All Forum Posts by: Lee Linda

I would like to start a forum category in which to share experiences, good and bad, with various real estate agents and/or agencies, as well as other "professionals" with which we conduct business. 

There are a lot of real estate agencies and many more agents, mortgage companies, title companies, etc., and as investors we all deal with them regularly, so why not share with each other our experiences and with whom, so that we might all have a source of information, allowing us the ability to know what company or who is and is not conducting business 'above board', honestly and fairly? 

I personally have dealt with agents and agencies, as well as title companies, mortgage companies, and so on - that have proven to be dishonest, unprofessional, 'dirty', and generally conduct "bad business". I wish I had been forewarned, and I would also like to forewarn others that they may not become victims of the same "bad business" which I have. 

Any interest? 

Thanks in advance! 

Thank you, Mike Sattem, for the excellent suggestions. Do you know if (and where) I can get these pieces of information online, as the county Courthouse is quite a distance from my location?

I've been reading and listening to videos/podcasts every few minute, so I'm learning, but my personal "curve" seems very slow. I've read a lot about the benefits of having a good mentor, and would love that opportunity but two matters cause difficulty in this for me. One is that I live in a very small town and detached from some of the "clubs" and other opportunities to get to know other investors, and Secondly I read that, as in any relationship, it's important to give to the other person as opposed to always taking. I, however, have nothing to bring to the table which might be appreciated by the one mentoring me. Any suggestions?

THANKS for any and ALL help, advice or guidance you might be willing to share to help me get going!

Lee (& Linda)

Mike,

(Sorry about the delayed reply) -- Funny you say that. I was reading the same train of thought in a book I'm reading this morning. I think I've decided to just flip the prefab to get rid of it, and I should make a reasonable profit after refurb, but tell me please - how do I FIND these "cheap" deals on houses? I'm having no luck getting anything much below full market price. I still haven't learned this trick - obviously.

I so greatly appreciate y'alls feedback and insight.

Lee

I'm having some of the same troubles. I'm new also, and in an area where houses are foreclosing left and right, however due to the upward swing in the market, banks are getting greedy and not willing to sell at the investor's prices (I read that 65% of market value minus repairs, is about where an investor needs to buy - is this correct folks?). The rents in this area are fairly low as well, so the "buy and hold" numbers just don't work for me, either - but again, I'm new to RI. I purchased a "prefab" home on auction for a fair price, but wasn't able to really see what I was buying until after closing. It was a DISASTER inside and out. I'm rehabbing and should clear a moderate profit, but I'm not finding the same deals on *houses*, only prefabs and trailers, which as was mentioned, won't appreciate but in fact depreciate. So the buy and hold is tough. I don't blame the market, but at this point blame my lack of knowledge and experience, though I too am studying everything I can get my hands on. ANY experienced suggestions/help would be GREATLY appreciated! Thanks in advance!

Lee

I've always heard two sayings that seem to most often work...

"Two heads are better than one." & "Always get a second opinion."

But what do I know? -- notta :-/

Great insight guys! I really appreciate the wisdom! These are some thoughts matching my own, but being somewhat new to this "game" of real estate investing, I like to kind of check my thinking. I've primarily stuck with the $50K to $100K houses too, but I saw a couple become available in a nice community and at first I thought "flips", but then again, the market is just starting the upward slant, and I'm thinking possibly if I buy, rent for a year or two, and then sell, that maybe I can reap the benefits of a better market. I haven't rented in this price-range before, and I don't know the benefits, drawbacks and much less the renters for this market. You've made some good points I hadn't considered, but let me ask this, if I may please...

This community isn't real old, the houses were, when it was built, in the $750K to $4M range, but presently they're selling at a little less than half that range. The market in my area just recently took an upward slant, and it's predicted to continue to go up, especially in that particular area because of a new Interstate "loop" being built nearby. However it's those 1, 2 or maybe 3 years of renting that I'm concerned about. I don't want to tie up that much capital in one or two houses if I'm going to find myself sitting on empty properties with no return. QUESTION; I'd love to hear your thoughts, suggestions and advice as to what you'd do, or not do?

THANKS y'all, for sharing your much advanced experience and insights.

Lee (& Linda)

How much is too much money to pay for a Rental house?

I'm looking at a very nice home in an exclusive neighborhood where the houses are quite expensive, and considering purchase and rehab for future rental property, but I'd like to hear some suggestions/advice from more experienced investors please?

Thank you in advance!

Lee & Linda