All Forum Posts by: Peter John K

oh on another note about grannies being scammed my grandma got taken for a ride only a few hundredbucks simple sweepstakes scam... I complain nothing happens I than actually bump into the queens district attorney and casually bring up the topic. He said yea it's a big problem but the sweepstakes are all claiming to be international and technically it's illegal to enter an international lottery via the mail.... I never looked into it but it hit me the scammers users loophole that made the victim sending the money an act of crime...

Still get mail a few times a month saying she won a million dollars those guys are blatantly being dishonest and ripping off people but they manage to use the law to there advantage and have been doing so for years making them seemingly untouchable. I'm sure in some states it may just be easier to get your liscence than to jump though hoops to be 100% legit but its not for me

@brian gibbons

I spoke to a lawyer about writing me contracts in New York because I am on an extended visit back here to help out taking care of my granny and (this lawyer is also a broker and a good one) he told me flat out it is illegal in the first 5 min and than spent 30 min selling me on the mls and trying to get me to sign a brokers agreement....  So I'll find a better lawyer

I know every state has there own laws but I know many are written vaugly on purpose. For example back when the speed limit was 35 in nyc if you made the yellow light turning left safely doing 35 they can hit you with reckless driving even though your not speeding or going through a red it's something like "endangering the public use of a highway" I swear it's short simple but vauge (at least a few years ago) but If people would save up to take on a great deal than yea there would be less doing it and it would be harder. I'm sure in one form or another it's been going on forever but only now are inexperienced people getting contracts with no money down and doing it desperately. Maybe they can be more fair with less to loose but they than end up making false promises and have to renegotiate or walk away after wasting people's time....

if your papers are legit I.e.you pay a lawyer to structure YOUR CONTRACTS FOR YOU and you even file taxes I'm sure there won't be a problem anywhere BUT when people are having there time wasted and being lied to than they complain and people have issues...

And yea once a while I'm sure the granny's relative makes a complaint but they are rare and hard to do anything about. So I'm sure it is just the people with nice houses that had there time wasted complaining and im sure there is plenty of them to get the local governments active in the matter...

And ohh yea on Arizona im sure there's no problems there because margins are okay but not the best while the values are generally lower so the difference in 10% of a 70k deal and 10% of a 270k deal leaves a big incentive to cut corners on lawyer and closing costs...

I remember when Tucson just started heating up again a few years ago I saw a 3bedroom on zillow only a few pictures asking I think 45k might have been 35k and it was central closer to the UofA area and prestigious Sam Hughs area... I called and it was sold for 53k and that's when I learned about HBO as some call it. It needed updating but I drove by it looked secured and not a wreck so why didn't the listing agent just take the house for 35 or offer 32 and do the flip themselves?? I think an agent or broker might have more potential problems anyways although I haven't looked into it. I love to travel myself so I do plan on diversifying my real estate holdings geographically but would never want to keep up with multiple states liscenses.... 

What about coops or condos in a building that is on a LAND LEASE.... These are advertised by owner and brokers as HOME FOR SALE... yet the parties involved don't own the land in which the home itself resides on so Title or not; shares of coop or a ranch style SFR it doesn't make a difference the difference is technically if you say your selling the house to a potential buyer but marketing a house for sale is not wrong if the seller is going to sell the house and you have that in contract..... So you get a call from a stranger just say "I am rethinking my investment strategies and I am selling the rights to the house yada yada yada..."

what if the judge who issued it made the mistake?

Maybe they were supposed to go next door and the clerk mis typed the address and your tenant was home. They could have let them in and than complain later. If they are looking for a person they can look in a closet or under a bed but they CANNOT look in bags boxes under the mattress in your dresser etc.... So asking as there contraban was tucked away they would be fine. I can see some paranoid stoners worried about the bong in there freezer causing you a whole bunch of headaches over a clerical error lol

It is all about the risk in my option... People try to go and tie up houses with 10$ and than try to make 10k$

I put a few we buy houses adds on CL and had no luck. I thought about bandit signs but realize they are ugly and illegal. So currently I am working on a marketing plan and I have a buyer and I myself am a buyer in the long run. 

I seem to be busy all the time but always have the ability to use my phone and multitask. So I get a call and if I look at a house in a 350k area but it had bad tenants or a small fire and needs a good 40-50k rehab on the conservative side I may explain about how I have risk it needs work and offer 150k!! OHH NO NOT FAIR.... Life isn't fair I will put 10% down the next day with proper positive duediligence etc.... My initial plan would be to flip the contract for 15k if I'm successful I'm a happy camper if not I will be the proud owner of my first rehab project. I can afford a 150k house but I can not afford a 300k house.

