All Forum Posts by: Robert Angle

Currently the Marketplace is broken, and has been for a couple weeks. I can zoom in on the map and see properties as long as I don't enter any search criteria. As soon as I try to filter the results (for example, Duplex - Occupied) it returns zero matches. 

No matter what I search for, it returns zero matches.

@Brandon Metz

I use QuickBooks desktop for my construction business, and when I was previously into real estate I used QuickBooks for that also.

I also tried Freshbooks and GoDaddy Bookkeeping for a while, and they were alright. Those worked by automatically importing transactions from your bank account. Then you'd create filters so they would automatically be categorized.

I would definitely create a separate bank account for all your income and expenses related to your properties.

@Brandon Metz - I use QuickBooks desktop for my construction business, and when I was previously into real estate I used QuickBooks for that also.

I also tried Freshbooks and GoDaddy Bookkeeping for a while, and they were alright. Those worked by automatically importing transactions from your bank account. Then you'd create filters so they would automatically be categorized.

I would definitely create a separate bank account for all your income and expenses related to your properties.

@Shawn M.

Bath fitter around here is very expensive. I am a tile setter by trade. There are about 33% more for their plastic then I am for my craft.

Bump!

I was about to post the same question. I've been perusing the Marketplace, and while there are some labeled "Archived" there are others still listed for sale that look like decent deals, but will be 10 months old or more. Makes me wonder if they have sold and the seller did not remove the listing, or if he's not getting any bites.

- Bob

This thread provides me with some good drama, both on screen and off screen :P

 Very informative post. Simple and easy to understand. :)

- Bob

<-- Newbie (sorta). Beware, lol.

From what I understand so far, the seller can finance 20% and with a note in the 2nd lien position, if he is willing, taking care of your down payment issues. This gives the lender the top spot and thus less risk. If a traditional bank is kicking against the idea, there are private lenders who may be more willing than them.

I'm eager to see how more experienced investors comment on this scenario.

Good stuff. I noticed you only put up 5% of the purchase price. Did you use traditional bank financing or some other means to pull that off?

 In 2004 my interest in real estate investing soared. In looking for pre-approval funding, a lender called my landlord whom I had put down on the application as a reference. When he caught wind that I was looking to buy, he offered me the triplex I was living in (1909 house converted to 3 unit, with a one bedroom and efficiency downstairs, and us living in the 2 bedroom upstairs). The price was good and I bit.

However, I was friends with the people living in the one bedroom. They had been there for 20 years and never saw a rent increase. When I tried to bump it a mere $25, they didn't wanna talk to me very much after that. Then, the efficiency was had a high turnover rate. I had one tenant destroy it, and after I fixed it up the next tenant (also a friend) decided that they didn't need to pay me at all. 

During the same time, I was quickly offered a 2nd mortgage. I used it to consolidate my bad debt. 

Then 2008 hit, and my real business in construction took a major hit. I made 1/2 of what I made in 2007 that year and even less in 2009, thus drying up all my reserves and running up my bad debt all over again.  I let everything go in 2010.

I moved and spent the next several years pumping life into my main business, the focus of which had to switch from new construction to residential remodels. The economy gradually improved and I started hiring and growing again and today I am doing very well. 

It's time to get back into real estate.

So while I was largely a victim of the 2008 market crash, I do feel that I learned from the experience. This time around, I will not likely rent to friends. I have no desire to live in one of the units, as I want it to be completely self-sustaining. I will never accumulate bad debt again (except for a car payment), eliminating any need to ever just let it all go. If I choose to get a 2nd mortgage or HELOC, I will use it to buy more property instead. My wife is working now, which has bolstered hour household income. Back then she was at home raising the kids.

I'm more determined than ever. I've registered my LLC and am scouring for properties and lenders while I bring my real estate investing knowledge from a decade+ ago to today.