All Forum Posts by: Mark Robinson

Go for it! Do the best you can at getting all the information and make your offer. You are taking action which many do not do. Let us know how things go and good luck.
Mark

Thank you all for your warm welcome!
I will start with the forums you suggest Charles.
Edwin, I haven't found a REIA yet so I will keep looking.
Runum, you ARE a neighbor. I cheated and looked Joshua up.
Mark

If I may comment here.
Financexaminer is correct, a listing agent has a fiduciary responsibility to his seller and all information should be assumed to be told to his seller. But you mention that the agent is someone you are working with. If this is the case, then the agent can be a dual agent which means certain information should (key word) not be conveyed between parties. His suggestion that you get your own buyers agent is a good one since they will have a responsibility only to you. Your agent can get the comps for you but you should never use active comps because they have not sold yet. Use sold and look at expired to see what didn't sell since it may be telling a story about what isn't moving in the market.
As for letting the other agent do the negotiating. Again he does not have your best interest at heart and it can take forever if the agent is not experienced in short sales. Missing/incorrect paperwork is not uncommon and the agent can 'sell' the property to others while your offer sits on the loan mitigation officers desk (known as backup offers).
Since this is a townhouse, your comps would be best from the same complex and if not, then the same layout in a similar complex. Financing can be an issue with these as well so make sure your buyer has financing if you plan to flip. Also, make sure to get a copy of the home owners association's paperwork so you know what you can and cannot do regarding your townhouse since you own the walls, but not the common property the townhouse is on.
Unfortunately I have listed a bunch of caveats and I don't mean to dampen your enthusiasm, but I would not want this to be my first deal (which it would be if I were in your shoes). I would trust that another deal would be coming soon. But that is my two cents.
Mark

Thanks Jean for your feedback of their seminar. You sound positioned to make the most of your knowledge! I listened to one of their webinars and it seems like they have some different takes on things. Unfortunately, I have been getting at least one sometimes two webinar invites a week. They also email you several times that day to make sure you don't forget. I believe they have good information but I can't have my email inundated with their next greatest webinars and I don't have the time to listen so I have opted out until I have the bandwidth to absorb more.
Good luck with your investing!
Mark

Brian, thanks for sharing your success story and in such detail (just happened to make a fresh pot!). It is a big encouragement for this newbie since I have problems pulling the trigger. Mark

I recently moved here from NJ where I had a RE license. I want to eventually get into commercial property. I have no practical experience other than my own home so I know some of the how's and why's but no money to start with.
I think to start small with some wholesaling to get the experience and some cash, then step up to some commercial properties.
Would like to find a mentor and I am willing to do the legwork to make it happen and of course any and all constructive criticism, information, good jokes appreciated.
Mark

Rich,
I wanted to thank you for doing this example and giving us homework. I find it very useful and practical. I can read all the books I want and see all the webinars out there, but a real world example with information on the why's and wherefore's can be so much clearer. Thanks for taking the time.
Mark

As someone new to RE investing and BP but not RE in general, I think accenting the positive and identifying good business dealings like Mark suggested would also help in another area. It would help someone like me identify someone I could do my first deal(s) with and know that while I still need to do my own due diligence, I am less likely to get sandbagged before I have enough experience to know better. It also may help educate us newbies by seeing real-life examples where we can possibly talk to the participants.
That said, I also would like to know what possible traps can be laid for us so a list of the scams and problems with facts would be very educational.
In the end, we all are responsible for our actions and I have seen many times where a buyer of a SFH did not want to a home inspection despite my rather blunt pleas.
Mark

I will tell you my thoughts on this. I would take the cash offer from the heavy hitter and 1031 it to other property(ies) in the same area since it seems to be up and coming. This will give you the benefits of the 1031 and allow you to stay in the area and continue to take advantage of the strengthening market.
You have a motivated buyer who probably can close quickly and without problems. There are always going to be opportunities and if you can double your money sooner and get into other properties to make other profits it makes sense to me.
Where I have no knowledge is is in the building of homes and what the time and costs are associated with them. You have the subdivision flowing with the rentals and you have added value by gating the community but I think there is more risk involved with building. Let the heavy hitter assume the risk.
Hope to get some constructive criticism from this. Mark