All Forum Posts by: Marty Summers

Has anyone in here used Morris Invest or someone similar?  I would like to hear your experience and learn from you?  Thanks!!!

-Marty

@Alex Deacon     Thanks Alex.. I have never done any rentals so I am collecting capital and will eventually have 20-25%down for a 800K property.  So need some serious advice here....... 16 units is my minimum.  I want to make this investment worth my while but minimal work... delegate the work to management... make sense?  Anything wrong with that?

BP,

I need to hear from folks that have experience in buying Apartment Buildings that are not local to them. I have so many questions running through my mind.

1.) Is it a big deal because it is not local?

2.) Obviously there is a management company involved... no worries?

3.) Can this be automated? and not worry about it?

4.) Any horror stories?

5.)  Success stories?

Thank you!

-Marty

@Todd Krejci   Well because they are are incentive to lend at the level of the officer lending to you.  Also, they would rather give you a 15 year loan because you miss the payments... they own your equity.  How convenient... I would rather do a 40 year loan if I could and pay it off at my own discretion.  Hence.... they won't take that now will they?  ;)

Alright guys.... just a stupid question..... I was thinking tonight.  Why would a bank do a loan for 30 years and loan it to a 46-50 year old?  I mean is there ever an age related cut-off that they will not go out that far.... let say in all examples I have 20-25% down on the loan amount?

Thoughts?

Thanks,

-Marty

Hey Guys... just so you know... I agree with you and wanted to hear it from you as well.

I was thinking the same lines anyway....just learning if others have done this as well.  

Looking to jump in at some point... haven't made my move yet.  Looking at Multifamily housing as my first deal.. like 16-20 units.    Saving capital to do so.

Yeah I am doing it to get information right from the horses mouth, i.e why are you selling? What is your turnover? Any problems & improvements...etc?

However, I am curious if I could ask the owner to delist the property and him and I both save on commissions?  That is an interesting thought...yes unethical to some extent...but trying to always be creative.

-Marty

Hey Community,

Is it ok for me to contact the seller directly outside of talking to the listing agent of a multi-family or single family investment opportunity?

I recently went to the assessors website, found the owners company name and did some research on the company to find the owners name then found them on Linked in and Facebook.  Contacted the seller/owner and we talked over the phone.

I wonder if that is legal too....why not?

Thanks,

Marty

Everyone,  I am new to investing and I do not understand this whole concept of mailing campaign to find a deal.  What does that mean?  I know it's a stupid question.  I mean are you looking for distressed owners, foreclosures...etc?

I am reading here and thought what if you mailed out 2000 letters and 100 replied to you.... then what?

Also, is there a book I can read about what skills you are using for this type of real estate investing?  

My thought is to save all of (70-100K) and purchase a 2 bed 1 bath home or 3 bed 1 bath.... and rent it our for 700 - 1000 per month?  That way free and clear money coming in then repeat the process..... am I looking at this wrong?  All of our personal homes, cars...etc are paid for

I want to put least amount of time into real estate because I already spent my years working hard to make our money work for our freedom now..... does that make sense?

Thanks all!!

-Marty

Thanks guys!   Good information... I am thinking Quicken.com will do Non Owner Occupied 30yr loans.  But don't know for sure yet.