All Forum Posts by: Mary D.

Hey Brandon,

Thats excellent! youll probably talk to someone in your shoes... Sure, feel free to PM me. Be happy to explain. Lots of stuff going on in this twisted economy.

Podcast - #496, #497. scaling to multifamliy. these are 2 of my favorite. Also have the books/audio. Of course theres tons

Hey @Brandon Stiles

No question is a dumb question. So true! Your local REIAs is a great place to be. You get to meet people who are not so experienced to very experienced. And can ask a million questions. The more your around like minded the more you... you know the saying. Great your working with someone for sure.

Consider partnering. Someone experienced and similar in personality. Stay patient, Im sure Ill hear rebuttal on this.... The market is going to change alot this year, like we havent seen since 2008. Me, Im going to say worse. Hold off and I think youll see many incredible deals coming.  

Sounds like your doing a great job. I was anxious to get started but have learned to trust my instincts. Maybe theres a reason your not pulling the trigger. Just a thought.

For me theres all of economics, that directly coincides to real estate. Not talking Main St Media or the FED or your typical economist.
Keep navigating, the podcasts are great! over the years Ive listen to my favorite podcast over and over. Until Ive learned everything on it. Its like taking a course.

Hope that helps!

The bank I speak of, is a portfolio commercial Bank, worse for them. And it seems they maybe in that tough spot.

Yes I do use a couple other banks. But this just put things in perspective for me. Just being more cautious & hording my cash. LOL. No flips or long projects

Hi All,

Im on pause.... In the process of my loan application for an investment property. Everything was going good Monday, Tuesday morning totally different story. I called to ask a question and I got "Due to the economic situation we are no longer processing loans" My broker said they have loans out with a lot of large businesses around the area and Boston. Hotels, Restaurants, a huge new development in my town (Salem NH) and "they are getting crushed"  "Theyre regrouping as we speak"

This was my awakening, Im on pause. I have another property that my son and I were working on and I can not get the surveyor to get the info he needs because the town offices are closed. So that project is on hold.

Just sold an investment property 1/24/20 sold in one day. As of today things have slowed down quite bit. Im holding on to a good reserve. I got caught in the 2008 2009 downturn. Managed to save all my property but it wasnt fun and that is vivid in my head.

Im rethinking and just listening to BiggerPockets Podcast # 374. Great great information! Im excited as there is and will be opportunity.

What am I going to be looking for and doing? Zooming out looking at the whole picture, preparing, taking action, more marketing, more networking, distressed property, tax liens, foreclosures. All that I usually look at but taking it slow. Not purchasing flips or long term projects.

Stay healthy!

Hey

@Rob Milliken How long ago was that? Again Im wondering if its hit or miss with them?

@Karl B. I used to use alot of mortgage companies years ago 2005 may have been the last time. And they were good to work with. Unfortunately there were 2-3 that went out of business 2009ish. Ill look around though.

Hi @Nathan Gesner

Yes Im learning that. Do you know if there are any regulations that prohibit what can be in the lease and how much price is set at? Thinking if so, it probably goes state to state. I read a little about the bond lease. Absolute or true sometimes referred to.

Read it can be risky because tenants my bail if a large costs like roof, septic (in my area) or plumbing issues come up.

Just weighing it all out

Hi @Lacey Dillon!

Thanks for that! Wait what thats crazy! $8K You have to wonder why folks wouldnt see that as I huge red flag. Looks like Quicken Loans needs to get called out on it. Its definitely unethical but Im sure somehow somewhere theres that fine print.

Biggerpockets is a must go to... before you venture into anything new. Thanks again for the info. I do have a few good portfolio banks in my town & a private lender. Just curious to see what Quicken Loans was all about. They spend tons on marketing. I will stay far far away. Lol

Hi Hai,

Thanks for feed back!. Im digging a little deaper doing my due diligence. I never just sign the lease, especially where this is somewhat new to me. My experience & expertise is residential and land.

Hi everyone,

Im looking at a commercial property and I was told $12-$14 NNN So I asked what it included. I was told Taxes, Insurance & Maintenance? I asked about Cap Ex and was told does not include Cap Ex. I understood that it does or can. Taking most expenses away from landlord.

Is this something I can write up and/or negotiate or are there laws that prohibit me from putting all costs on tenant?

Thanks!