All Forum Posts by: Matt H

Say you did REI for a while, made big money, and were able to retire. What would you like to do with your time and money? I'd like to travel more.

I'll tell you a story. In my city there's this group called REIN. It's a popular REI's group. Members pay something like $14,000 per year to be a member. So freakin rediculous if you ask me! So I'll go out to various meetings. People ask me what I do, I say I do real estate investing. Sometimes I run into people who say "oh ya I'm a REIN member" like as if that gives them some kind of prestige. But then as I get to know them I find out they haven't even done one deal, or they maybe one one rental unit at best. The point of this is that $14,000 buys you $140,000 worth of real estate all day long! I'd say if you're starting out trying to avoid all this retail real estate training. Here's what you do, join a free real estate meeting in your area, some can be found at the meetup com website for meeting held in most cities and town. Then go to your local library and take out some real estate books, read and take notes. Get familiar with your local real estate papers, forums, kijiji, craigs list, mls, and any other sources to find real estate. And just get to know other experienced REI's and all you need to do to find a mentor is just become their friend. What a concept. Go to a real estate meeting, try to find out who's who in the meeting and then just get their card and invite them out for coffee. But my advice is don't be like everyone else who only picks their brain. Try to just be their friend. Because a friend will share way more with you about "how to really get ahead" than they will to just someone who comes across as a leech. But trust me, don't pay retail for training. If you find a course that's selling for hundreds, or thousands, then just go to ebay and search it up. Chances are you can find that book or course selling for pocket change. Good luck and just start writing and faxing out little to no money down offers and you'll be in business in no time flat!

Just was wondering what the best sources to advertise an apartment building are. I have a few for sale and I'm currently listed in:

Canada's ICX
Western Investor
Loopnet
A few online forums and websites

Is there any other major investor newspapers, websites, forums, etc. that I should list my apartments in that I haven't thought of?

I think bandit signs just get torn down. You can also get in trouble with the city.

My goal is to sell off my last two apartment buildings so I can retire. Someone help!

I think it's tough for all REI's right now. Not too many people are laughing all the way to the bank. What you got to do is just ride out the depression. Then start to prepare yourself for when things start to turn around. So that way when the market starts going up, tons of people will start buying again, and you'll be in a position where you're ready to get back into the game when more activity is happening. You can find deals out there right now though, so keep that in mind. But to flip them is tough, you'll end up holding them if you buy. I'm kinda in the same boat, trying to sell these darn apartments, but it's tough.

That's a great way to get started when you have no money if you ask me. I'd probably consider the idea if I was just starting out. The other way is to become a bird dog. You find wealthy clients and companies who buy real estate. Then you find them deals. If they buy you have an agreement in place that they will pay you a finders fee.

So you're trying to get property for 50% off the purchase price? I'd say that might be difficult in any economy. Sellers that desperate are in foreclosure situations or sell out to those home buying companies, or to their realtors. I'd say go for 25% off you'll get more yes's.

There's a lot of factors when it comes to creative financing. There really is as Trump says "The Art of the Deal". Because you need to know what to do in different situations. It depends on the current mortgage(s), interest rates, how flexible the seller is, how flexible the bank is, so many factors. Best thing to do if you don't know what to do is this. Get the property tied up. Then approach a seasoned investor and find out how they would proceed to negotiate and ask a lot of questions. Then soon enough you'll know what to do for various situations that you encounter. Like I have the same problem, I have a couple apartments for sale and I'd like to move them, so I'm willing to give a lot of seller financing but it all depends if the bank will play ball or not. Often they want to see at least 10% down.

No I know what you mean. There were 4 buildings that just recently sold. 3 at $50k per door, and 1 and $40k per door. Mine is listed at $42k per door. So I think it's on the lower end of the scale. It comes in at I believe an 8% cap.