...but somehow they are considered naysayers. So I will be very blunt about it...I think it is a flaming, smelling, pile of BS, meant to take advantage of people. If that makes me a naysayer then I guess I am one.

I may not have much credibility, being new to investing but I have put many hours into education, including my license, reading, and talking with investors and could not be happier. I think paying for the courses is like paying for a Harvard degree and then getting a 1st grade class.

I have not bought a single guru package, attended any seminars, or anything of the sort. I started out by reading everything I could get my hands on...books from the library, forums, newspaper articles, etc. I then found an investor in my area and got in good with him. He taught be a lot. I am currently finishing up my agent certification in my home state, while working several deals at the same time. Everything that is taught by the "gurus" can be learned for free or the price of a library membership and some networking. The one positive about gurus is they get people pumped up about real estate and making money, lucky for me, I was already plenty motivated. They also capitalize on peoples fear by helping them feel better about getting out there.

I am not saying you cannot learn from these type of things, but save the money for your first deal!

Just my two cents

--James

I will let the other, more experienced people help you on this one...but I am very curious, so please let us know how this turns out

Just a quick rundown of what I plan on doing:

-paint exterior
-paint interior
-restain deck
-add closet for 3rd br
-add flooring (not sure what yet)
-minor landscaping

Thanks,

James

All,

I have run across an HUD owned home in a great neighborhood...1700 sq ft, 2 beds, 2 baths, a rec room, and an office (bedroom w/ no closet). It is on a corner lot, and similar houses are going for 130-160K. This has some work to do...mainly cosmetic, as the carpet has been pulled up, walls are hideous, etc. However, its was reduced down to $96K and has been on the market for 4 months. I would be willing to pay up to $95K, but any lower is bonus.

The question is where should I make my first offer. The house was originally listed @ 120K and I believe it will only take $10K to get it sold @ 135K. I am thinking $80K would be a good starting point.

Thoughts?

Anybody? Thanks!

Welcome! You definitley came to the right place. I have already learned a ton from the knowlegable members here. Make sure you ask questions, read, and network.

I am sure you will find a mentor, but you might have to convince someone that you are willing to work hard, put in the time, and learn as much as you can.

I look forward to seeing you around the forums.

All,

I am currently working on a short sale and things are moving along. The seller is currently compiling all the neccessary paperwork, filling out the authorization to release information, and completing the financial worksheet. I am preparing the contract, as I am hoping to have it signed by the end of the week. I am using the standard KY purchasing contract which is approved by the Kentucky Real Estat Commission, but in doing so came across some questions.
1) Section 1 deals with purchase price....what do I do with this section, as the price is going to be negotiated w/ the lender, US Bank.
2) Other details: Do you typically remove things such as termite inspection from the sellers responsibilities?
3) In the closing section do you use a timeframe, or do you use a standard statement that there is no timeframe.
4) What about the earnest money? Does it not apply?

Thanks in advance. I already owe a lot to this site and its members!

James

Also, this should probably be in the deal analysis forum.

There is definitley not enough information here to analyze this deal. We would need to know about the income of the daycare, how you would finance it, typical expenses, bills, etc, etc, etc. Are you planning on keeping this property to cashflow, or are you looking to get it and re-sell it to make some quick money? All of these things and more would go into whether or not it is a good deal. In todays market, or really any market, you cannot always base a deal off the appraised value.