All Forum Posts by: Des Shei

My strategy is to use my personal funds for POF when submitting the initial offer (in your case use your Bank LOC as POF will serve the same purpose); in my experience once the POF is generated, it is typically good for 60-90 days depending on the type of R.E transaction(Short, REO etc). Now, when your no contingency offer is accepted, you have the 2 option- have the Private money funds deposited into your account for use in the settlement, or you can have the Private investor wire the funds directly to the closing attorney's escrow account. Either way works, as it has been stated before, the seller typically doesn't discriminate where the cash funds are coming from at closing.

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Des

Count me in, my friend- If anyone can recommend/refer a good investor friendly accountant in the area to me i'll be your best friend :) and will even cover your first drink! looking to make a switch this year.

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Des.

Looks really good! i like the colors you used on the main floor. doing alot of the work in the beginning is always good- allows you to learn the business by getting your hands dirty so you can be a better and savvy business man/woman later, in addition to the cost savings now.

I purchased a property at auction last December that is still occupied by the former owner. i hadn't approached it until now due to work underway on other projects. now that we got most of those nearing completion, i plan to reach out to the previous owner and initiate talks to transition possession of the property and for him to vacate ( leaving the property in good shape). i also have my attorney pursuing pursuing motion to evict from the court simultaneously. Before i hand write something ( very short and to the point), i'd like to find out first if others will be willing to share what they have used in the past.

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Des.

It's 2015 - time to update those business plans, strategies and document lessons learned my friends. Happy investing and see you all on the 28th!

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Des

Welcome Kate. There's a local meet in Fairfield, i believe ever last wednesday of the month for BiggerPockets investors in CT, may be a good idea for you to show face there next month and meet some friendly faces. Happy investing!

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Des

I'm looking to replace my current insurance agent in the very near future and would like to know from my fellow Buy and Hold investors in Connecticut, who they are using. I'm being prescribed a very cookie cutter / off the shelf policy, which is no doubt more expensive when you look at the aggregate across my portfolio. Anyone have some names they can recommend?

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And also- make sure to call all references and current job verification.

There are many places to run a credit check- some of which are right here on BP. Keep in mind that a credit check is only one data point- there are many other elements that must be satisfied prior to a prospect getting the keys. Definitely pay attention to other intangibles, appearance, how punctual they are, do they say they'll get the application back to you tomorrow and don't call/text/email and deliver it 5 days later (adherence to commitment) etc.

Des.

If you are an investor, certainly there's a certain mentality you have to adopt to be successful- I have come to realize, and it's a constant conscious process, that IF I DON'T FEEL GUILTY ABOUT MY OFFER, sometimes (not all the times) it probably isn't low enough. remember, you make money when you buy. That said, the most i'd tell the other agent is that my offer is coming, that is cash, and some reaffirmation of my serious intent to close once (not if) my offer is accepted. Also remember it's a numbers game, so keep submitting away and know exactly how much flexibility (price wise) you have before you have to walk away from a deal.

Des