All Forum Posts by: Peter Mckernan

Hello @Jeff L.

I have one an attorney that I use and will PM you.

That's a good situation. Yeah, I'm in the same boat with a property I have been holding for a little over a year with a partner of mine. We are going to list in February and perform a 1031 exchange for a bigger property (duplex or triplex). That might be a good thought too.

I believe there are still deals out there; however, they are something you'll have to go out and literally fight for! @Frank Lienert

@Account Closed. He has been through many years and through many investments! Property Radar would be a great resource to use for looking for those foreclosures. It gives you dates and properties that will be sold at the courthouse steps too. 

I agree with @Joe Villeneuve on his reply. These are not defined goals; however, you can just define them by putting forth more detail and also how they will be accomplished.

The property you own on the east side of Sacramento sounds like you own it with some family and are renting it out to capture 50% of the rent/sale? If that's the case, have you talked about selling the property and cutting the profits in half and buying another property that is cash flowing and keep that cash flow for yourself? That might be a better move instead of holding on to it for ten years, then selling it with a harder time or harder market.

Just some thoughts! And NO, the two properties in one year (your first year) is not too ambitious at all!! 

I started two years ago with a downpayment and a partner, it has been slow, especially with the changing market in my area; however, we did have savings with no money placed towards marketing. 

I believe real estate is about calculated risk that is reduced by increased equity. With the ability to have more equity in on the property/properties it reduces the risk, but still gives you the advantage to make more deals happen without depleting all your capital. 

I would network, and market well. Once you get out there and people see that you have work ethic you will be able to partner with someone on a deal, or multiple people, which will reduce your portion of the investment. Eventually you will not have to partner with anyone because the cash flow, savings, and capital you have from all the other deals.

I haven't seen any posts from you, but I'm as curious as @Joe Homs. What do you have in Orange County, and let me know if you have anything in the Inland Empire.

Hello @Reggi Hunter

Welcome to the site and everyone that posted on here is correct, there is a wealth of knowledge and helpful people on the site. I am from Redlands originally, and moved to Orange County. Good luck with your real estate license! You'll do great and post questions on the site along your way through the classes! 

Hello @Harry D Johnson

I would say the same thing as Brent. I would call the seller, ask what they are selling it for, and ask for what their rockbottom price would be to sell the property. After that conversation, send them an e-mail with the offer drafted, because later down the road if that seller changes their mind on the price you would hold more weight if you tried to pursue the change.

Also, try to get the e-mail signed, or at least an Esignature on the document, for validity. 

Good luck! 

@Ann Howell and @Tim Howell

I'm sorry that you both went through that terrible situation. There are many people that become caught up in the thoughts of riches. It causes them to have convoluted thoughts and motives to obtain those riches. Your bad experience is an very bad example of the extent that people will go to for that money. Good luck and I hope this post helps destroy Maverick.

@Brian Cam When a person has a property within a trust this just gives them a type of protection from a legality standpoint; however, this is not the best protection in my eyes (this is just my thoughts, and information that I read). 

When you see a house within a trust you'll have to make sure that the person selling the house has the trust certificate, and there is a form that will need to be filled out and notarized by the person named on the trust. If it's a trust naming a person that has passed away, there is a person that is named on the trust to perform this for the person, or lawyer.

A lawyer, or escrow company can give you more insight on the forms that are needed for this type of transaction and how to get them signed and processed.

Good luck.