All Forum Posts by: Account Closed

Quote from @David Hori:

@Account Closed - I'll let you decide if paying out of my savings is better or worse than putting it on my credit card. Believe me, if I don't have tangible ($) value in the next 6 months from Pace and his program, you'll be the first to know and I'll update this. I do feel confident in the value he has delivered to-date and have line of sight on it creating monetary value. Stay tuned!

Well @David Hori: it's been 6 months. How's progress with the Pace Morby program. Have you bought any properties yet?

Do you have a word of encouragement for the people that are now popping up and saying they bought into it and regret it?

Maybe you can start here:

Pace Morby Mentorship

https://www.biggerpockets.com/forums/79/topics/1001612-pace-...

Quote from @Jaime Duron:

Hey @Trenton Lukenbill! If your having a tough time finding deals that meet the 1% rule it may be a little tough. It's the same thing in my market. I would still search and see what you can find on the MLS that meets your buy box, but make an offer 60 or 70% of the ARV. Its a numbers game, the more offers you put in, one of them is sure going to bite. I would also head out to your local REIs and start networking with others in your area and let them know what your're looking for. I'm sure their has to be at least one or two local wholesalers that show up. Also, put the word out there on your facebook. Remember, your Network is your Networth. Hope it helps!

Maybe the solution is to do what we teach and buy "off market". The MLS gets pretty picked over, pretty fast. No competition with "off market". Lots of deals.

Quote from @Rino Tripodi:

Hello to all!

I am beginning my real estate investment journey and I am trying to find the right people to get me started off the right foot. 

I get it. I have Canadian relatives, eh. But I still suggest training to get it right the first time. When you repair a waterline and re-sheetrock the wall, you don't want the line leaking again. It's the same way with real estate. Do it right the first time. What we teach is good for CA and US. But, When you invest across the boarder there are a few additional things to know. Some of us know how to get tha kind of thing done.

Quote from @Kasim Rashid:

Hey everyone, I'm a new investor who recently purchased a property in IL

@Kasim Rashid: an abstract of title means it's a list of the things that have happened to the property from a legal perspective. That is a good thing to know what affects title. I don't buy in Illinois and the format is a bit different than what I'm used to, but it appears that a couple of judgments from other properties are noted. I don't know if they affect title. It could be a cross collateralization or it could simply be for reference purposes. The question you want to ask whoever prepared the title report is, if you bid on the first loan or on the second loan and they will tell you. That is what you paid them for. The question you might ask is "What survived the foreclosure sale".

“It's clear" means there are no encumbrances on the title, but that is not consistent with having unpaid taxes. So, it is a bit confusing.

Quote from @Brendon Gonsalves:

Im just getting started into wholesaling and was wondering if anybody had some advice on how I can qualify good title companies around me that are comfortable working with wholesalers?

Well, first you find a deal that you can actually wholesale, then you approach the title & escrow company. They will tell you if they can do the deal. If not, you go to the next one. Otherwise, you are just bothering people.

Quote from @Audrey Blotz:

Quote from @Account Closed:

Quote from @Audrey Blotz:

New investor here looking for some advice - I've realized that my ideal property is a home with some type of ADU so that I can rent out the main house long-term and use the ADU for short/midterm rental.

I recently listened to a real estate rookie podcast in which the new investor was looking for a similar property and mailed out letters to specific properties in a specific neighborhood in order to find off market deals. 

How can I find a list of homes that are not currently for sale but that may have an ADU, so that I can start to reach out to these owners about any potential interest in selling? Is this possible?

Thank you all! 

Audrey  

We go through Albuquerque to Santa Fe & Taos. I know the area. You can find off market with Propstream, but most newbies spend a lot of time trying to figure out what matters with that much data. If you are going to buy "off market" you may as well learn how to do that correctly so you can repeat the process and profit. Kind of like this:

With $50,000 you can buy 3 Properties in 2024 – These are the Best Markets

https://www.biggerpockets.com/forums/311/topics/1166342-with...

Pretty cool! Where can I find Subject To properties? And where can I learn more about this? 

You can always check out https://housecashaz.com/subto/ and there is a lot I've and others have posted on it. It's a great technique, just be sur eyou are taught how to handle all aspects of it. It requires a bit of experience. 

Quote from @Audrey Blotz:

New investor here looking for some advice - I've realized that my ideal property is a home with some type of ADU so that I can rent out the main house long-term and use the ADU for short/midterm rental.

I recently listened to a real estate rookie podcast in which the new investor was looking for a similar property and mailed out letters to specific properties in a specific neighborhood in order to find off market deals. 

How can I find a list of homes that are not currently for sale but that may have an ADU, so that I can start to reach out to these owners about any potential interest in selling? Is this possible?

Thank you all! 

Audrey  

We go through Albuquerque to Santa Fe & Taos. I know the area. You can find off market with Propstream, but most newbies spend a lot of time trying to figure out what matters with that much data. If you are going to buy "off market" you may as well learn how to do that correctly so you can repeat the process and profit. Kind of like this:

With $50,000 you can buy 3 Properties in 2024 – These are the Best Markets

https://www.biggerpockets.com/forums/311/topics/1166342-with...

Quote from @Account Closed:

If you are in the corporate world and are tired of having to go into the office or having zoom calls in your underwear with a nice shirt and tie on or if your are self employed, what are your options for retiring early?

Or, you can hope the stock market holds together, ;-)

If you are in the corporate world and are tired of having to go into the office or having zoom calls in your underwear with a nice shirt and tie on or if your are self employed, what are your options for retiring early?

In an attempt to simplify explaining the process, so it can be understood, I am leaving out details that I cover in other posts and in training. If you want more detail, PM me or follow the link below and I’d be happy to explain.

This is the Buying Side: First, I look for "don't wanters' that are Not on the MLS. This is called "off market". Once I have located such a property, I buy their property for below market, (instant equity) no bank qualifying, no credit checks, by offering to take over their loan and make their payments for them. This relieves a stress point for them. I give them cash for their equity and they show up to closing and sign a Deed and then they move. From then on, I make the payments and I own the house.

This is the Selling Side: Then, I find a Tenant Buyer who has $25,000 to $50,000 to put down and I sell the property to them on a lease option. (I generally cash flow these for $500 a month or more.) It's a lot less risky than fix & flip and provides great cash flow. And anybody with some money to work with, can do these too. I get the $25,000 to $50,000 Option fee for my pocket, and I can buy another property, plus I get about $8,700 a year in cash flow and the principal pay down and the equity capture and the tax write offs. For years to come, per house. Such a sweet deal. No agents, so no agent's fees. No repairs, no tenants, no property management.

Not a bad way to get to early retirement. Plus it’s fun racking up profitable properties and helping people in the process.

Yes, it takes some training, which has a cost and a little bit of time to learn, but it’s a life changer. I put together a Spreadsheet that shows an actual deal and it is available at the link just below. Ask your questions and make your move to retirement.

Quote from @Kathy Tran:

Hi everyone! I am a brand new investor. I am looking to house hack in the Philly area. I have been running my own numbers (using the Redfin PITI) and have found that deals have been scarce. I just got a lender and pre approved, and have found a potential house. Do you think I should be using the lender to run # for me AKA obtain the PITI since it'll be more accurate?

Thanks! 

The PITI is a simple computation. What is it you are having problems with? Let the lender tell you what they come up with and check it against the redfin calculator. But, keep in mind Redfin assumes the amount you put down, the interest rate you get and a couple of other charges. There are closing costs, loan origination fees and Homeowner's Insurance to add into the number, You will get better detail from whomever is lending the money.