All Forum Posts by: Rod Lambe

Hi BP Family,

It has been 3 years of learning and digesting Real Estate Investing, I have learned a lot! Please be patient with this question, I am trying everything possible to acquire my first property! Is there a creative financing way to acquire a Pre-Foreclosure property if I do not have the money right now? Can I ask a private lender? Please let me know if there is a way or strategy that I am not aware of ?

Thank you for your time,

Rod

Jerryll Noorden,

You have definitely captured my attention! You claim "GOOGLE" is the place to go for distressed properties. People that want out of their home below market pricing go to "GOOGLE". My question is how do you find these people on "GOOGLE"? Just type in distress home in "GOOGLE" in my area of consideration? 

Dear BP Family,

I thought wrong? I was hoping as a Pro Member I can pull Comps? Does anybody know if we can pull Comps on BP?

@Greg Powers, I really liked what you said concerning the intro

Hi Bigger Pockets Friends,

I have my very first opportunity to help sell a Real Estate Investors 10 acres of Timber Land in Washington State. My investor friend is just trying to help me out on my first transaction by giving me a shot to represent her and collect a fee for my work. ( I am not an Real Estate Agent) My intentions are to do my best as a consultant I know how! But I need your help please. Could you please point me in the right direction of what a land contract would look like and what a reasonable fee is for a asking price of $950,000 including $400,000 of timber on the 10 acres.

Thank you,

Rod

@Deisy P.,

I am fairly new to Real Estate Investing and just trying to educate myself and network with as many people I possibly can. I completely get and relate to your story of disappointment and impostures. One thing that I did that might help you networking to connect with a mentor is I joined my local Real Estate Investing Association of WA. I am able to meet people that are like minded. Even though you are so much more experienced than myself if I can do anything for you let me know.

I am very determined to get my 2021 off to a good start by being consistent everyday. I will have Rental Properties of my own in 2021!

Kindly yours,

Rod

@Rodger Curbelo

I was in a very similar predicament over the last 3 years. If you have proof of income with credit scores below 620 on all 3 credit reports you will find it very difficult to get a loan in your name. If your girlfriend has good credit over 620 and you have $20,000 between the two of you, but she has no reportable income still no loan.

If I could suggest, now is a great time to get online with all 3 credit reporting agencies and do the work yourself! I recently have done this with all 3 credit reporting agencies. After I disputed 75% of my collections and paid 25% of collections, medical bills I paid in full. After 3 months my score with Equifax jumped 90 points placing me over 670. Also be sure to always make payments on your monthly bills in time.

Lastly, be sure to not use 60% to 69% of your available credit in your credit cards. Credit reporting agencies like when you do not max out your credit cards. Do the homework and within a year you two will be in your brand new home!

Kindly yours,

Rod

Hi Nathan,

You are getting a jump start at an early age just by inquiring and asking good questions to a platform ( BiggerPockets) of very experienced Real Estate Investors. So, I compliment you for asking questions. If I could share some thoughts about your question about going to college. I had the exact same question at 17 years old. My background may or may not be completely different than yours, I did not have the parents that could afford sending me to a 4 year school to get my higher education. I am the first in my family of 5 kids to graduate from College and I did it completely on my own. I graduated from the number #1 Entrepreneurial College in the United States, Babson College Wellesley, MA. If it were not for the generous grant, financial aid, and holding down numerous jobs, I would have never received my B/S degree in Marketing Management from Babson College. You ask is it worth it, absolutely YES! The relationships you are going to build while attending a good 4 year program in Business or Real Estate may be relationships that help you become financially independently wealthy.

I do want to clarify that I am new to learning about Real Estate Investing. I wish I had started at your age but cannot look back only forward from this point. But today, a 4 year degree is like the basic entry point on a resume. If you do not have a 4 year degree on your resume you are competing with many others that do in their early twenties. I do believe that if you are a go getter with a lot of grit you can make it in Real Estate Investing but it will not happen overnight or within a short period of time. I see it as a steady one investment at a time and always going to other experienced Real Estate Investors for advice and mentorship. If you are connected and lucky you may be able to find a good Real Estate Investing Mentor but you must prove what you are bringing to the table to make it worth his/her time. I wish you good fortune and I am always here to bounce ideas off with.

Thank you,

Rod

Hi BiggerPockets Members & Friends,

If I was going to purchase a property in Pre Foreclosure or Bankruptcy what are the differences that I need to look out for?

Thank you for your time and suggestions,

Rod

@Ben Zelenka

I have found from my own experiences that Acorns is a complete rip off! Chime is legit where you are able to park some money safely.