All Forum Posts by: Mike Flora

Looking for a good book on resolving title issues and just understanding the transfer of title process all together. Yes I have learned some things already that my sellers might need to clear title so we can get the sale done but the more I know the better it is for everyone before we even start the process.

Will the seller carry a note??? If doable, look into this with the seller. These properties are passed around by investors and private money/note carrying all the time. You should be able to find some lenders that can refinance, if you wanted cash out, even if a low appraisal because of the cash flow. A lot more to this, obviously, but keep your mind working and figure out all options

Don’t forget that VA is still eligible to sell too.

Are you looking for the best cash flow possible out of both properties as possible and is the other apartment building your looking to buy worth as much as your free and clear property you own and rent now????

Ryan Dossey makes a good point about letting calls go to answering machine. I answer all my incoming leads myself when I can. I let one go to answering machine about a month ago, called back 15 min later and guy said he called the next guy and he was just gonna go with him and didn’t even want to hear my offer. I work as a paramedic/firefighter so I have a little more time than you to answer phones calls, most likely. Answering yourself when just starting out in this business is best I think. You gain experience with every person you talk to and can then teach this to whoever you might hire to answer the phone for you using your script and whatever has been working for you when you talk to each lead yourself. If you can only do answering machine now then it is what it is but call back as fast as possible.

Amit, these guys have been around for ever and every big investor I know agrees that it’s worth every penny to go and learn from them. I don’t even think peter has a book published. He has been investing since 1965 I believe and is noted as one of the most creative real estate minds out there. They charge minimal for there seminars and give so much more. It’s not a wasted wholesale or fix and flip rip off camp we are talking about here. Surprised you have never heard of these two, look them up.

Anyone else going to this seminar in San Francisco this weekend coming up? Really looking forward to it. Heard great things about these two from multiple big time real estate investors. Don’t mind spending and writing off some of that money we all earn in this business to take away some great knowledge in the creative game of real estate. Pete is the most creative there is out there, from what I hear, and to me that’s the fun part of REI. Anyways, if there are seats open and you got time I suggest looking into it.

Kristopher Gomez give me a call/email when you get a chance. Been looking for good wholesalers in my area.

Look for more profit on your flips in the end. This will help you cover the problems of bad contractors, unseen problems, possible market to start shifting on you etc etc. and time is money and it takes time to do flips from start to finish. Way too much work and risk for 7K profits. We shoot for at least 30K profit on our flips when all said and done. Sometimes we will go lower if it’s in our neighborhood, basic rehab and already vacant with no tenants to get out. Sooner or later you will run into a bigger problem that can put you into the negative in a big way when your only looking at profits less than 10K. Too much risk and time for that little Money in return, and with each sale You should be setting aside more and more money for marketing to get more leads/deals.

I gave a 60 day notice, which is up Nov 15th, and tenant wants to stay and pay for all of November and possibly longer. Property is vacant and he does not live there and using it for storage. This is going to be a fix and flip property and I have a year note with principal only payments which tenant rent covers for me every month. So I don’t mind him staying and paying for now, but I need to know what can be written up to extend this situation where I would not have to write up another 60 day notice and continue after the 15th of Nov and still have the opportunity to start an eviction immediately if need be. Is this as easy as writing something up ourselves and both signing off on it. Don’t want to waste too much time on an eviction if need be but him paying my principal only payments of $1,000 a month also helps.