All Forum Posts by: Jim & Michele Wilcox

I know someone who worked in the computer field for 25 years and now is a pretty successful custom home builder.

The field lends itself well to REI in terms of knowing how to manage projects, time, people, analysis, etc.

I wish you success in whatever REI career you choose.

But, note that being an electrical engineer - you are very analytical - at least most engineers I've met are. This can be something that doesn't benefit you well in REI. I'm not saying you don't need to look at things and ask questions. Sometimes seeing all the ins and outs of a property will cost you money and time and headaches.

Just a suggestion to keep that in mind. I've worked with two people who are engineers and both projects went over the time frame by several months, mainly because of trying to find the perfect answer or going out asking too many questions that made situations even more muddy. And in the longrun ... cost extra $$$.

Good luck.

Hi - If you can leave your home and are not chained to your desk or computer :wink: --- go check prices! After a week's worth of exploration - you will have a great idea of costs and comparitive costs within each rehab category. It's a priceless education.

Good luck in your rehabbing.

Hi - I live in AZ too and have seen the prices skyrocket and I love it since we are custom home builders. And during this downturn, the prices haven't gone down very much. The prices are staying the same or going up but taking longer to sell properties. So for us, as investors, that's not good! We want a fast turn around.

Developing land is not an easy job - I think I'd rather be a landlord! LOL We are trying to develope several parcels of land and there are more headaches than you know.

My advice if you want to get into full time REI in AZ is to start small with something pretty certain. Buying land in the wrong area will kill you - so be careful. And there are tons of houses sitting all over AZ owned by "investors" who now can't "flip" them. These are the majority of foreclosures in new subdivisions. Please do your homework. Good luck.

You might give this some thought:

HELOC - ready cash

Getting Mortage from Bank - could take months

What if you find a deal where a decision needs to be made immediately and there is no time to go through the mortgage process?

The HELOC interest rate is only a bit higher than a regular mortage - and if you are not going to live in the property and are flipping it - add that interest to your rehabbing budget. Then do the math .... is the property a good investment for flipping?

Good luck!

Good luck starting out!

I'm not sure about using your g/f's income and your credit score unless you are married or have formed some type of corporation.

Why not call several Mortgage Brokers and see what they say. It's not as intimidating as going to a big bank or mort. company. They are the go betweens and can really help you find something that will fit your current situation.

Get out there and find the answers to your questions and have fun doing it.

Hi - I tried to find a Notice of Trustee Sale document in your link but the way the search is set up - its difficult. You seem to need a name.

The search in our state gives you the option of searching all N/TR SALE documents for a specific time period. So I can go day by day and get them.

Why not call the number they give you (click partial list link) and ask them if they record notice of trustee sale docs and/or how to search them?

Don't fault anyone who want's the 9 - 5 jobs or income from working a daily job. Without these people, those of us who are more entrepreneurial may not succeed.

Where would you be without the county clerks and record people? people who work the foreclosures at banks, building contractors, or the full time real estate agent who might find you that great property? There's a place in this world for everyone - that's why it works!

I bet as the classes go on, you'll find many of these people very interesting and may even keep them as contacts. I don't think you are pompous and feel you are very happy with your new path -- I wish you great success.

Hi - I don't know anything about the law - but is this a new condo complex? Does Florida have what they call a "public report" for pre-sales? If so, you needed to recieve a copy of that before you signed. If you didn't, that's an out for you. That is required in our state but may not be in yours.

Also, why are you wanting out? You might answer that question first and see if there is any way to continue the contract and still do okay.

Hi - I agree with many of the posts here - especially that you do not need to purchase an expensive full blown course on REI. If that is the ONLY way you feel you can learn - then by all means find one that suits you. There is so much info on the net - if you spend a full week's evenings reading - you will learn plenty. Then read this Forum - its a wealth of knowledge -- and loaded with knowledgeable people who will gladly answer you questions.

But first learn a little. And learn about your specific area. How to research foreclosures, county records, etc. Go to REI local groups as is suggested above.

If you find a deal - and are nervous - partner up with someone locally. Learn the ropes.

Good luck - it is really fun learning all this REI stuff! LOL

I am not a fan of Mr. K - but if he motivates you -- cool. :kewl: