All Forum Posts by: Ray Erdmann

Mike:

I'm certainly aware that REI is hard work and that nothing is going to come easy...However, once my 'funnel/hopper' is full and I'm closing deals at a fairly good rate, then and only then, will my comment about 'rolling over' actually be funny...and yet still true...

Guess I should have held back from trying to be funny until a later date/time. :lol:

My apologies if I insinuated that REI was/is 'easy' for the average investor.

Sincerely,

RayE

Howdy Everyone!

RayE here...new member to this wonderful forum (Glad I found this!) and I've got a question that I'm hoping someone here with previous experience can help answer??

Now, before I ask the question, let me give you a quick background about how I would like to start my REI career.

My initial purchase/exit strategy when going after my first few properties would be to:

A. Obtain all funding from a local HML (Hard Money Lender)
B. Put the properties under contract using an "Option Contract", versus an actual Purchase Contract.
NOTE: From another forum I'm a member of, I hear using an OC is pretty standard practice, as most Title Companies are familiar with these...plus they also get around any 'seasoning' issues that some lenders might require.
C. Wholesale said properties to other investors who might be looking for additional rental properties
or
D. Sell to an actual end-buyer and take my assignment fee at time of closing.

Side Note: If anyone has any comments about this strategy, please let me know, as I'm open for any/all suggestions.

Now, here's my question...

As a new, aspiring investor here in the Sacramento area, especially within the suburb where I live, and the surrounding neighborhood, there's been an influx of homes that have been foreclosed on, which the banks have bought back and have sent to their respective RE companies for resell.

Would these REO's be worth my time going after, in order to hopefully wholesale and if so, what kind of reaction should I expect on submitting low-ball offers?

I'm pretty certain that the agent(s) working these properties have to entertain all offers, but at the same time, I also know that seeing as they're REO's, they (the agents) are going to get a low of low offers from perspective investors.

I would love to find an REA (Real Estate Agent) who would be open to work with me, but I'm getting the impression that REA's aren't that open to working with investors. Is this a misconception on my part?
If not, how many REA's would I have to deal with before finding one that's open?

Sorry for such a long post, but I'm eager to 'stop learning', and 'start doing'...

Sincerely,

RayE.

Ram, Jason & Mike:

Thanks for the warm welcome! :-)

Jason: Yes, I'm primarily moving to Vegas for investment reasons. Hopefully I can persuade my friend to join me in investing, but if not, no big deal...he can roll out of bed to go to work...as I roll over! LOL!

Mike: I'm currently getting things organized here where I'm at in hopes of being able to get a property under contract via an option, and then sell the option to either another investor or an actual end buyer and then take the profits from that and move to Vegas, so I can have a few months of living expenses covered until I get going over in Vegas.

I've got a few questions that I'm going to need to ask, but I'll save that for another post! ;-)

Again, thanks for the welcome! I've now got two (2) great sites I'll be visiting often to further my REI education.

Cheers,

RayE.

Hello Everyone;

Ray E. here...Just came across the site earlier today and thought I'd sign up and say hi.

I'm new to the REI industry and am excited about the possibilities. I've been reading a lot about REI on another pretty good web site and thought I'd branch out and see what other sites are out there that get a pretty good audience.

I've purchased two courses regarding REI over the last year, one focusing on Wholesaling and the other on how to do short sales. Was impressed with the individuals whose courses I purchased and think they provide the honest, no-frills approach to REI.

I'm currently living the suburbs of Sacramento, CA, but have plans on moving to Las Vegas if not around the 1st of 2009...a little bit sooner.

Well, not really sure what else to say, so I'll wrap this little introduction up.

Thanks for reading!

RayE.