All Forum Posts by: Peter Mckernan

Hey @Matt Forooz ,

Is the purchase process already rolling? Do the numbers work out well even with the headache of the eviction?

If you are answering yes to those questions there are a couple things you can do. 

@Jonathan Wilks  explained a good possibility with cash for keys. When you are closing on the property you would go to the door and talk to the person about vacating for a certain amount of money, and a day he needs to be out by to get the money.

If he is not willing to vacate the property for money, you can look into an eviction center that would help you out if they perform evictions within the area you are purchasing the house. These centers are very helpful because they know the laws in every angle.

The last one is to pay a lawyer to perform the eviction for you. It will be a little more expensive than it would to use an eviction center; however, an eviction center may not be a possibility. 

Good luck,

Peter 

Hey Jake,

Congrats on the goals and also the achievements you have made thus far! You are doing well and I am trying to get myself in that position where you are! I would say that when you know it's time, it's time. There is always hesitations about leaving something sound for something that is not as bulletproof; however, you have setup safety nets to make sure that the plan is bulletproof. I hope you the best and I also hope to talk to you when I am in the position to take the step you are about to take! 

Good Luck,

Peter 

@Natasha Bee 

This does not sound like a good deal at all! I know that it may seem good since properties in California are so high; however, there are deals out there (even in California). You just have to be patient and look for the deals that come your way. It may take some work, but that work will payoff in the end. 

The two downsides are the house is built way too close to the railroad tracks and the positive cash flow is only $109. This is of course very low and reduces many of the equations that you should be looking at to evaluate the property. One is the Cash-On-Cash return. Just stick with it and you'll find a good deal.

Good Luck,

Peter 

Hello @Non Phan !

Welcome to the site and also I hope Las Vegas is currently warm, because I know it can get cold! 

In regards to getting your license I would say yes! In my little experience an agent with property investment knowledge is a huge asset! It does not matter if they are part-time or full-time! This is a great way to meet new people that are in the industry that would be willing to use you many times! That is priceless! 

I know it can be overwhelming at times, but it would be beneficial to you in the long run!

I hope this helps.

Peter 

My first deal was with a business partner back in May of 2013, and the deal was off the MLS. We did not run any numbers before we bought the property. It was a split decision that we thought of after I brought up a couple ideas I heard on a BP podcast. It was a crazy Hail Mary; however, we have run the numbers since than and it was a great deal! The cash flow is the best thus far, and we have a great tenant in there! Now we are much more analytical about what we are going to purchase.

You need to make sure you perform the correct analysis on whatever aspect of real estate you go into no matter what. It comes down to the time you have and how passionate you are about the subject. It's the why that will get you to the what! 

Welcome to BP! 

Good luck,

Peter! 

Welcome Michael to the site! It sounds like you found the passion that you had back when you first got into the business. That's great! 

I am just up the way and if you ever want to grab a coffee and chat let me know! I also try to attend the meetings that @Karen Margrave spoke about.

@Michael Gerard 

Awesome! That's what I have noticed with the trial period that I have gone through! Thanks for the insight! 

@Emily B. 

@Account Closed 

Thank you for the post! That was very instructional and it is very helpful! I am going to look into getting Quickbooks on Amazon. Thank you for spending the time and showing a demonstration on how to use the service as well! 

Thanks,

Peter 

Hello Everyone,

This question goes out to all investors big and small; to the big investors when you started and the small investors where your business is currently. 

I am only in the beginning stages of real estate investing with two current rentals, and I just heard about Freshbooks.com. I wanted to get some opinions on that bookkeeping service verses other bookkeeping services that may be better.

Please let me know.

Thanks,

Peter  

@Stephen Masek 

Time of Event: 08/20/2014 at 07:00PM
Location: Round Table Pizza 22722 Lambert St #1705 Lake Forest, CA 92630
Fee to Attend: Free