All Forum Posts by: Jesse Andrews

Thanks Will-

Purchase contract will be around 69k.

As far as a low ($10) down earnest money most guys preach.... That's basically nonsense?

Thanks a ton!

Hey All-

Met with a motivated seller last night, and it seems a go! The numbers are going to work, and I am ALMOST in contract with my first deal.

The seller is an ex- RE agent, and wants "good faith" earnest money.

How would you all go about this? Pay 1k out of pocket (making sure my 10 day inspection period is solid)

Not too sure what to say/do or how to respond.

Any information will be appreciated!

thanks

Jesse

I'm in for a meet-up. Email me at homeguy2012@gmail and we can connect. Thanks!

Hey Robert and megan-

I'm marketing heavy in RI and working the whole state. Would love to connect and see what you're up to! Thanks

Thanks for all of the help.

I appreciate all of the insight, and will keep you updated with how I make out.

Possibly I'm just seeking reassurance, but here goes.

My marketing has brought me a house listed on the MLS for over 400 days now. The seller inherited the property and wants it gone. It needs a good amount of work (biggest issue: new septic system on a low water table area)

Anyhow, comps are hard to pull, but other similar properties sold for 190k in good condition.

I estimate the ARV somewhere around 175k, the repairs around 55k, and i can get it for 75k (remainder of the mortgage)

she is WAY past due on the mortgage and needs it gone.

What do you think? Is my hesitation just based on the first time wholesale contract?

Thanks!

Hi everyone-

This is probably a very easy question to answer, but a wholesaler came to me for help because she did not have any buyers. I feel this is in fact a deal, and I have a few buyers in mind. She is already under contract with the seller. I also think that if i added a small fee for myself, its still a deal to an investor. How do I proceed?

Thanks in advance!

Carlos-

The notes I took are all pretty much pertaining to my individual goals, area, demographic study, etc. Showing you that isn't going to help you because it's not tailored to your individual goals and plan. The course sets you up from the beginning and then you make a plan based on your goal.

Sorry if I was unclear; I'm not associated with creinvestED, I just purchased the course and wanted to offer a review on the material.

Hello Everyone in the BP world. I recently finished a purchased course online, and I felt that I should share any and all feedback to those of you who might be in the market for a Commercial Real Estate course.
The program I'm reviewing is the CreInvestED course found @http://commercialrealestateinvestingeducation.com. I have been looking for a good, solid Commercial RE class for some time, and have read review after review looking for something that isn't a waste of money. I have been investing in the residential side, and wanted to get into the commercial side for many reasons. With that being said, I researched the author/mentor/coach, Jeremy Cyrier CCIM, (He's here on BP, too) and his success matched my goals. (You know, find someone that has what you want, and do what they do, right??) Plus the class had a money-back guarantee and that was reassuring. The class was all web-based, consisted of 10 modules including a video (the coach speaking and discussing) and a matching power point presentation. There was also a few very helpful excel programs to analyze deals, as well as actual old-fashioned pencil and paper written work. The courses took me about 2 weeks to finish (mainly watching/listening at night after work.) I especially liked how it does NOT utilize flash, so I watched on my iPad. The information was basically what you'd expect: GRM, Cash on Cash, Cap rate, IRR, but what I really liked was how he broke everything down and explained the process. I've done my research, and didn't even know how to properly use a cap rate and who determined it! What took me by surprise was his insight into the CRE world, and his knowledge as a CCIM. It's literally a "how-to" invest in CRE. It's very honest, too. There was never a mention of "no money riches" or anything like that. In fact, he was very forward with the fact that you cannot do this with zero money.
The only down sides I experienced was that the sound in my headphones was a little distorted. Also, the class is all web-based, so after a year the videos are not available (you can email them for re-admission though.) Do what I did, TAKE NOTES! That way they’re mine.
Overall, the class was helpful. I am a skeptic by nature, but ultimately decided that my ongoing education was worth the price of $499. I must say that I am happy with the information, and I am absolutely certain that I will benefit immensely from this course.

Joel- The utilities are all the reponsibility of the tenants.

As far as additional capex, I'm going to assume that there wil ALWAYS be capex required, and in this case, there will be.

The rents are under mkt...... but I dont think there is a lot of room to increase (small units/ 1 bed)

The lot is rather large, but zoning would make it impossible to add on. Even if I could, the remote location would make it difficult to make anything worthwhile.

Jeremy-
The area is northern Rhode Island. Very rural community with arguably one of the best school systems in the state. This doesn't really make a difference however because we're dealing with 1 bedroom units....

There are no other apartment complexes in the town. There are a handful of duplexes, but certainly no commercial multifamilies.

Thanks for the insight guys. I have pretty much come to the same conclusion as you have.

Jeremy- Does your reach extend into Rhode Island at all? I travel quite a bit for work all throughout New England and would love to buy you lunch one day. I'll PM you.