All Forum Posts by: Lori McClure

Just an FYI. Do your research and figure out what type of climate you would tolerate. I say that because I have lived in California my entire life and have traveled across the country during the winter months. When the temperature gets below 70 degrees I am cold... Been in areas that were -9. (I really couldn't live there year round.)

Do you want rural, suburb or city? 

Would you choose to live in one location for 2 years sell and have a great tax break? 

Rehab, Restore or move in Ready?

So many options so much fun.... Good luck with your choice.

Jason and Paul thank you so very much for your ideas. t

Jason, I have cash in the bank to purchase outright under a certain amount so refinancing my home is not necessary (with that my income would not qualify for a refi) and I really enjoy the not having to work thing right now:) Where I run into problems is with finding the money to rehab to flip or hold. The properties are all out of state so I don't know any contractors, electricians, plumbers or handymen that I would need to do the work. Hence the inquiry here to find a partner that has these in their portfolio already.

Paul, I have found many properties that I could purchase for the cash I have and then I would be sitting with something that needs repairs that can't get done. I will look into the book and see if it can help.

Thank you gentlemen for your input.

Just a thought, ask the owner to give you permission to speak (via three way call) with the lender of the property. They may be willing to short sale it to you.

Most lenders would rather not have abandoned properties in their inventory and it might work out for you and the current owner.

Good luck and let us know if this worked.

Me - Always loved Real Estate/Architecture. I came into a small inheritance and purchased the home I now live in outright for under $20k out the door. No major repairs needed. I got very lucky.

I was able to retire in my early 50's because of this. I have the time to research finding properties that are sold at great discounts so they don't last long. I am not a wholesaler just a researcher. I want in the game to do deals.

Over the last 3 months I have run across some crazy deals. Most do need major repair and all in all are great deals for the person with the cash.

12 unit for $99k – Guesstimate of about $200k in repairs

28 room convalescent hospital for $78k – Updates cost would

depend on what it is used for. Plumbing, electrical and roof in good condition. Features outdated.

2 level commercial unit $25k.

previously 2 businesses on first level with 2 unit

apartments on second level. Major repairs $125k

3 unit $3k Major repairs $130k

There have been more....

I do have a little cash, great credit, and no income worth mentioning which is why I haven't done anything with the above mentioned properties.

My question is how can I make money bringing these deals to investors and not get lost in the process and walk away with nothing.

 Jimmy, that's an even longer thread than what I post first. :)

What you or he can do is what I did, Google "how do I get a better credit score, how do I clean up my credit" etc. Anything having to do with increasing his score. It might take a week of Googling everyday, a lot, to get an idea of what he can do to get his credit score higher.

it will take time... It will make a huge difference. And there are loans out there for first-time buyers with a credit score over 500, as long as you can prove two years worth of tax filings and income, you will be on your way. 

Look into a 203k loan, it is a government loan that allows you to put as little down as 3.5%. Also, and most importantly if you are partnering with anyone you need to have an airtight contract before you start.

Jimmy, you are amazing. If I had known at your age what I could do things would have been soooooo much better for me and my family. 

As suggested in other replies, look for other investors you can mentor with. There is a Realtor, business owner in my area that owns a Subway, Shell gas Station, DQ, possibly golf course with homes and many other business' that took on a teenager to manage the Subway because he was like you. If you look there are many out there you just don't know. My daughter told me about a business owner that rides his bike to work and takes the transit bus home to his expensive house. Looking at him you would never know.

Save as much as you can until you are 18 when you can purchase property on your own. If you can contact the closest credit union to you and talk to them about a personal loan it may help you to establish yourself. I did this after a divorce and brought my credit score from below 500 to over 720 in less than 12 months. I don't know if your parents will have to co-sign. Just do the research so when you turn 18 you are ahead of everyone else.

Do research...... Google whatever is on your mind and google it with different wording. Do this over and over again. (It's what I do and it works for me.)

I have owned the home I live in with a $0 mortgage. I don't have to work and it's awesome. On the flip side of that, I want more and Bigger Pockets will help me get there.  :)

Good luck with your journey and keep us informed as to how you are doing.

Not sure if this will help. I met with another investor not far from me. She has 3 home in less than 2 years. Her opinion was "DO NOT DO IT." The cost is not going to give you a return on investment if you resale in the next 5-7 years.

On the flip side I met Jay Leno at his garages in the Las Angeles area and that was one of the highlights of my life. He gets a rebate of $25,000 a year on his solar panels by selling back his unused energy to the power station.

If your power station does a buy back program the way Jay's does and you have power to sell back to them (no idea how to figure this out) it might be a good idea. 

Other things to consider: I spoke with a couple of companies that service my area and what I was told was that they would install the system and charge me a fee for the electricity I used. The cost of "their" electricity usage was about what I was already paying my utility company, and I could not rationalize having the equipment placed on my roof to pay what I was already paying. In other words they wanted to put holes and equipment on my roof to make more of a profit than what I was getting in return.

Do as much research as you can to find out if it will be a win win situation for you. Good luck.

Jimmy, you are amazing. If I had known at your age what I could do things would have been soooooo much better for me and my family. 

As suggested in other replies, look for other investors you can mentor with. There is a Realtor, business owner in my area that owns a Subway, Shell gas Station, DQ, possibly golf course with homes and many other business' that took on a teenager to manage the Subway because he was like you. If you look there are many out there you just don't know. My daughter told me about a business owner that rides his bike to work and takes the transit bus home to his expensive house. Looking at him you would never know.

Save as much as you can until you are 18 when you can purchase property on your own. If you can contact the closest credit union to you and talk to them about a personal loan it may help you to establish yourself. I did this after a divorce and brought my credit score from below 500 to over 720 in less than 12 months. I don't know if your parents will have to co-sign. Just do the research so when you turn 18 you are ahead of everyone else.

Do research...... Google whatever is on your mind and google it with different wording. Do this over and over again. (It's what I do and it works for me.)

I have owned the home I live in with a $0 mortgage. I don't have to work and it's awesome. On the flip side of that, I want more and Bigger Pockets will help me get there.  :)

Good luck with your journey and keep us informed as to how you are doing.

Joshua is right on. I had to rebuild my credit after divorce and went to a credit union and got a "personal secured loan" at a 4% interest rate. What they did, which surprised me, I gave them cash to open the loan, they gave me a check because it was a loan. Win, win situation that I had no idea was going to happen.

I deposited the check in the savings account I opened to get the loan and set up automatic payments for the next 12 months so I didn't have to think about it at all. I did have to deposit enough extra for the interest and walked out the door. A little over a year later my credit score went from less than 500 :( to over 720 at this time.

Credit union have many benefits for there members, more so than a bank. Look into them and GOOD LUCK!!!!!