All Forum Posts by: Randy B.

Hi Mark!

I am a newbie as well.

First, I would like to give you the permission, and freedom, to invest any way you choose. I fully support all cash investing and no bank loans. I find it so funny that the mere mention of wanting to invest using all cash, around a group of real estate investors, is immediately followed by "why would you ever think of such a thing", and "why using a bank is the only way to invest wisely" rather than just treating you like any other new real estate investor and giving you real estate advice.  I don't know... maybe you don't like the idea of paying interest, or getting foreclosed, or filing bankruptcy. Or maybe you prefer your profits to go into your pocket rather than servicing debt? Numerous businesses/corporations, or make it a point to operate debt free. But, I digress.

I don't have much advice to give you on your three options you presented, but I too am looking into investing in mobile homes. Based upon what I have learned so far, $40,000 seems like you maybe overpaying and I don't think you will get any appreciation, unless it is on it's own land. If you want advice, at least on this first option, I would try to find John Fedro here on bigger pockets, or mobilehomeinvesting.net. He seems to know everything mobile homes.

Good luck!

Randy Buckman

Thanks Mike for the advice and helping clarify some stuff!

Greatly appreciated

I am green as ever, but I am going to see a possible SFR flip tomorrow.

Here are the numbers:

Built in 1953

1 story Ranch

3Bed/1Bath

On Basement/No Garage

1,090sqft

Standard City/Neighborhood lot

Listed at $37,500; Similar homes in area have been selling for $70k-$90k

Listing states it needs TLC and sold As-Is, but could get no other info, according to the agent, he has not been inside of it.

Listing agent said he has had 12 showing in past 6 days. In 2 days, Monday, they are taking highest bid. Cash Only. This is not an auction, so I am not sure what that means. I am going to see it tomorrow at 10am. I will have a camera, notepad, and pen in hand, but what else should I do, be concerned with, stay away from, questions to ask, etc.

Any help from you wise elders(not literally) would be greatly appreciated!

Thanks for your time!

Randy Buckman

Thank you all for the friendly advice. I'll will check with the clerk's office next week. I will also try to keep address off here as well.

Hello!

Newbie here. I was wondering what to do or how to go about finding out about a vacant, unmaintained home? I have driven by it for at least a year now and it is clearly vacant, but never saw any for sale signs out front. Here is the home:

http://www.zillow.com/homedetails/837-John-R-Rd-Rochester-Hills-MI-48307/24428009_zpid/

Once I find out an owner or whatever, what do i do next? It seems like a much larger project than a newbie should undertake, but I would also like to capitalize on the opportunity if there is one.

Thank you so much for your time!

Randy Buckman

Welcome Kimberly!

I am as newbie as can be, so probably cannot offer much advice. I just know, if you want to know something about REI it is most likely on here. Ridiculous amount of info on hear and the podcasts are great! Maybe with that whole "six-degrees-of-separation" thing, I may be able to help you one day, but until then... Good Luck and Welcome!

Thanks Joe!

Where is the old library? I came visit sometime soon?

Andrew - Thanks for the kind words. Good luck to you as well!

Hi J Martin - Thanks for the tips and I look forward to learning

Scott- I am a Dave Ramsey fan. Those numbers look nice if that is actually out there. The only repair experience I have is general home owner stuff. I am not afraid of learning and getting my hands AND legs dirty. I also have a few good resources at the fire department, and they do impressive work.

Hi Wendell - Tax deed sales seem interesting. I don't know anything about them or how to find them. I would like that.

Hi Nick - Looking forward to the journey

Thanks Stewart and Aaron!

Aaron I would love to make it out to your next event. I have way too many question to cover them here, but when is the next event? Hopefully I am not working.

Well, I've listened to a few podcasts and read some blogs that came across my email, and I figured it was about time I hop on this forum. My name is Randy Buckman and I am from Rochester, MI a suburb north of Detroit. I am currently a full-time firefighter/paramedic. The only background in real estate I have is that I owned a primary residence for 4 years and sold it at a loss to intentionally downsize, no foreclosure or shortsale. I currently live in an apartment with my wife and 16 month old son.

We chose to downsize when we started talking about having kids and this would allow my wife to stay at home if she wanted, and she currently does stay at home. We are currently completely debt free and have been for over 4 years now and we choose to live debt free as much as possible. We may take out a 15 yr mortgage when it comes time to buy a home to live in.

Which is why I am looking into REI. Since we are debt-free and we downsized while my wife was still working, we have been able to save about 80k in addition to funding our retirement accounts. We would like to grow that 80k within the next year or 2, ultimately to purchase our home cash, or a least have a sizeable downpayment. We would also like to reserve some cash to further fund REI once we have a house. Since our short-term goal involves saving a sizeable amount of money, I am thinking Flipping would be the best option for now. I would like to add some buy-and-hold properties later on to our overall portfolio.

I want to operate nearly debt-free while doing REI. I realize leverage is the most popular way, based upon what I have read and heard so far on BP, but at this point it doesn't make my stomach feel good or make me sleep very soundly.

I am open-minded and willing to listen, but I guess that is my stance at this point. I found this site from going to a local REI meeting, and firmly believe in learning and absorbing as much knowledge from those that have done something successfully. I think apprenticeships are very undervalued nowadays and feel they are worth more money than almost any college education.

Thanks for your time!

Randy Buckman

Rochester, MI