All Forum Posts by: Michele Rok

Well done John. I live un Columbus and although it was a great deal for you Im not there yet. You inspire me to see what the future holds for me. Im looking forward to being where you are right now. Im not understanding the water bill back part, that is unless you make tenant pay all utilites including water not sure. I like the pricing of the rents. Why did you use a six year term? I know you stated you were goung to fix and sell but why not over 10 years it gives you a cushion period. Also why 25 amortization is that a tax thing? I guess im needing more info to understand why you went the route you did. Perhaps advice from attorney who protects your interest. Well I too lived in New York for 20 years and got my bba with concentration on public accounting. I get the process in real estate but my issues comes from knowing how to structure the deal to be a win win for both parties. I get how to make a profit but how do I tweek the deal structure when running the numbers ti maximize my profit and still be a win win for all? Im learning and reading and podcast and youtube and any other source to get this info down quickly. I learn alot from BP as well and find them to be a valuable source for someone like me. Im looking for that person/persons to follow in si I can get to my goals faster. Im 53 and I know thats not old but time is definitely not on my side. So it is critical that I learn the structuring a deal to maximize my profits and be a win win for all. I do have the knowledge on how 1031 work and using retirement savings to help in achieving my goals. 

How did you raise the other 580000 you need for repairs and dp?

In 2002 I became an auditor in New York for a very reputable accounting firm. I was working night and day and never seeing my family or spending time with them. At this time I was just getting my feet wet in the real estate game. Wanted to gain more revenue so I could quit my job and be with my family more. After being down at ground zero on that horrible day, i had lost friends who spent their life working hard not smarter. Now they are gone and for what? So, i really struggled with that for awhile. Then I got word in 2003 my mom was very ill well that was it. I moved back to Ohio to take care of my dying mom. Then got a divorce in 2007. Well i really went into a deep depression until about three months ago when a few people gave me a push into this industry. I guess what I am trying to say is this industry is what you make of it. Its not going to be easy but its better than giving up hope altogether. Be presistant to be consistant. My guess is for every 25-30 leads you have one offer out of all those leads. Look everywhere for leads. They are everywhere. Solve the sellers and buyers problem and get a signed deal and walk away with profit. Think of who you want your target leads to be. Example, posting signs to attrack motivated sellers and buyers. As you get calls put them on your buyer or sellers lead list for a future contact lead. Offer a deal that solves the sellers/buyers problem. Look your your only taking ownership of the property either thru cash, lease option, sandwich option or thru an assignment. Its the mortgage paper you are controlling. I have a creative mind its just getting this industry under my belt so I can tweek my offers. I will get there I will succeed in this its guaranteed. Because Im not giving up. Oh and by the way, im 53 years young and i think its about knowing your industry. Knowledge is power and BP is packed full of information. Plus they're so many sites you can gather info from. Pick the best one that makes sense for you. Good luck. Dont give up. Get specific with your targeted leads. Get creative.

In 2002 I became an auditor in New York for a very reputable accounting firm. I was working night and day and never seeing my family or spending time with them. At this time I was just getting my feet wet in the real estate game. Wanted to gain more revenue so I could quit my job and be with my family more. After being down at ground zero on that horrible day, i had lost friends who spent their life working hard not smarter. Now they are gone and for what? So, i really struggled with that for awhile. Then I got word in 2003 my mom was very ill well that was it. I moved back to Ohio to take care of my dying mom. Then got a divorce in 2007. Well i really went into a deep depression until about three months ago when a few people gave me a push into this industry. I guess what I am trying to say is this industry is what you make of it. Its not going to be easy but its better than giving up hope altogether. Be presistant to be consistant. My guess is for every 25-30 leads you have one offer out of all those leads. Look everywhere for leads. They are everywhere. Solve the sellers and buyers problem and get a signed deal and walk away with profit. Think of who you want your target leads to be. Example, posting signs to attrack motivated sellers and buyers. As you get calls put them on your buyer or sellers lead list. Offer a deal t

Btw, sorry for the errors im working off a small smart phone. 

hello Marco. I am also in columbus ohio and am starting out as a wholesale investor. What I have found is deals are out there. Consistency is key especially in the coming winter climates. But as you may already know the time is now. Find the deal solve a solution and take home the profits. Its a win win for all. On preforeclosures they are happening ever day no matter what season it in. My guess is for every 25 leads that say no 1 will say yes. Consistency is key even in the winter months. But generally the market slows down right before winter. But if you start now you should have work to carry you through the winter months. Key is where you pull your leads from. Hopevit helped. Im new to this wholesaling portion. But its what I have to do to accomplish my goals. 

thank you william for your advice. I will keep everyone posted to my progress.

wow rob green a light bulb just went off. Nothing saying i cant use direct mail to offer them a deal. But this deal came in my email and i know where this property is. Also the value of homes there are increasing. But i need to check to see who owns it and if its tenants send letter to work something out. But if bank owns have to structure offer to first plan using a realtor. I see potential in this property but numbers have to make sense or its null and void.

thanks guys you both have been very helpful. Need to find a buyer. Figure out the max to offer and fo below to see if they will counter offer. If i bring in an agent i can offer him 100% commission to close deal. Any suggestions on how to approach my agent with this deal? 

3 questions:

1. Can i have an agreement with the bank on a reo if my credit is bad and i have now income? Should I bring in an agent?

2. How can i estimate ARV if seller will not allow me to walk through sue to tenant occupancy? Fyi: last update dine on this property was in 1996.

3. How can i structure this deal to be a win win fir all?

Scenero: bank owns property reo

4bed 2 bath needs cosmetic updates on outside. Sqft is 1906 in total. The lot sits on .99 acres. There is no buyers premium and is not yet listed on mls. Will be auction at the end of year. Last sold in aug 2002 for $154,900.  Est range in value for this area is $136k-$152k. Comps in area are showing 3 bed 2 baths sold between 94k - $204k. This property would be closure toward the 200k. If i can do this deal what would be the best scenerio for the bank to say yes?

back in 2003 i used all the trees on my lots for cash. Sold the trees to a lumber yard who then came in and cleared my land giving me the ability to build a house on the lot. Made a nice profit for myself and they cleared my lot and I got cash. That to me was creative at the time. It just depends on sellers needs. Im looking for "Win Win" deals so the seller can walk away happy. Im happy. And perhaps future leads from seller bc they were satisfied. That is my end goal to be financial free and make it a "Win Win."