All Forum Posts by: Tom McGiveron

that's an insane story. i had goose bumps...

could not have said it better myself.

yes good luck! welcome!!

welcome to the site. hope you accomplish all your goals...btw - set goals. being "addicted" to learning about rei can be a curse in disguise...

investing in foreclosures can be very challenging.

you may find yourself becoming very overwhelmed. do you have cash to buy? if not - this could pose some difficulties.

a great investment strategy - may be to buy a foreclosure (at a significant discount), live in the house, fix it up and sell it...do this every 2 years and you could stand to make very nice returns...

you could also buy a foreclosure, live in it, refi as owner-occupant, then use refi money to invest in other properties (rentals), but this will get complicated as well - financing, time, resources, marketing, etc...

start out small, baby steps. i would recommend to anyone who is SINGLE, WITH A DECENT PAYING JOB AND BENEFITS, WITH NOT A LOT OF CASH to buy, live in, fix, and sell.

that's a GREAT way to put a good amount of cash together in 4 or so years. it takes discipline and patience.

i say "single" because this allows you ultimate flexibility. YOU CAN DO WHATEVER YOU WANT. or, if you're married or planning on being married, marry someone who can go with the flow and has similiar goals in life - like MASSIVE FINANCIAL SUCCESS.

23 acres, wow that's great!

okay, a few questions:

1. where is it located?
2. what is it located near?
3. has it been subdivided at all?
4. any zoning?
5. Any restrictions on the land?

what are your initial thoughts on what to do? subdivide and sell?

subdividing 23 acres will be expensive. subdividing and developing will be extremely expensive.

what is the value based on 23 SUBDIVIDED acres.

consult an attorney definitely, but additionally, my gut tells me that you should probably not sell them raw, i.e. the 23 acres not subdivided.

if you have a development plan in place and it's divided and zoned, it is much more valuable...generally speaking.

welcome!

what type of cash are you starting with?

so what are your interests? you want to work for yourself, that's awesome!

GET OUT OF THE SOCIAL SERVICES FIELD AND DO NOT LOOK BACK!

what would you need to use mls for? the access is certainly good, it makes things easier. as a realtor, the information you can get is incredible.

welcome!

investors correct me if i'm wrong here -

i would say first - do whatever you think is best for you. weigh the options and act - do not second guess what you decide to do.

again, i want to reiterate:

do not second guess what you decide to do.

if you decide to hold onto them - CORRECT THE PROBLEMS.

write them down and be proactive in CORRECTING THE PROBLEMS.

if the problem is YOU, meaning your lack of effort in managing the properties, then CORRECT IT - possible sell, OR find the time and effort to manage your business more effectively.

how so?
visit the properties more.
collect the rents in person.

but before that - increase your reference checks, maybe lower the rents in order to attract a young couple or single person with a decent job who needs a place to stay. talk to you SPHERE OF INFLUENCE.

let everyone you know you have a place to rent. a friend of a friend maybe a better tenant than some schlub from the street.

you have to be able to think through your business challenges and CORRECT THE PROBLEMS.

there is so much information missing from this thread that i hope you do not make a hasty decision.

you've found yourself in a somewhat of a dilemna in that you're middle-aged and find yourself with very little nest egg. you made a good choice in choosing real estate investing as a way to increase your passive income. the unfortunate piece of this, it seems, is that you have not taken it TO THE NEXT LEVEL.

train your mind to FIGURE IT OUT. any business owner (of any business, not just real estate/landlording) will tell you that you MUST be able to expand your mind, look at things with your eyes WIDE OPEN. figure out the problems and CORRECT THEM.

you can definitely do this. you're a therapist. think of:

1. the problem
2. your resources
3. how to access your resources
4. identify INTERNAL RESOURCES
5. using them, build on them
6. focusing on your strengths, build them up.

THEN ACT!

"You are creative. You can solve any problem."