All Forum Posts by: Mark Limke

You should have a real estate attorney as part of your virtual team, and that person should give you the guidance you trust. So that's the official answer/advice.

I think you should have a property under contract before you offer it to a buyer. If you're trying to market a property you don't have under contract to a third party, you need to be a real estate agent or broker licensed in that state. Get some good legal advice or you'll end up in trouble!

Welcome, Aaron. Congratulations on your decision!

Start by learning about the business side of being a real estate investor. Read the Ultimate Guide to Real Estate Investing (link here) so you understand the business side. And start listening to the BP podcast, it'll teach you a lot.

Read The Millionaire Real Estate Investor. More great info you will need. 

Good luck, Aaron!

I won't try to crunch your numbers for you, but will caution you to get proof of owner claims. Get proof of how old the roofs and HVAC are, or have them inspected by licensed contractors yourself. If they are well maintained, ask for details on expenditures, as in receipts and proof.

Ask to look at the leases, insist on it. Don't accept pro forma statements, get actual numbers and actual documentation.

These rules you mention, the 2% rule and 50% rule, are just vague rules for deciding how deep you want to dig. They are not for deciding go/no-go. If the deal is superficially appealing, as you indicate, then you need to dig hard, and do a full analysis on the property, and make sure it meets every test you can throw at it.

You know the old rule, and it's true, usually: a deal that looks too good to be true, is. You're missing something. And what is the owner's motivation for selling?

Steven, your post is missing words. Perhaps you would rephrase it, please? Especially the part starting with "if I buy it". And, does what get wiped?

I don't have anyone, but am curious -- I've been seeing a lot of posts from Plano, Texas tonight. Was there an investment seminar in town recently?

Interesting idea, Matt. I wonder if you have any ideas on how this might look, how your approach would be valuable to investors. Do you have some novel approach to finding sellers, or a new market niche to explore? I'm curious. 

Hi, Mona. Welcome to BP, and real estate investing. Regardless of your background, if it is not real estate investing, I would recommend reading the Ultimate Beginner's Guide to Real Estate Investing. Gives a great overview of the opportunities, language, and some direction.

Also, listening to the BP podcasts should become an ongoing habit, even for someone with your experience. Most people I've talked to say they use the same handful of investors over and over, and most recommend not wasting too much time making a big list. They say find the deal, and if it IS a deal, the money will find you.

I'd also read Gary Keller's Millionaire Real Estate Investor for some solid background.

Good luck, and great investing!

Hi, Justin. Don't know what my opinion would be worth, but always happy to take a peek. I do my own photos and video, so I am curious! Share a link to me, mark dot limke at gmail dot com.

I don't understand your 2nd sentence, about the filters. Would you please rephrase that?

The current owner is providing owner financing? What rate and terms? Balloon payment or level amortization? I'm not clear on that part.

What interest rate are you charging the buyer? And are they paying $1400/month? You said "can afford." Are they willing to pay that much?

What rate would you pay the hard money lender? Any points?

Those are my starting questions, top of the head.