All Forum Posts by: Account Closed

@Jessie Hill 

Equity. If the property is in pre-foreclosure, there are unpaid payments that have to be brought current. Sometimes unpaid taxes. Sometimes other liens. Sometimes the owners are split and you need both signatures but can't find one owner. Sometimes it is in bankruptcy as well. Any other questions ;-)

@Kevin Magelsen Yep. That's a problem. You might want to look into learning Creative Financing so that you can do the items you described and not need banks at all.

@Alexander C. Those aren't neighborhoods, those are entire cities. It's like asking where to invest between Long Beach to San Diego. You might try Trulia.com or city-data.com to narrow down some demographics.

@Wade McMaster At least you are teachable ;-)

I have not done syndication nor bought any multi-family. I have a 22 unit on the hook but not reeled in yet. And that is a far cry from 200 units. Go to the top of the page and do a search and you will find plenty of people that have actually done these. That is a much better source of info than myself.

@Leighton Adams Is there a reason you don't trust your attorney? No one here knows or even can know the answer and I don't think anyone here will stand with you and defend you in court if you do things incorrectly. Be smart, ask your attorney or get one you trust.

@Tabitha J. In my case, I went from doing mortgages to buying the houses on Subject To and Fix & Flipping them. It was a relatively easy transition for me. However, I'd recommend people hang onto their day jobs, do Subject To and sell to Tenant Buyers neting about $400 per month and when their cash flow approximates the income they need, then go full time. So, generally, when properly taught, lots of people can quit their day job after a year to a year and a half.

@Wade McMaster If the place has over 200 units be prepared to put 25% down. Most people do syndication for this size project.

Not to put too fine a point on things but "Ok, so I'm way out of my depth" might be an understatement. ;-)

@Kara Leboeuf Well, if it's an LLC it has to be on file somewhere. If it only *says* it's an LLC, run.

@Liz C.

"what's the best way to buy to get Maximo ROI"  - Subject To of course

@Tammy Tivis 

All that I do and teach is creative financing and "off market" properties. Real Estate agents list a property generally for 6%. That is paid by the seller and split between the listing and selling agents. The agents each split that with their brokers. So, a $200,000 house has about $12,000 in commissions that is split $6,000 to the selling agent and $6,000 to the listing agent. They then give half (usually, unless they are a 90% shop) so $3,000 goes to the brokers and each agent winds up with $3,000 *General Numbers*. 

Some brokers won't allow their agents to get involved in creative financing deals so if only one of the four agents/brokers says "no", it can kill the deal. When you go "off market" there are no agents involved. (Do the escrow and title like normal.) The seller then can reduce the sales price because they don't have $12,000 coming out of their proceeds. 

However, if an agent brings you a deal, pay them their fee. It is worth it and they have earned it.