All Forum Posts by: Mike Dawson

Thanks.  That's kinda what I figured.  Fortunately, I have access to the house to estimate repairs.  I ended up contacting a real estate attorney and will likely get a title search and move forward with bidding.  

I found a foreclosure I'm interested in and just trying to strategize.  

The bank has the winning bid.  Is it a good idea to let the bank win the auction, and then try to negotiate with them?  Or, place an upset bid and win it myself?

I like that if the bank takes ownership, any title issues will be cleared up, but I also don't want to have to pay more for this property.  On the issue of title, a friend of mine who has being title work for 20 years has helped me research this property and he's seen nothing that would suggest I would have any issues, but did suggest a real estate attorney and title insurance regardless.  

Thanks for any help!  

 That's awesome!  I hope you had a celebration on that achievement.  I know I will once I become free. :)

Since I have no income atm, it seems creative financing is my way forward.  Would love to chat about some options you're aware of that may help me in my quest.

 Why did you stop?

 I understand what you're saying and agree.  I should have elaborated on that.  I will be moving later this year and will be getting set up in a market about 5 hours west of where I am, and will be looking to provide value to both those local to me, and anyone wanting to invest in that area(Boone, Asheville, Blowing Rock, West Jefferson, etc). I value reciprocity and am eager to make connections, and friendships.  To that point, I also understand I cannot get to where I want to be by myself.  

Thanks for your feedback. :)

How were you able to get the funding with a new LLC? Personally secured? Collateral? How old was the LLC when you got the loan/s? Thanks!

Hi.  New investor here.  Getting things moving along a little slower than I'd like, but making progress nonetheless.  

A little about me...mid 40s, married, 2 grown children, still in the area I was born.  I've had a few jobs and ended up disliking all of them, some sooner than others.  Most recently worked for the post office for a month shy of 10 years.  Left in February.  I fully intend on making this real estate career my last.  Like some of you, I'm sick of working below my potential, making the wrong people more money, dealing with earned vacation and not being able to take it, being worked to the point of injury, not being appreciated, and not seeing my family on my terms.  I'm done with it.  I love seeing the success stories here, facebook, and elsewhere.  I know it can be done, and I know I can do it, too.  However, being inexperienced is quite the obstacle.  I have a general idea of moving forward, but wanted to get some feedback, and willing to listen to suggestions, tips, advice, etc. So...

Currently living in my primary of 25 years. Bought same year I graduated high school. Never intended on staying here that long, but here I am. Lots of deferred maintenance, so I am treating it like a BRRRR. Based on my estimate of repairs, I have enough capital to cover rehab. However, I'm considering getting a personal loan to cover a portion of expenses to give myself some extra breathing room. Once rented and stabilized, and I have targeted a new property, I want to cash out refi. Would like to move into multi family/apartments sooner rather than later. BUT, one step at a time.

I have excellent credit, but now no income. I'm considering wholesaling to raise capital to fund my deals. I'm also interested in seeking funding through private investors, so I will be exploring that avenue in time. From what I've seen, a sole proprietorship might be the best for me at the moment, until such time I'm making enough to justify creating an LLC, and relying on an umbrella policy to cover any potential problems.

So, getting an EIN for my business, dba registering, getting a business banking account, and applying for business credit seems like the way I should be going at the moment.  I want to buy as much as I can on credit, and use my cash to immediately pay off the card, credit line, net 30 accounts, etc., to boost my business credit.  Please let me some tips/tricks to getting my credit off the ground.  Many places don't like brand new businesses, even less when owned by people with no income.

 We're moving to the NC mountains(Ashe Co.) after the rehab, so I will be making visits to all the local lenders trying to establish relationships.  Included in the group of people I'm looking to meet will be realtors, wholesalers, fellow real estate investors, private investors, PMs, GCs, MENTORS!, etc.  

Thanks for sticking with me to this point!  I'm trying to get my bearings in this new to me frontier.  I expect to make mistakes, but wanted to check in and get some feedback that could help me potentially avoid some as well.  Thank you for your time, and I look forward to hearing from the community. :)

Mike

Awesome story!  This post resonates with me.  I appreciate your time in writing it.  I wish you continued success in the business.  If you happen to find yourself doing business in Cleveland and can throw a bone my way, please let me know.  I will be an out of state investor if that happens(as I live in NC), but I'd like to make it work.  

I've been keeping my eye on a property that looks vacant, even though there's a truck in the yard, and household items in the windows.  Nothing in the yard looks like it moves and no lights at night. 

According to the county's tax site, the owners haven't paid taxes the last 3 years, and they have a different mailing address than the property. I looked up the mailing address info and it seems to be just acreage, owned by someone else, according to GIS.

I'm not sure if they're just using a friend or family's address to receive mail, if they actually still live at the target address, or something else. 

I don't mind calling some numbers that popped up on searching for info, but wanted some feedback on how to approach reaching out to the potential owners of the property, as well as any advice about the situation as a whole. 

Thanks for your help.

 Appreciate it. Real estate is a whole new landscape for me. Trying to find my way in this crazy market!