All Forum Posts by: Lynne Jacob

I'm a longish-time investor and never knew anything about investing strategies until a few months ago when I decided to learn and do it as a second business.  I'm starting with wholesaling ... and I love it!!!  Yes, it's time intensive which is why it's so worth your time to pay someone to do it for you.

What I'm learning while doing it, though, is priceless.

It would seem to me, though, that if you want to stay in your area you can find properties simply by driving around a different area every week (or day, depending on your time investment). Find properties you're looking for that need work. There's a reason why the landlord gave up caring about keeping the property looking good. S/He's probably already got one foot out the door and is just waiting for someone like you to come by and offer to buy it at a reduced rate; because after you pay contractors to bring it up to a good standard you still want to be within the FMV/ARV.

For you, though, the biggest thing is vacancy rate and income.

Nonetheless, if I were you I'd be happy to pay a wholesaler.  It's the difference between someone bringing a deal to you and you deciding if you want it or not; and you scouring the neighbourhood.

Whichever way you go ... enJOY it!

Meme s'il y a une groupe en francais, ce me plaira.  Moi, je ne trouve absolument RIEN actif. ;(  

Et oui, Olivier, si on se regroupera, les gens d'ici chez BiggerPockets, je te garderai au courant.

Hello everyone.  I see there are many BP members from Montreal.  In the spirit of saving time I'm hoping you'll all see this Topic.

Do you know of any ACTIVE real estate investing groups here in Montreal? Or even in Ottawa? Or (however unlikely) Cornwall?

I've found a good number of REI Clubs through meetup.com but they all seem to be dead. One was active as recently as APRIL!!  :-)

If there aren't any real estate investing groups into which I can tap, are you interested in our starting one?

Thank you, everyone, for responding.

Cheers,

Lynne

And to respond to your earlier topic @Joseph Hoot, about the copyrighting of Georgia's Real Estate Agreement ... It says specifically that it cannot be "hacked up" (I'm paraphrasing).  It states in it, I believe, that non-realtors are not obliged to use the agreement for deals in Georgia.  I recommend you read it.  And I would recommend you model your own after it, as you mention, without using the clauses verbatim.  

Hi, @Joseph Hoot.  It would seem to me that the verbiage you have for the inspection means that you have until the day of closing to back out.  I, as a vendor, wouldn't accept such terms, but then I know that there are some vendors out there who might not catch that if they didn't take the offer to the lawyer.  I'm not saying there's anything wrong with your wording but if you also look at it from your perspective you can get out right to the last minute, yet you also need to engage the title company, etc. to search title prior to closing.  So you're driving forward with one foot on the break, so-to-speak.    

I won't comment on the wording of your proposed paragraph (as I'm not a lawyer in GA) but I do see benefit to both parties for you to specify a time-frame for the contingency period. 

Thanks so much, @Michael Daniel and @Darrell Thomas.  I thought so, but now I "FEEL" so.  Appreciate the support.

Hi, @Thomas Suchan.  I'm kind of your neighbour.  Let's talk.

Getting my feet wet ... by submitting an Offer -- TOMORROW MORNING, ideally (and it's midnight already! :-)

Have a question as I review the GAR before signing to submit this offer on a property in Gwinnett County.

It's late for anyone in the Atlanta area, but there may be others out there in the Pacific Time Zone who can help me. :-)  Or early-risers in Georgia. :-)

If you submit offers using the Georgia Realtors P&S Agreement do you also add your own "15-day inspection" contingency clause? Or is Section 9. Inspection and Due Diligence sufficient, adding the number "15" for the day from the Binding Agreement Date?

Thanks for any and all help!!

Again, @Michael Clevenger, not to say there's no possibility of success.  There may be a HUGE possibility of success in it.  It's an option.  It's just important that you KNOW ahead of time.  In my 25 years closing purchases & sales in law firms this strategy was used FREQUENTLY.  In fact, I'm just remembering now that I was one of those buyers who didn't have sufficient 1st-mortgage lending for the whole deal.  With the VTB (Vendor-take-back) we were able to close, lived there for a few years, bought our next property, paid off both the 1st and 2nd in full ... and EVERYONE was happy.

Quite likely, @Greg H.  Just because I've seen it doesn't make it right. Guess those realtors were banking on not being audited.