All Forum Posts by: Richard Warren

Want credibility and a stellar reputation? Think in terms of one word: INTEGRITY

Becoming known as someone who can be taken at his words begins today. Experience, investment savvy, and the like will come with time. Integrity is something you can have right now. A bad reputation will stick with you forever, so don't get one.

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Social Security is about to begin paying out more than it takes in.

Article: http://news.yahoo.com/s/ap/us_social_security_ious

Since the Social Security Trust Fund is nothing but a bunch of IOUs, how long will it take before people realize what a sham the whole system is? It’s nothing more than a legal ponzi scheme.

Before the usual suspects start chiming in about who’s fault it is, keep in mind that neither Democrats nor Republicans ever had the guts to face the issue for fear of losing votes.

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Be careful what you say to prospective tenants. Saying the wrong thing can get you in a lot of trouble.

Agent accused of Fair Housing Act violation:
http://www.lasvegassun.com/news/2010/mar/12/real-estate-brokerage-agent-accused-fair-housing-a/

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The realtor works for YOU. If he/she doesn’t want to do a written offer then find a new agent. A verbal offer can easily be interpreted as testing the water rather than a serious offer.

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Hopefully the nervousness never ends. It will keep on your toes and stop you from getting complacent. If you get careless, you start making bad deals.

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Mike - you could be next!

NH man accused of killing landlord for motorcycle

Story: http://www.journalgazette.net/article/20100308/APA/1003081308

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Peter took the words right out of my mouth. I have done both. When rehabbing to rent I only do what is necessary to provide a quality rental. If you are going to flip you need to provide what buyers are looking for.

That being said, sometimes plans change due to circumstances or market conditions. However, you should have your exit strategy in mind BEFORE you start rehabbing.

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If you don’t know what you are doing, you are better off having a service tech check it out. You can also have them tune it up so that it is operating efficiently. Some things just aren’t worth messing with.

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While it’s true that the rest have equity, who is your real prospect? Generally speaking, it is desperate sellers. Who is more likely to be desperate? Those who are underwater and can’t sell their homes.

Like I said earlier, I know people who are doing it successfully. It absolutely can be done. However, it is hard work and you have to sift through a lot of garbage to come up with deals that really work. But if it were easy everyone would do it.

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The biggest issue with doing a subject-to deal in a city like Vegas is finding a property with equity. More than half of homeowners are upside down here (they owe more than the home is worth). For a subject-to deal to make sense you need to find a property with equity. They are out there but not easy to find. That being said, I do know of people doing it successfully.

Here is an article I wrote for the BiggerPockets Blog about someone who is doing subject-to deals in Vegas:

http://www.biggerpockets.com/renewsblog/2009/04/06/creating-equity/

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