All Forum Posts by: Mark Masiel

Thanks Jon. I will be going to the area and most likely will have a partner anyway that lives in the area and we could probably get our own team together.

I can see how having a highly recommended PM will make a huge difference!

I want to tag the names of the people I reply to but this does not seem to work on the browser I use from my iMac and does not work from iPad or iPhone either.

Thanks Ali.

I have been doing some more research and I see a few other "One Stop Shop" real restate companies out there. I am not sure what you mean that they are using my funds to acquire properties; do you mean that this is a way that they get properties to PM? In the end they still would be mine though as I would be making the purchase.

I am wondering if this is just a model where:

1. They act as realtor and get commission

2. Help secure loans with private lenders

3. If needed they can rehab so get the money that would have gone to another contractor

4.. Property Manage

I would be needing all four of those services anyway as I plan on buying low, putting in some work and then renting out. So having all areas covered in one place would be convenient, especially as I do not have my own team yet and may be working mostly virtual. If they are legit then it seems like a pretty good business model.

Just trying to look at all sides to this. I have not seen any posts on this subject though there are lots on turnkey. I do believe this is a different model.

No one else has ever had experience with a One Stop Shop (other than Walmart!)?

I recently came across an Investment Brokerage & Asset Management Firm that basically acts as a Walmart of income property investing as they offer everything from the search for the property (courts, private banks) and private lending, to rehabbing with their own in-house construction crew. They are also PMs.

I spend much of my time overseas so having such a team (even though they I am assuming will be hired guns rather than partners) sounds like it would be beneficial and almost too good to be true for a novice investor.

I would appreciate thoughts on using such a company. These guys aren't exactly turnkey because they are with you from the conception. How much does one stand to lose financially through using this service? They do not mention fees on their site-perhaps they have one other than PM, or maybe all hidden? They do claim their construction crew offers 30 percent less costs than local contractors.

I am skeptical by nature and this all sounds too easy. I am also willing to concede profit for using such a team (if they are good) and the potential loss of income could be offset by not having a bad novice do it yourself deal.

Thanks in advance!

Hi Jo,

Iquitos is great! Lima is underrated as well if you know where to go.

We are leaning right now towards Allentown as a base since we have family there and actually Newark-Lima is not bad.

However I am absolutely in favor of looking at all markets and in fact that really excites me.

Great post, Sharon. You make it sound so clear and easy!

Thanks Pat, thats encouraging-Ill look into it!

Cheers,

Mark

Thanks Bill and Wayne, I am in complete agreement and it is a non-issue as I would never be dishonest on such a form.

Looks like I need alternatives or I need to pay rent, or god forbid, a job!

Thanks. Wow, looks like there are real issues here. I would not lie on a form so this might not turn out well. Thanks everyone for the info!

I would like to get into flipping houses but I don't think I will be able to convince a Bank that I am a "self-employed real estate investor" just because I read biggerpockets.com!

I suppose another option is to purchase the duplex with a partner and then pay the difference through my rent.

Well as little as I can. Traditional 20-25 percent on a property between 100-200. We do not know where we will be yet so the price is hard to determine.

I would love advice on what to do for financing a first property.

Backstory: I have alerted my employer that I am leaving my job in July. We will be moving to another state-yet to be determined. Basically my family and I are taking a "gap year" to decide what to do in the future as far as our profession. We are hoping for more personal freedom which means no more 9-5. This could be with real estate but that is for another discussion.

We have a decent nest egg to cover the year and retirement, great credit, no debt, but have never owned property. We want to buy a multi-family so that we can pay our mortgage through the other tenants rent.

The problem is that how can I obtain financing without a full time job? Even with our savings I am sure the answer would be no for a typical mortgage.

Possibilities:

1. Do I purchase the out of the area (we are moving for sure) property before I leave as someone who is still employed for now and the future? Will the bank check with my employer and ask questions or do they just check to see if I have been getting paid? If I purchase before we leave I assume it will have to be as an investment property because the bank wont believe its my place of residence since I work out of the area.

2. Do I wait until we move, and make a bid as a place that will be our place of residence? The issue here is that I will not be employed so how can I get a loan?

3. Other ideas?

Thanks in advance. I am learning so much on this blog but I am very confused on how so many people seem to jump into real estate because they lost a job or quit when banks want to see current employment. I know about other lenders but it seems that wont work for a property that we we will live in, at least it will not be financially solvent.

Cheers,

Masiel