All Forum Posts by: Peter K.

@Ralph E. Welcome!

I'm in the South Bay (San Jose). There is a pretty decent sized Bay Area Contingent here on BP.

Where in the Bay Area are you?

@ALLEN KEYS Hi Allen. Congrats. I'm sure that this isn't the first time that this has happened to a Fannie Mae property. Even in "As Is" contract with no contigencies, stuff happens that is out of anyone's control. I would get an estimate from a trusted and reasonably priced source then get a 2nd estimate from a high-profile, full-priced contractor. Show the higher of the two to Fannie Mae and ask them to adjust the price accordingly.

If you can't get into the property easily to get estimates, you should be able to get a ball park figure from a local contractor. They know approximately what it would cost to replace copper per square foot in an area. I would add 25% (or more) to this number and negotiate the price down.

Good luck.

@Sean Kuhn Hey Sean. You might consider marketing for out of town 4-plex owners in the areas that you are interested in. If you have a title co. contact, they can create a list for you and you can use yellowletters.com or another mail fulfillment co. to handle the mailing. If you are only interested in a few zip codes, it will be a short list so mailing cost will be negligible.

You are a cash buyer, so if you find a seller that is interested in quick closing with minimal contingencies, you should get a nice discount and increase your CAP. Even on the MLS listings, It can't hurt to make an offer where the numbers make sense to you. They may not have gotten any other offers and want to play ball.

Good luck!

@Mike Gallagher Hi Mike, are you looking for a good location for your meth operation? LOL JK.

You can try Meth Lab Cleanup LLC, they provide test kits for $50 that includes their lab testing. Not sure the turnaround time. http://www.methlabcleanup.com/testing.htm

Also try SKC, Inc. They have a do-it-yourself kit with no lab needed. http://www.skcinc.com/prod/560-002.asp

Baking soda turns purple if it comes in contact with Iodine ( a key ingredient in Meth production). You could bring a vacuum and a few boxes of baking soda. Not a very reliable method but could give you a qucik first level screening.

Good luck!

Great meeting you all. Im looking forward to seeing you guys at the next one. Feel free to reach out if there is anything i can do to help.

I'm working with my mentor in a couple deals right now, it's pretty exciting. The one I mentioned the other night got accepted. 90k plus rehab and other costs around 120k total. Should sell quickly for around 200k. Also got a large list of out of town landlords that I'm going to mail. We have two more offers that are likely to get accepted. We are looking for private money. If you know anyone that would like to get 15+% returns on their money shoot me a message. Good luck!

@Sarah Lam

Hey guys. I'm parking. See you soon. I'm wearing a blue button up shirt and a navy blue vest.

Hi Emma. Congrats on the quality problem. I have owned a few out of state single family properties and haven't bothered with an LLC. I did add a Million $ umbrella liability insurance policy that was ridiculously inexpensive...less than $100 per year, I believe. At a certain level of success and wealth, I may need more protection but for now I feel this is adequate. A real estate lawyer/investor friend of mine told me that the best first level of protection is to follow the golden rule. If you treat people fairly the chances of having issues decreases dramatically. Good luck with your investments.

Hi folks!

I'm working Columbus Day as well.

Sarah, I'm going to try to make it at least for a drink, but I just remembered I have a birthday party to attend. I'll do my best to work out the details and hope to meet you all on Monday.

Peter

Hi Folks,

Hope all is well with you. Life is good in Northern California.

My name is Peter. I have some experience in Real Estate Investing. I've been involved in a syndication that built new commercial condos in Phoenix, I own a SFR rental in Phoenix, did a transaction in Las Vegeas, and own my own place here in San Jose.

I had a RE Lic for a while years ago and did a couple of transactions, including a VA Foreclosure sale. I'm in the process of getting my lic again. Next month, I'll take my test again.

Would love to network with other investors, share ideas, maybe do some deals together.

Reach out to me anytime!

Peter

I was heavily involved with The Real Estate Guys around 2007-2009. Overall, it was an amazing learning experience. They inspired me to get involved in a syndication and buy my first SFR rental property.

As someone mentioned in a previous post, they did miss the downturn and I was unlucky enough to be in a syndicate that was building new Commercial Condos in the Phoenix area. My IRA investment took a 30% haircut, but at least I got most of my money back. Many of their other investments did very well. It's hard to fault them, as many investors didn't want to believe the bubble would burst. And like us all, I'm sure that they learned from the downturn.

I also went on one of the early cruises. It was a truly amazing experience. If it's in our budget, I would recommend it. I hung out with some pretty interesting and astute investors. And we had a lot of fun, while learning.

Their basic business model was (and sounds like it still is). Educate the new investor just enough so that they realize that they are better off investing with the group. Which is OK, since many of us don't have the time, funds and connections to get our first deals done. They definitely have a well oiled machine that finds, builds, markets and sells small, medium and large deals. At the time that I was investing with them, they were splitting the profits 50/50 with those investing in their syndications. Compared to a couple of other groups that I've come across, that was a very fair split.

Overall, I recommend learning from them and even investing with them if you've got IRA or other funds sitting around that are not earning a good rate of return.