All Forum Posts by: Account Closed

Real estate - I would put some money out there with experienced investors who have a proven track record, 8% return or more, first mortgage with an "equity kicker", and a limited equity position.

Important to to lend to the right people. This is not a passive return, but the return could be great. I have a lady who will give me up to $50,000 as needed just with a telephone call, her rates are high, but I don't mind paying the juice because I have confidence that I am able to assign my contract quickly using the Control and Roll formula and the Auction Marking.

Good luck, be safe,

Charles

Find a new tenant, get in there and clean the place up, rent it and write off $1,400, she is not going to pay. Sorry.

I own lots of rentals, I don't rent to sec 8, however in Baltimore County landlords are required to rent to sec. 8. Another example of government control over private  industry! I can't even evict, increase rent or refuse to renew a lease. I have a squatter in one of my houses and I have a court order eviction notice, but the City refuses to execute on it, Baltimore City says the City is closed indefinitely!

Real estate use to be a great business until the Demorats took over running the City!

I still look for bargain properties with equity and still active with my auction company, now all I do is Control and Roll for short term profit doing assignments and flipping real estate, houses and commercial buildings for real short term profit without obligation to settle using no money down formula called "check funds"  for down pmt, with disclosure out clause in my skinny contract agreement (one page). 

I decided a long time ago that I didn't want to deal with lenders, negative title companies, uneducated agents who don't understand, creative financing, options, delayed settlements, subjects to financing deals, seller take back, split notes or JV offers.

At 78 years old now and on home lock-Down, I have more time to do Joint Ventures with other investors nationwide and more time to practice my art.

this is probably more information then you need to answer your questions.

Good luck, be safe and stay healthy,

Charlie

To me, investing means making an equity or cash profit, short term with as much leverage as possible, waiting for appreciation to see a profit is too slow for me, especially now that I am 78 years old.

The best way for you to find your investing niche or location is to use the 50 house rule, which says look at 50 properties before making an offer on any of them, study the market, find that one out of 20 or more that will give you equity or cash flow, discount 50% of what agents or sellers tell you, be sure you understand the market you are in, ask questions, get answers that you feel are correct, verify, verify, use an APOD to determine NOI on apartment houses or commercial buildings, make offers, use a skinny contract, use "Check Funds" with contingencies (perfect or contract leverage without negotiated funds, and use banking days to buy time, make early assignments:

Get in, get out what you expect and move on to the next opportunity.

Questions answers that can help decision making:

• can seller help with seller financing, (getting the right seller financing is great, getting a a principal mortgage is best of all (that is secured or unsecured principal only payment until paid off, NO interest!
• ask for money back at close and immediate possession
• make full disclosures as to your intent, don't hide the fact that you make offers with the intent to earn a reasonable profit!
• how long on the market,

Q. mortgage balance, current, payments due? discuss "subject to"

Q. consider lease option or straight option with possession? 

pay down payment in installments,

Q can trade chattels or services for down payment or equity?

Do. understand the contract clauses that let you CONTROL real estate without commitment and assign for early profit out.

Wishing you good luck, thanks for your service, I was in the Army from 1959-1962, served in Germany, discharged after three years of service at 20 years old, started  learning about creative financing and leveraging real estate at 21.

having trouble posting a blog on bigger pockets, any suggestions

@Charles Parrish all I can say is, WOW! I’m actually going to print your post and keep as a very valuable reference. I appreciate the details and issues to consider in the buying and negotiating process. I have so much to learn. I’m still in the research process of vetting CPAs, general contractors, real estate attorneys, handymen, and property managers. I’ve requested recommendations. Again, thank you.

Thank you for the "WOW" I appreciate it when someone likes my comments. This is not an easy business to get started in and making money from the "get-go", it takes time and understanding of negotiations, as well as understanding of creating transnational contract offers. I always use a "skinny contract agreement" that I created 20 years  ago, I wanted to make it easy for a sellers to say YES! 

The system I use comes in 4 parts, 1. Prospecting (finding the right seller with the equity that I want a piece of, I use any one 20 methods to do this and 2. Evaluating - so very important to know values,  and 3. CONTROLLING - I found that it is vital to be able to CONTROL a property before I can, flip, assign, auction or wholesale by way of lease options, hybrid offer, delayed settlement or joint venture. 4. EXIT - sell my controlled contract - I use the "auction method of assignment, it is fast, all cash and "as is" with a fast settlement. 

I call this the "Control and Roll" get in- get out and collect your assignment profit!

Good luck to all - have fun, this is s great business!

Charlie in Baltimore

 Thank you for the"WOW" I appreciate that - you know I try to give good advice on Bigger Pockets as often as I can, there are so many folk who want to make it in this business, but they are detoured by bad courses, spending money on useless programs and wasting time and destroying their motivation and reading junk comments,  since 1980 I have been teaching professionally and ethically systems of making money in real estate, I am not giving my comments, replies and blogs to sell anything, only to help others in this crazy business!

I do enjoy and profit from networking nationwide using transnational engineering to control real estate and assign properties for profit.

thank you again - stay healthy, make offers and assign deals.

Charlie

get references, 2 prior landlords and financials, the problem here in Baltimore is that you can not evict for non payment of rent. you could be stuck with a tenant who decides not to pay you for 6 months.

just be careful

Been investing in Baltimore, NY and Florida for 50 years. It may be hard to find a contractor that will look at properties with you.

My suggestions - if you don't know much about things to look for, find a local handyman to go with you; contractors are too busy and expensive. You will be looking for "value deficiencies" items that are deficiencies to seller will be a value negotiation to you.

look at 25-50 properties before you make an offer on one - this is the quickest and best way to understand values in your local market! DON'T  VIOLATE THIS - it is important. Don't be too quick to make a buying decision!

you should make offers often, use your own contract of sale, I use a one page contract I call the "Skinny", it is easy to read and to be understood by sellers and it has all I need to make a great deal (disclosures, automatic extensions, delayed settlement clauses, and assignment and out clauses if you are not sure of the condition, always put in an inspection clause in your offers - you can always do what we call "second-stage negotiations, this is where you adjust your offer lower based on inspection report. 

Be careful  of real estate agents, most represent the commission, unless you pay a "Buyers Broker" to represent you!

this is NOT an easy business to start making money, understand values, make many offers that will give you an equity position NEVER offer full price unless you have some creative seller financing like "delayed settlement, cash back, hybrid offers, assignment and auction clauses"

Watch out for the sharks out there that will tell you anything to sell you junk properties. Don't make any buying mistakes!

I am in Baltimore - glad to give you some ideas.

For 50 years now my wife and I have enjoyed the benefits of real estate, we made mistakes in the beginning, but not any more, we've created a nice portfolio of houses and businesses, a 11,000 s.f. nightclub on Charles St, a pizza shop on North ave several apartment houses.

take your time only listen to advice from experienced people who don't have an interest in selling you something.

You can be success, make money and create cash flow - but trust only your own instincts, and those you trust who are a proven entity!

This is a fun business, do not take yourself too seriously, enjoy the hunt and negotiate EVERYTHING!

Charles

I own a house in Easton Maryland, the tenant is moving after 12 years, I need to ready the house to sell - notified several home improvement contractors - 5 days ago - and have yet to hear from them. I'd like to start the clean up and get that house on the market. Any ideas why they seem to be so independent? My money is good and we pay on time!

I agree, don't tell on yourself, you are playing poker, don't show your hand. - don't accept the first proposal, add to it or negotiate downward , ask for last 2-3 jobs for references.

Don't label yourself - don't talk about your successes. Be private - get the best person and company for the job, pay fair and on time for good wok.

My thoughts!