All Forum Posts by: Anthony E Russell
Anthony E Russell has started 12 posts and replied 120 times.
Post: Inland Empire Meeting, California
- Real Estate Investor
- Los Angeles, CA
- Posts 148
- Votes 22
Denise,
How have your other meetings done?
Post: Didn't quite know where to put this +here comes the blood+
- Real Estate Investor
- Los Angeles, CA
- Posts 148
- Votes 22
Owen,
Great post.
I'm looking forward to some of that action to trickle down into where I live in Southern California.
A few months ago I came across a 73-unit where the owner was willing to carry 75% of the paper but wanted $120,000 a door -- for a completely empty building!
I'm keeping my powder dry.
Anthony
Post: MF Acquistion-What are the most important items on your due diligence list?
- Real Estate Investor
- Los Angeles, CA
- Posts 148
- Votes 22
Keep 'em coming, gentlemen.Very nice, indeed.
Anthony
Post: Losing out to cash buyers
- Real Estate Investor
- Los Angeles, CA
- Posts 148
- Votes 22
Originally posted by nationwidepi:
Originally posted by Mike M:
Banks have been pricing properties lower on purpose to get 20 offers and have a bidding war between the buyers.
This is exactly what NOT to do as an investor. Why would any ionvestor pay $45k OVER the ask price, when they could have had the ability to work the ask price below $180k and get it before it ever hits the MLS.
As a newbie, I thought I was running my numbers incorrectly -- Will that is one of the reasons I spoke with you, Monday afternoon. I have been encountering a lot of resistance form listing agents who barely even entertain the thought of receiving one of my submissions because of "investors" putting in very high offers.
Just today, I submitted on a property after carefully crunching numbers only to be told I'd be "wasting my time". The broker mentioned that the guy ahead of me had offered slightly less than the asking price. There was a $64,000 spread between his offer and mine -- and this was on a 3 bed/2 bath fixer! Several other buyers ahead of me apparently offered well above the ask.
Depending on the area, banks have indeed spruced up certain properties in order to attract owner/occupants. In particular neighborhoods these places sell faster than Viagra in a bordello.
Screw it. I'm remaining disciplined and sticking to the stuff I've learned in this forum -- no bidding wars for me. I'm here to make money not hold house warming parties bragging about how much more I paid for the joint while I sip my chablis, showing off the master boudoir.
While there are some deals to be had on the MLS, the signal to noise ratio is a little too lopsided for my tastes. Will you have the right idea. Striking before the stuff hits the MLS is the way to go.
Just my .02 cents.
Post: Bill Bartmann - Bailout Riches
- Real Estate Investor
- Los Angeles, CA
- Posts 148
- Votes 22
Dennis,
I had no idea. I'll check the link you posted. Thanks.
Anthony
Post: Bill Bartmann - Bailout Riches
- Real Estate Investor
- Los Angeles, CA
- Posts 148
- Votes 22
Iman,
I have not read his book but I became aware of him over two years ago when I stumbled upon a wonderful website ran by michael senoff.
Bartmann was interviewed by Senoff and told of how he was over a million in hock to creditors and started a debt collection agency that allowed him to get back to zero and prosper.
His story inspired me to start a business and pay off the debt that I have because working a 9-5 was not going to cut it.
He's an interesting man. Let us know what you think of his book.
Regards,
Anthony
Post: Wife pulled a fast one on me tonight
- Real Estate Investor
- Los Angeles, CA
- Posts 148
- Votes 22
Nick,
Hilarious!;-)
Anthony
Post: High-end Los Angeles SFR's
- Real Estate Investor
- Los Angeles, CA
- Posts 148
- Votes 22
Re: Above message...Feel free to shoot me an email with desired buying criteria, if interested.
Regards,
Anthony
Post: High-end Los Angeles SFR's
- Real Estate Investor
- Los Angeles, CA
- Posts 148
- Votes 22
BP Wholesalers,
Anyone interested in above the median SFR deals that make sense? I'm coming across interesting properties in the Hollywood Hills, etc.
Anthony
Post: Hello from Sweden!
- Real Estate Investor
- Los Angeles, CA
- Posts 148
- Votes 22
Daniel,
I wish I'd taken such initiative at your age. Check out a book called 'Creating and Growing Real Estate Wealth: The 4 Stages to a Lifetime of Success' by William J. Poorvu. It gives a wonderful overview of the different phases in a real estate entrepreneurs' career.
Best wishes for your studies and future endeavors. Welcome to Bigger Pockets.
Anthony