All Forum Posts by: Margo Roberts

Wow!  What a long thread!  All I can say is, I am thinking of joining LSU just because they have given me free education so far that I have heard no where else.  I could have retired over 20 years ago by cashing in my 401K and using that money that was making a max of 10% a year to make hundreds of percent  in a Rate of Return.  Even if I only pay the $500 for the yearly support, I have made much more than I could have anywhere else.  This is not a typical guru scheme.  The gurus ask $12k-$45K upfront.  They offer free education daily.  Listen to their podcasts if you do not want to pay, there is a ton of free information. 

You might consider doing a lease purchase on the property whereby the tenant buyers give you an option fee upfront for the option to purchase the property in a 3-5 years down the road. This can be with the present tenant or get a new motivated tenant in place. They have to maintain the property and do all the repairs. A small percent of the monthly payments could go to you and the rest to your father. This may be a way for you to start saving cash for a down payment purchase later, if your father agrees to this arrangement. You would still need all the legal paperwork in place even though it is your father.

I have limited experience with the auctions, but have enjoyed watching the players bid a couple of times. A partner of mine has been bidding for years and pays for a service that gives him a title search on the spot the at same time his partner goes to check out the property he is about to bid on. The bidding goes fast and it is easy to get caught up in it and overbid. I would say, just be sure you know what you are bidding on and max price you would pay. Most properties get postponed or cancelled and occasionally, they add opening bids the last moment, which makes it difficult for you to do your homework. But do go to the auction-they are fun to watch and meet buyers.

Is it not possible for you to go to the permit department and discuss your idea with them? If they absolutely reject the idea now without the permit process, my guess is they would give you even more grief once it is built.

Perhaps you can buddy up with an experienced rehabber who will teach you the ropes in trade for your assistance would be a good way to start getting some experience. You can find deals for the rehabber, do some errands, bookkeeping, etc.-whatever he/she needs in exchange for their knowledge.

My thought, Jelby, having paid way too much for gurus, is that learn all you can, ask a ton of questions, get educated at local REIAs, and read lots of books. Take action and do some deals, based on what you've learned. Then, later, once money is not the issue, you can get specialized guidance from a mentor who has put in many hours of learning and applying him/herself.

My first guess is to find someone local investor rehabber thru Bigger Pockets or google "REIA groups" in that area and then call around requesting boots-on-the-ground partners with knowledge, experience, and time to find and follow-through on deals. Perhaps you can get email access to the groups and send out emails to members and then F/U with phone calls.

I have found that in California, usually when I wanted pre-approval from a HMB, they wanted to see the deal first. I use to get a POF letter from one of the many Transactional Financing providers or a bank statement, self-directed retirement account, securities account, or something liquid to show with my offer to the bank (and often an explanation) Once I got it under contract, I would bring it to the HMB.

That being said, that was not recent, and if you can find a HMB to work with, ahead of time, that would be preferable.

Hi Russell,

I am from N CA and we do Transactional Funding. I don't see how Santa Rosa would be any different. Chicago Title in Pleasanton does double closings, and I am sure there are others. The rates are usually about 2% for larger loans and up to 3% for smaller loans. I hope this is helpful.

Hi Ann,

You are absolutely correct. It is AAPL or American Association of Private Lenders. I did not realize he did not want to go the guru route. It just seems a way to get a good introduction in to lending, but I would not suggest going thru all the courses if he wants to get a broad understanding of Lending.

Good points, Margo