All Forum Posts by: Bryan L.

Easiest and best way over-all?  Just become a Realtor yourself.

@Edwin Solivan Why are you nervous?  Are you worried that your enrollment fee is high, or that you will just be wasting it?  If you're nervous about put $500 on the line, you need to get past that in a hurry if you want to be in this biz.  Many of us here on BP have lost many multiples of that at one time or another (and of course, we've made many multiple of that as well).

You will find that there are two types of REIAs - 1. For-profit, and 2. Not-for-profit.  You can learn a lot and get great networking from either type.  But just know which type that it is so that you know where they are coming from.

I'm no attorney, but I don't think that assignments are illegal in TN (and I live in TN).  I've never done a double-close (I just close on mine the ordinary way, then rehab them, then sell them and close the ordinary way again) - but it should be doable too.

@Bill Manassero I take coaching from Lifeonaire (www.lifeonaire.com).  My coaches there have helped guide me through a similar situation (that I posted about earlier).  What I did was to refinance my other properties and pulled out equity to pay off the property that was eating my lunch (you've already got yours paid off, so you are ahead of the game).  And I sold at a very large sized loss.  Didn't have to come out of pocket for all of it since most of it came from the refi, but it still hurt.  And this afternoon, I will be closing on another property of mine that I am selling and will use the proceeds to pay off the rest of my credit card debt that I took on to sell the bad property.

What you have going on right now is more than just a bad property that is costing you money.  It is also costing you time - and more importantly, it is costing you mental and emotional energy.  That's one thing that the guys at Lifeonaire focus on - living Life to the fullest, putting Life ahead of money.  And looking at money in a better prospective.  It's helped me a lot.  Once you have this thing sold and out of your mind, then keep it out of your mind expect for the lessons learned.  Don't dwell on it, and use your new-found mental and emotional freedom to re-make that money (and more).

Disclaimer :  I am also set up as an affiliate with Lifeonaire so that I can earn commissions on selling their coaching products.  But I am also a paying student of theirs.  I believe in what they are doing.  Please don't let my commission affiliation sway your thoughts about them.  Do date, I have made very little commission from them and really don't need that money.  I would be happy for you to come join us at Lifeonaire whether I make a commission or not.

I got rid of my bad multies by taking them to absolute auction.  It rained all day, and few people showed up - even less made a bid.  I lost my butt, but I'm glad to have that long chapter of a night-mare behind me.  My advice - go ahead and dump this thing and take your loss.  Even if you lose 1/2 of your investment, you can re-make that money back in a year or two.

They are all over the place on the MLS in my area - BUT, the asking prices are usually in the 30K+ range for a single-wide on a 1/2 acre. Who buys that stuff at that kind of price? Hell, I can get a house for that.

I consider my PM to be very good.  But I still have to manage my manager.  You should too.  I wouldn't necessarily call just for the sake of calling, but you need to always thoroughly review your statements, and contact your PM with any questions, concerns, or instructions.

I don't know the area like the others who have commented, but my experience with a bad property leads me to think that you should sell it now, as soon as possible.  Sounds like it's in good shape right now since the previous owner rehabbed it.  It's probable that it will never be in this good of condition again - ever.

Here's another thing to consider:  In my home state of TN (and maybe others), I can legally and ethically record a deed stating a higher purchase price than my actual purchase price.  Actually, we are supposed to state the higher of "actual sale or value", whichever is higher.  I have recorded deeds with values higher than my purchase price and I recorded that higher value.  It helps to fight off the stupid "I-know-how-much-you-paid-for-this-house-so-there's-no-way-that-I'm-paying-you-this-much-for-it" people that find the info on Zillow (spit).

Really being good at doing comps takes some thought and analysis (like you are doing). It helps to have a little background in Math and Statistics. Like you said, these look like outliers. It could be that the LLC made a group purchase of one or more properties at the same time - buying and recording these on one deed (I've done that before). If so, these numbers should NOT be used. Whatever the case, if they look to be statistically out of line, I wouldn't use them. Do a simple bar-chart or histogram and you will be able to tell if they are outliers or not. Generally, I would think that comps would be normally distributed if you have a large enough data set.