I do want to rehab properties eventually but right now I'm still to inexperienced..... I can do some things but not everything....  

Also if the buyer I know personally is not interested and its a vacant dump than I will pay for a proper clean out with dumpster and 2 or 3 man crew etc.... It makes it easier to show and it may not make sense to some but if I can't flip the contract I'll be one step ahead and if a buyer or seller I don't know well were to complain I can show them I have a vested interest in the property and MY INVESTMENT so either way I am going to profit. Even with a 20% downturun. 

AND IT IS FAIR have you ever been to a pawn shop??

I remember when Brooklyn started getting hotter a lucky guy bought a brownstone for 1million at a foreclosure auction. He could have bought a money pit but all it needed was a coat of paint a 200$ chandelier. He did have the original wood floors refinished but that's it and than flipped the house for 2million in a month.... Saw that story on the news but no one ever talks about the guy who gets in a biding war overpays for a gutted brownstone in Brownsville that's being squared in. Than 2 years later after all the permits renovations and way to much money and time invested the poor fool sells it and make 3% profit is that unfair or is he just unlucky?

I'm sure the banking aspect is the least of there problems. Closing is easy I'm sure they have silent investors who buy the building and front the start up cash. You can grow with the sun but than why would you need a building? Lights are expensive and the investor has the partner sign a lease and collects the rent which is his share of the businesses. Even the legitimate owner if he has a good year and makes 450k And is single he could very easily say he made 250k which would save him tax money but also give him enough credibility to buy a nice car house etc.....

Colorado is smart I'm sure they thought about it all and they are still making good tax money not to mention the jobs and tourism. I remember before the big pot buzz only serious skiers and snowboarders ever talked about visiting Colorado and always in the winter lol. Now everyone is talking about Colorado these days and it really is beautiful in the summer :)

if the owner wants to sell but isn't in a rush and you have the credit and means for the loan but no down payment... Could you possibly get the owner to sign a contract similar to a wholesale contract but you stretch the terms to 6 months.... He keeps ownership while you maybe even rent out and save up for the down payment.... If you could qualify for a good rate loan with 2% down than the contract should give you time to save up and close on it yourself in 6 months

glad to see your considering the hand gun..... People with knives can always get shot you don't want to being pepper spray to a gun fight...

LC9 is a good choice however it has a bit of a kick for 9mm if your used to a bigger frame gun so a 22 would be easier to become accurate in and it won't cost you a fortune to practice BUT I DO RECOMMEND THE LC9 many say 22 is a bad self defense and personally I would cary a judge....

You can order a belt clip attachment for the LC9 on Amazon it takes 5 min to install and you can holster it in your waistband with no actual holster or keep clipped to a specific inside pocket of your purse so you always know where it is

Be safe and practice makes perfect so join a range club if you can't shoot in your yard :)

there's alot of reasons to buy and hold all the more qualified investors have spoken on....

Here's a reason why I would not flip houses no money down because at any time the market can crash and if you have a house you never intended on fixing your done. You can flip stock options with higher percentages and much faster too.... I'm gambling on Nike today....

As an end result though if all the markets crash my investments will be in buy and hold because I will be holding a property I can live in or rent out.

I think it is all going to bust eventually.... 

And you all make some very good points

But from what I see with my eyes is that when I drove around Newark and Irvington NJ the other day i was in disbelief mainly because there were some areas that seemed like a location where they shot an episode of the wire and meanwhile 3 blocks away developers are building those ticky tacky 3 story apartment complexes.....

Probably gated with a key code and off street parking to keep tenants safe but still not the best thing for the little guys trying to get into the game. Than I saw some "limited luxury townhouse development" called wheatcheaf or something like that further out out advertised with starting prices in the high 800s I mean if you look hard enough you could own a colonial in glen ridge or Montclair for around that price...

SO OVERBUILDING is my opinion with our current situation and more importantly OVERVALUED properties. However anyone owning a building near public transportation will be ahead of the game while the suburbs are going to dry up only bc im the only person I know who wants to own a nice big house with a yard and the red neck in me will build a bigger garage in the back but most of these young people who don't want to buy they all want to rent so they aren't tied down and can travel and than live down town with a short commute to work...

Everyone has there own opinion but me I think that an out of the money call option on apple would be a better value than an 800k townhouse in some ex industrial area of Jersey or wherever it was because I already know the places with the good school districts and easy commute to nyc they were over built 10 years before I was even born so basically if you can afford it buy where you KNOW it is desirable AND If not it is a gamble at this point.

thank you very much shane i will be sure to give him a call tomorrow.