All Forum Posts by: Kevin Zimmer

Welcome Pete. I grew up in Mercer and now live in Burlington. There are several REI groups that meet in the area. @SteveChatto and @JasonRamos have one tomorrow night at 6:45. They run the first Wednesday of the month. Let me know if you are interested and I will share details.

What type of legal help are you looking for?  Are you forming a business? Have you already selected the property and now you are putting in an offer? You say your first deal in NJ, do you own properties in other areas? Are you just interviewing attorneys to add members to the team?

Donald, that is my sandbox as well.  Give me a call tomorrow, maybe we can meet and work something out.

@lovelacescott, do you know what type of investing?  The term Real Estate investing is very broad.  Steve and Jason have a meeting at their office in Trenton this coming Wednesday, Oct 7 at 645.  I'll be there, let me know if you want more details

I am a huge fan of J and his cash flow diary.He shares tons of information for free through his website and podcasts.He is big on the thought that “done is better than perfect”, and to “move at the speed of instruction”.I am not sure what his pricing is, but I know if you become a member you get access to other mastermind courses he has done (recorded on video, mp3).IMO, getting some training is good to boost your confidence and have a resource for answers, but the more important aspect of this business is to actually do the work…i.e.make offers, raise money, create deals.PM me and I will be happy to share more of my experience with him.

Why wouldn’t you want to use an agent? Forget about what it will cost you, focus on what you will net. IMO, the best use of your time is to research and interview agents that can provide the services you need at a cost that provides value, especially with commercial property.Your buyers (investors) typically do this for a living, so they are knowledgeable and savvy.You don’t need to know everything about selling as long as you hire someone who does. The broker is the middle man between your negotiations. The buyer will most likely have one.Shouldn’t you be as well prepared?The broker also knows prices, neighborhood trends (business), and they have a network of buyers and sellers,

To find brokers to interview, go to loopnet.com and see what agents are listing and selling properties similar to yours in your area..

Unless, of course, you have a lot of time on your hands and are thinking of transitioning into the real estate business.But then I would still recommend using a broker for YOUR property.Remember that saying about the attorney that is representing himself…he has a fool for a client?

Good luck

I love short sales. BUT, they can take a lot of time, and the outcome is uncertain.When a house is in pre foreclosure the first person you need to convince to sell is the owner.  Banks have a lien on the property, but at this point they do not own it (they just need to release the lien to pass clear title) Lots of investors buy pre foreclosure lists and send yellow letters and postcards.But most owners are in denial and do not take action.You can try to send a letter, but if the property is in your area it might be more effective to leave a hand written note (not in in the mailbox) .Some people knock on doors.I am not recommending that because a hostile situation could develop. If you do get the owners attention, listen to their problem.The solution will come from the questions you ask. I have had people sign over the deed and let me bring the loan current, then I continue to buy the property subject to their mortgage. If the owners want to vacate and sell, you will most likely need a real estate agent to list the property.Before doing this, make sure you get some type of agreement from the seller that they will sell it to you.Even an option to purchase should work.But make sure you formalize this step, or another investor may step in and steal your deal.You will need to list the house because banks want the most money for the property, so they will require it to be on the market with active efforts to sell.You need to make sure you use an agent that has a good track record with short sales.That agent should have a team of individuals (paralegals, attorneys) that negotiate with the bank.The agent will get both sides of the deal, so they are more willing to take a quick cheap offer from you.But banks will still get appraisals or BPO’s.They won’t give it away, but a skilled listing agent should be able to present comps to the appraiser to substantiate your offer price.Good luck

Good morning Kyle.  I am not familiar with that area for rentals, so I went to rentometer and this is the result 

https://www.rentometer.com/results/hrkc4azC5G4

Basically expecting to get 1700 is way high unless the property is above average and has a lot of amenities.  I looked in the mls and it is a fsbo, so there were no pictures for me to review.

I looked at rentals for 2bd 1 ba in the mls, and active are asking 1550 but closed rented are 1450.  

Don't forget to add in a vacancy rate.  I also put in a number for property management...you may plan to manage it now, but for me if it does not CF when you factor in prop mngmt I stay away.

One more comment, I think many members of the BP audience have read the E Myth by Michael Gerber.  (I listened to the audio book for free from my library).  I recently purchased and read "the E Myth Real Estate Investor" with Than Merrill as co author.  I have to reread it.  I thought it was good, spoke a lot about systems, but I was under the mistaken impression that some of those systems were going to be revealed.  I think they were just teasers, because  every other chapter suggested you go to their website for more information on how they could help you as a real estate investor

@Russ Brantley

I get the same feeling about gurus, but most of us have purchased something from one of them, and you need to start somewhere.  That is the key, you need to start, so you can make a mistake and learn. Fear and ignorance stop a lot of us from doing what we know we should do.   I agree with @Ashley Pimsner.  There is nothing like having skin in the game to help you focus, learn, and act.