All Forum Posts by: Laura Scherr

I live in Miami, Florida but would like to hear from an experienced investor that obtains loans from a bank.  Would like to know if there is a bank that is "investor friendly".  Thanks.

I've been in real estate and have done okay so far.  I have a lot of knowledge and have made deals - but not "dynamic" deals.  I've read a lot about mentoring, and as I understand from BP I need to find someone successful in this field or go to someone you know.  The problem I have is that I've been doing this on my own and although I've gone to some real estate investment club meetings, I haven't met anyone that could help.  I don't know anyone personally doing what I do except on here. So I'm asking, does anyone have suggestions on the best way to go about this without spending thousands of dollars?  The best way to network to find someone?

I am working on a buyer's list and I was just talking with someone who mentioned a friend that buys homes that need some rehabbing. He just does some basic things and then sells partially rehabbed property to people who qualify for a government type of program that allows them to purchase these type of homes.  He says there is a list and that the list of buyers, that qualify for this particular program, is long because there aren't enough homes like this for sell. BUT, he couldn't recall the name of the program and I was wondering if anyone might know about this.  

Here in South Florida - Dade County

I'd like to add something.  I live in Miami Florida and I am now divorced from a GC.  So, to continue this business I had to start looking.  What I use and has been successful is an on-line source called Thumbtack.  For a full rehab, I look for GC's that do it all because I don't want to do the work myself. Well, that's a lie, I do some.  BUT they need to be  familiar with investors so they know time is a factor.  I have gotten, over time some great companies. I get 3 or 4 bids and go with what I feel is a company that is down to earth and are ready to work.  They are rated and of course you still need to check them out, but that has been a life saver. I will say this:  Be specific on what you need because some companies are better at high end rehabs and other at lower end. I had a company come out that was more into major - go all out - types.  That wasn't for me, so we parted ways. Also, for my rental properties, you can find quality companies for specific work. More like contractors. I've had great results...so far...  Just a suggestion.

I wish you lived closer to Miami!

Kurt, I like your process.  I am pretty slow myself. Congratulations on your duplex! Hope you get it. That is one thing I haven't got yet, but would like to. I currently am working on a house to flip and am about to close on a property I plan to keep as a rental for a while.  But money is getting tight, so I've had to slow down until I sell. I believe in having a cushion.  I really need to look into into finding a bank to work with for lending,  Right now I just use my own money, but that can only go so far.  Anyway, thanks for your advise.

Ames, I am currently looking specifically to flip.

Thank you for this information.  I really appreciate it.

I have been investing for a while. I've only been concentrating on foreclosures or properties that, occasionally, pop up on the MLS and it's been tough. I've gotten a few, but mostly not so much. I would really love to hear from people the best strategy that worked for them on finding deals. The only thing I haven't tried yet is direct mailing. So, although I would like to hear anything from anyone, I would particularly like to hear about successes through direct mail. Thanks.