All Forum Posts by: Pete Ackers

I too have been contacted by Frank Howard, Intercontinental Private Loan Company. I have not sent any funds either, but HAVE sent my ID info. I also have emailed him requesting his ID and legal address before proceeding. My lawyer has said that the lenders never send 100% of the purchase price of a property, and that it sounds like a scam. I will be reporting this to BP for sure

Pete

@Roy N, thanks I wasnt really sure where to post it. I can copy the post and put it in the Marketplace. That is if I have access to it since I am not a Pro member. Where would I send the info and what items would you need.

@Samuel Sedore, thanks I have since deleted the being a newbie part on the ad, from other suggestions from members on BP. I have an incredible lead for an 11 unit fully rented apartment available for purchase. I need help with financing since I am brand new. Any thoughts.

Pete

I am just starting out in my real estate career and would need financial help with regard to purchasing an 11 unit fully rented apartment building. I have spoken to the agent who is assisting the buyer with the sale and have more info regarding this purchase.

I would be buying it for myself as a improved source of income but need help with financing. I do know that it is NOT listed on MLS. It is FSBO, with no outstanding mortgage and all payments are current. Also the numbers I have are from 2010 and that the property value has increased since then. I was advised by the agent that the rent amounts could be increased quite a bit without any problems. The agent said it was primarily a cash sale purchase, but he thinks the owner would be ok with financing

I would appreciate any help especially with funding to be able to purchase this building. It would make an awesome start to my Real Estate career and open the doors for future deals. So if anyone on BP is willing to help me fund this deal it would make a huge difference in my financial picture.

Looking froward to hearing the feedback, and if there are any questions drop me a message here and I will get back to you quickly.

Pete

In Ontario Canada at least, we have to go to OREA (Ontario Real Estate Agency) for the courses. There are 3 main ones, for a total cost of $1820. You have 18 months to complete all 3. Then there are 3 Articling course that are also required with a 2 year timeframe for completion. 

Then there are various fees for different agencies that are required. I had a coffee chat with one of the Real Estate companies here in Ottawa. He went over all the info regarding getting a license, plus he provided me with a booklet that outlined ALL the required fees after you get your license. Plus the commission is divided amongst you, the broker and other places.

So, IMHO, while it can be a good thing to have, the initial outlay of funds before you even make your first deal maybe a little difficult to obtain in the beginning. If it is not required where you live then maybe hold off, at least until you can get your first deal closed and get the funds generated from that deal.

Ok folks, I just got another email from the lead that was generated from my ad on Kijiji. They also have an 11 unit, fully rented complex for 3.1 million or best offer. After taxes and expenses, the net income is 176,480 a year.

What things do I need to look for when checking out this proposal. And is it difficult to get funding for such a purchase.

Pete

I just got another email from my lead that was generated from posting an ad on Kijiji for buying fixer uppers as part of the action steps outlined in a webinar hosted by Brandon. They informed me that he also has an 11 unit building for sale generating 6 figures a year. I too would need guidance and things to be aware of.

Pete

Welcome Alyssa. I am very new as well and thanks to an action step from a webinar hosted by Brandon, I posted an ad on Kijiji looking to buy fixer uppers. Well I have actually received a response from that ad and will be chatting with them later today.

You have picked a great place to join from what I have seen and the Pro account at 290USD is worth every penny with all the extra tools and other perks.

Good luck and welcome to BiggerPockets.

Awesome suggestions, damn i love the BP community. I would love to make 2016 the year I start on my road to becoming a successful REI.