All Forum Posts by: Ken Hicks

I don't really see tessvis whining to much, I don't see him calling himself a victim, I just see him asking for help.

Tessvis never give up. it might take a few years to bounce back but you will be smarter. If you do your homework. What I would do is buy a big for sale sign and start advertising the house. I would put posters at every store, or common intersection were people travel. craigslist. ect. I would call every Realtor in your area offering some type of commission for bringing in a buyer. I would be calling my mortgage lender up telling them the problem you have and you just can't afford it. Most importantly I would talk to a real estate attorney. I don't know the details of your deal but the appraiser/mentor might have committed fraud. Example if the asking price being advertised was $165k but you ask them to bump it up to $198k so you can get $36k back at closing that is fraud. If they are in it together and other might be in your shoes you might have a case. I would contact your mentor or have someone else contact your mentor asking for his serves and try to get a list of other guys he so called helped out. Who knows there might be 10 other guys like you running around. Bottom lie I think your going to eat this one. hang in there. prepare for the worse and hope for the best.

I just met a guy that gave $18k cash to another guy that promised him 12% return. well long story short this highly educated senior electrical engineer is out $18k. with no contract, or collateral he is out of luck. Just remember it's not how high you climb, it's how high you bounce.

:welcome: I am located near Johnstown PA.

be careful if you go with a mentor. Just like anything do your homework. Some guys never done a deal yet they offer mentoring. I seen mentor programs go from $100-$15k. I would join your local REI club. network and find out who the players are. Here is tip. If you do find someone that you feel will take you under their wing, You must apply yourself. If you seem lazy they will drop you like it's hot. setting goals, having benchmarks and a business plan is very important. Good luck

http://www.financialhelpservices.com/

I use Quiken Home and Business 2007. I picked it up on E-Bay for $35 shipped. a simple excel program will work. The best thing is to get with your accountant and just ask them how to set up your account for the type of business your in. 06 was a mess for me. I set everything up myself. What a mess. That is also why I choice to use a Property manager. My accountant is pretty cool. Strangely he talks for hours to me. He only charged $125 last year. You can't beat that for the mess I had. Once I get rolling I might shop for another accountant just to make sure my guy is on top of things. Another cool thing is that he is in MD were I use to live so now a trip to see him (Maybe to visit some friends) is also a tax write off. I should find one in south beach. If you have multiple employees or just a big company I hear Quickbooks Pro is the way to go. I just hated to spend a few hundred on a software were I could use one that was $35 and did what I needed. Again maybe talk to your accountant. Hope this helps.

I bought a house for a rental. I accepted a job traveling. I wanted to buy in an area that I have never dealt with. So before I could get together a team I found a house and bought it. I thought I would still have time to get a team together but to find an honest contractor was hard. Plus I didn't know a property manager or nothing. The house was 1.5 hours away. So I kept it for about 6 months. I kept saying I will get to rehabbing it soon. after insurances and paying people to up keep the yard It ate my profits up. I did sell to another investor. I lost about $500, and MY TIME. I honestly thought it would be worse. I am not mad I lost money I am mad I did something that I would never do. BUY OUTSIDE OF MY TERRITORY. It wouldn't be so bad if I had a team together. The house is in a great location. It is the ugly home on the block. Live and learn. :beer:

I personally don't work on my properties. I have 3 duplexes. I have a PM. When something breaks I don't get a call unless it's big over $250 for repairs. I use to do my own managing, and repairs. I figured it out that I was working for around $5/hr by the time I drive 45 mins to the house see what it needs go to lowes or HD do the work find out I missed a part go back to HD finally fix it then listen to the tenant talk talk talk talk, ask if they can do this and that blalblalblalblablalbla. I'm an electrician by trade, not a jack of the trade. Things are done right when I get the RIGHT contractor in. any way I interviewed a few PMs I found one that manages the property for 10% and does not inflate repairs. I get copies of receipts when work is done. no more calls at dinner time no more calls when i'm at the beach. Just one check the 4th of the month. The only thing with a PM is that they screen the tenants very good. That being said expect the units to stay vacant a little longer. I still cash flow good. just my 2 cents.

Good luck. Like Ohio Realtor says. you can live in a home a year if you play it right. Just wait till the Swat team comes to help you out.

Not sure how the Realtor thing will play in. When I was doing a FSBO another Realtor told me to report all the Realtors that called the number on the sign asking to list it. I know I did receive a lot of post cards from Realtors wanting to list it. Some Realtors did stop in to say hi, and show me comps.

I watched a house for a few months. 2 weeks till it went to auction at the court house. about 1.5 weeks away from auction someone, or something else bought the note or something. not sure what happened alls I know is all the waiting didn't pay off. It was an estate and the son of the owner told me he didn't want anything to do with it, or anyone else about it.

Anyway I would beat on the owners door and ask them if the house is for sale and leave your card for them.

No doubt. that is why my dad would beat me. Me and him went to the pound to get a dog. They have an old folks home right next to the pound. I missed the road to the pound and I was turning around in the parking lot and went passed the front door of the old folks building and then I thought this will get my him, I stopped and told him "OK get out this is were the family wants you now" (Just joking of course). He was ready to choke me out.

All cash, I don't have any ideas, but I am interested in what others have to say. My parents are under 60 and are not heading to a home anytime soon. Dang I think if they found out I was talking about a home my dad would come in with a belt and beat me. I for one don't want to be put in just any ol home.

Not sure how the reverse mortgages work. Might be worth a look. what happens when you die?