All Forum Posts by: Tom McGiveron

greg,

first welcome to the forum!

second - a few key questions:

1. how much do you parents owe on the mortgage?

2. how much equity do your parents have in the property?

3. for the above - what is this based on? professional appraisal? realtor CMA (how good is it?)?

4. what are your parents plans for the future?

5. how can YOU make this deal happen?

6. what are the risks associated for YOUR PARENTS to become involved in this?

7. what about the option of your parents just renting it - and you managing it?

8. have you consulted an attorney re: the asset protection issues associated with each strategy?

also - you say they're carrying two payments - that means there's a mortgage on the property - lease options violate DOSC - which could accelerate the loan if the lender found out about it - no matter what anyone says about this issue - it's a reality that COULD happen. if you don't know what DOSC is, pm me or look for it on this site or other sites.... :D

welcome! what type of long term investment are you looking for?

hey! welcome :goofy:

well that's the thing about buyers agency - it's an oxymoron.

realtors are supposed to represent their clients to the best of their ability - yet, as a true buyers agent (signed agreement) - you're looking to work for less because you're trying to get the best deal you can for the buyer...now that doesn't always relate directly to the price, but most often i think it does.

and you did it all in new york - that's impressive!

hey andy,

welcome to the forum!

out of town investing huh - whereabouts are you thinking?

just over one year. it's all about gathering the info and taking steps toward developing your approach. to me, it became more than just investing in real estate. my company owns some real estate, but i just came to see the BIG picture.

for me, i respected those that created their own rules...meaning, they looked past all the brokers and other people trying to make money off of them and learned how to make the rules work in their favor.

that takes some time to figure out and i'm still figuring it out.

if you make a conscious decision to do this everyday, at least 6 days a week - slowly, you'll get to a point where you'll achieve monetary success.

it's the little successes and things you learn that make the difference.

if you can realize that everyday is an opportunity to learn something new - you'll always be growing. most people around you, stop the learning process somewhere around 25 or so...some even less than that.

keep in touch...and best of luck to you.

how do you know there's not alot of investor activity in the area?

oh and welcome to the forum! :beer:

in order to achieve "FREEDOM" - you'll have to do plenty of

to get there.

lots of networking and doing things you're not used to doing will take some time. it comes more naturally and easier to certain individuals, so you have to see how well it fits for you.

in order to be successful at wholesaling...selling - it's more than just numbers and reading books. having said that - you can definitely do it - but you might find that in order to get to that level - you eally need to put in alot of time and effort. but if you're passionate about it - the waking up and doing it all over again - will be AWESOME.

Ev,

what's your experience with real estate? sales? building? owning?