All Forum Posts by: David P.

@Dave Visaya you need to take into considerations the easements set forth by the city zoning department.  Usually with the type of lot, you will be limited to side by side construction, and depending if on-street parking is allowed, you may have include parking within the land itself - underground parking maybe feasible as well; keep your options open and check with your zoning department first.

Good luck and please ensure to Vote for response that have helped answer your questions.

- Dave

@Brandon Hamlin you did great; I would be concerned if he didn't think about it. 

Now you have to close the deal!  Don't wait for him to call you back, 24-48 is the norm for returned call. Be prepared for a counter offer or the seller wavering on the deal.  Have your story and paperwork ready to go; if the seller counts tell them it's the highest you can go without talking to your partner or have a number ready to go.  At a minimum get a letter of intent signed to lock up the deal for 48-72 hours that way you can sharpen your pencil, but you will not lose the deal to someone else.  Usually the 2nd contact with the seller is where you either get the deal or you don't; if it goes longer you have a high chance of getting played against someone else.

Keep your head up and be proud that you are and doing your first offer.  Some don't even get this far or don't even try, so congratulations!

Good luck and best hope you have an excellent future!

@Joseph Pytcher it seems that way too in both Phoenix and Denver markets where I am investing.  However the more contact you make; something will pop, just keep you ear to the ground.  I'm getting more traction in my markets, but I want to try and focus on the older generation investors who want to get out of being landlords and into being the bank.

Are you a member of your local REIA groups? This is a low cost way to get connected with other investors and potentially wholesalers/flippers as well.

Good luck and have an excellent future!

- Dave

Welcome @Abby J.  to BiggerPockets.  You are off to a great start and excellent goals.  Spend some quality time on the new bat site; listen to pod cast, read blogs and forums. 

I invest out of my state and rely on BP to help understand other markets.  I highly suggest you get a mentor in the area you will be investing.  Since you are a US citizen, you probably will be focusing in areas you lived previously or visited. This is great to have knowledge of areas but neighborhoods change over time, so this is important to have someone you trust!

Hope you have an excellent future!

- Dave

Hi @Heidi M. You are in a difficult situation, and as others have said, document and send certified mail.  Best advice I can give is document every conversation and date/time.  Do everything In your power to provide them an itemized list and show that no deposit was received and that full payment is expected in 30 days.

As for the damages, you maybe able to collect on your landlord insurance policy.  if they damaged the property they most likely will not pay, but you ding their credit and send it to collections.  You should also double check any loan documents to ensure a deposit was not transferred as part of the sale just to cover yourself.

Good luck, and have an excellent future!

@Jason Cruz how come you don't start with family?  If your dad did a well in real estate he would be a great mentor and partner. There are some quick and easy things you can do to help increase your credit score as well so you do deals on your own. If issues going to family, it may prove more difficult to get money, but be creative. One step at a time and you can do it.

If interested, you can PM me and we can discuss off line. Hope you have an excellent future!

- Dave

Welome to BiggerPockets @Marcus Nielson As @Brandon Turner indicated the forums are a great way to see what is going on in your market.  Take some time and learn to search the forums as well as others may already have asked similar question. 

As a fellow investor from out of state investing in Phoenix, BP is an essential tool in networking and asking questions of other investors. There are a lot of great articles and tools as well, and they have helped me analyze properties quickly.  

I wish you success and and excellent future!

- Dave

Hi @Cal C., have you tried to work with community banks (or even regional banks)?  Do a search in your area of community banks, go a day or two before and open an account in your business name, and schedule to meet with their lender.  The 10 loan rule is gov based loans (loans underwritten and then sold to Fannie Mae and Freddy Mac) and if the local lender lends on it they would have to keep it within their portfolio then it doesn't fall into the category.

The thing to have is a Personal Financial statement and details available for them to review, so have that ready to go when you talk to them. (you can find Excel templates online for free)  Often times they will discuss strategy and help you understand your choices and products.  

I know this may not be exactly what you are looking for but HARP just allows you to refinance your loan; it doesn't mean you can do cash out for more that an investment loans.  If you decide to refinance, by bring them to a community bank will allow you to get past the 10 limit and only have to refinance once.

Hopefully others will add to this conversation as it looks like it has become stale and not high up on the forums.  Don't get frustrated; sometimes you have to ask the question different ways to get an answer; so be persistent!

Good luck and hope you have an excellent future!

- Dave 

Hi @Jeff Kushner welcome to BiggerPockets!  Listening to podcast and learning all of this information is sometimes overwhelming, and the first deal is always the hardest... kind of like the first kiss.  Once you make the commitment to move forward and invest the money you will move through it - kind of like being in the military; figure it out as you go. However you are lucky to have a site such as BiggerPockets and the forums to be able to ask questions.  Sometimes it may be hard to ask for advice in person to someone else, but here you have a "Village" that is here to help answer questions.

As for holding you accountable this is something I feel needs to come from within; only you know what you can and cannot do.  As for motivation, I would highly recommend you try and find mentors to help you.  Ask them if they wouldn't mind being your mentor and if you would be able to ask their advice.  Remember we don't know everything and why it's important to have multiple mentors.  Having one close to you in your market will help you navigate through the laws of the state, county and even city.  

This is probably the most important piece of advice I can provide to you.  I take my mentors out for coffee, lunch; it's a small price to pay for not only advice but potential opportunities in the future.  Stay way from mentors who want to be paid!  Over time you will build trust and a relationship with that person and even strengthen their knowledge as you ask questions.  My mentor has been investing for well over 20 years, and you can imagine has built a sizable portfolio, but just last week I was talking to him about doing owner financing on a property I own.  He has never accomplished a transaction such as this, but offered advice of where to go and what to do; he also followed up with me later in the week to see if I was able to get any answers.   

Keep your head in the game, keep listening and reading as much as you can. Join your local REIA group as well; often times you will get even more ideas from others at these meetings. Additionally, have business card to handout - promote yourself!

I wish you a successful future!

- Dave

Good idea @Jose Diaz and as you get experience you can branch out; stay focused and dedicated to areas close to you and you will become successful.  One other thing I forgot to mention is keeping your business cards with you at all times.  Keep a few in your wallet and car and when you are filling the tank, talk to the person at the other side of the pump.  Get your 30 second elevator pitch down and test it out there.  I'm not real good at this myself, however it builds confidence when when you actually have an opportunity it will be easier to talk to the other person.  

One last piece of advice is to practice, practice, practice and when you think you got it down, practice again!  I find people are more comfortable with individuals who are knowledgeable and know their stuff but don't come across as arrogant.  Sometimes a fine like depending on the deal; but this is where practice will be critical to your success!

- Dave