All Forum Posts by: Patrick Jorgensen

Have you checked the Phoenix metro area? Pricing from $60,000 for a 3/2 with rents from $900 to $1200. Major international airport with a U.S. Airways hub (think non-stop flights around the world). One of the largest universities on the continent (ASU). An affluent winter rental market. Need I go on? It's also closer to L.A.

That would be extremely helpful.

Paul,
Are you looking for a broker to list your inventory? Or are you looking to sell direct to investors? Either way, I may be able to help. You can email me at [REMOVED]

Most boilerplate real estate contracts have an inspection contingency that will run for 7 to 10 days. If you cancel within that time frame you will get your earnest money back. Hustle to find a buyer within that time frame.

I just had a similar situation with a client. The bank had the property listed at $65k and ARV was $109k. We went in at $47k and the bank came back at $60k. We went up to $50k and change and the bank came back at $54k. We said no thanks. Two days later the bank accepted our offer of $50k and change. Long story even longer... nothing is final until you close escrow on a REO.

Phillip,
A lot of great questions. You can definitely make real estate investing a career and make six figures a year. The key is putting in the work. I would shy away from schools or so called "gurus". They make their money selling you stuff that you can find on your own. My advice would be to find someone in your area who has been investing successfully for some time and see if he or she has the time and desire to mentor you. There are also a number of investment clubs around the country who will take on younger people to do the dirty work. Remember, it's all about how much you want to put in. I spent the late nineties driving properties and knocking on doors. That's the best education you can get. Good luck to you!!

Welcome Geoff! You will not find a better place for advice and connections without getting solicited at every turn. Good luck with your rental, and let me know if you have any questions.

You couldn't find a better forum for your goals Hao. I just recently found this site as well and am thoroughly impressed. Welcome and good luck to you!

Kevin,
I agree with Chris about the education part. The material is not great. As far as the possibility of success, I would say you get out what you put in. The people who are successful in this business work harder, longer and smarter than the rest. I have been at it for almost 14 years and still find myself putting in the occasional 14 hour day. If it is truly something you want to do, go for it! But, you cannot do it part time.

Scott,
Luis and Kevin are right on the mark. Figure out where you want to invest then find a local agent who has the transaction experience representing buyers. There is no substitute for a good professional on the ground.