All Forum Posts by: Rome Wells

It's truly amazing how you made 35k... Yes the idea should be not to do everything... and focus on major things vs minor things... However, sometimes doing minor things just feels good :)

If you are trying to switch careers, my suggestion is stick to something that you know, and do real estate on the side gradually.  Start with house hacking and advance further.

Hardest part really is finding the deal... I still yet to find one.. it's been 5 months for me since I started this journey in multi family real estate.  I have documented my journey here StudyGuide.net/Real-Estate if interested feel free to check it out.

One thing i must mention indeed, real estate career is not a picnic in the park.  Unfortunately it's very hard, or at least so it seems to me. 

Stick with basic strategies, add value, sell things on ebay, teach, make money anyway you can that is not stressful at least on part time basis.

Also one thing that helps to understand how far you get with your journey is to document it, so you know how much progress you did... and realize this progress while doing this part time before you dive in deep.... 

hope this helps.

Thank you so much, Dion for responding. Great explanation once again.  I had no idea that you would respond but thank you so much for responding and clarifying. 

Yes, indeed idea would be to find a property that people would be discouraged from buying at the auction.  However, even if they do buy it... is there such thing as I still win If i was to buy the lien...? (or maybe I am way overthinking this and there is simply no such thing... buying with negative equity seems like one of the ways but I am still struggling to understand it Dion )

Therefore question.. Is there any way for me to buy the lien in such a way that no matter what happens I still win either on being able to acquire the house... under market... rate... or get paid for the lien plus interest.

Meaning to somehow leverage double synergy here... where my intent is yes... to buy the house under market price so I can fix it and flip it.... however since i realize other people have the same intent maybe I can just buy the tax lien for example (on purpose to discourage others from buying property and gaining advantage)... and let's say the property doesn't sell on the auction.... 

then I can proceed with foreclosure process after talking to the owner perhaps and discussing with existing owner options.. such as... hey... you can either sell me this house for this much or I will begin foreclosure process and no matter what you would pay this amount plus more...  is there such thing what I am describing?  

Also if... the house sells at the auction.. then that's also good I still win since I bought the lien.... and the new owner who bought it from auction (who also has the same intent of fixing and flip it) must pay off my lien first before being able to sell it... and although I won't win on getting the property I still win on the lien... where I get back my money for the lien plus the interest...

Do you happen to know or anyone happen to know if this something that other folks doing?  Where they leverage the liens as part of this fixer-upper synergy.

You see trouble is... i can't even explain right what I am talking about... simply because I am not sure if this is something that is even possible or not... You see I don't even know how to phrase this question properly, because although I understand conceptually how this works... I still can't seem to see the dots yet connected...

My goal is to simply get the properly under market without going through any wholesalers or any middleman using this lien synergy concept, where no matter what I still win... regardless if the property is sold at the auction to someone else or sold to me...

 If it is sold to me then I would fix and flip it... if it's sold to someone else then i will already know that my lien will get paid off... (by new person... who buys it... or is it dangerous to assume that...?)  

(note when I say i want to skip wholesalers... I don't mean it in a harsh way... I mean if wholesaler brings something that makes sense from ARV perspective I won't count their money... however based on what I heard from other folks some wholesalers simply do not know... the ARV unless they are an investor....)

It would be really great Dion if we can discuss it verbally or I can maybe PM you a bit later today.  It's just I am so lost with these liens... not because I don't understand them... I sort of do... but because I can't seem to connect the dots yet... or can't see the patterns yet... 

Although you did mention this negative equity... it kind of lit some light bulb in my mind... but still... i am a bit lacking the rest of the dots... requiring a bit more clarification.

hands down the best post describing concept of liens.

My question is... if I was to do the very same thing as the original poster except my interest is to find a property in my own backyard where I would acquire lien to gain a advantage before property goes on foreclosure auction by the bank.

So this way I can have a chance in being able to fix up the property then flip. 

What would the process look like if I was to do that...

I am interested in getting distressed property directly under market usIng     this strategy so I can have advantage over other folks at the foreclosure auction...  

Is this something feasible to do? Or am I dreaming here?

Is anyone doing this out there using this strategy to acquire liens and getting good deals under market this way?

Can anyone here please describe the process as clearly as @Dion DePaoli described.

@Dominique Flipping awesome glad i can help!

i found out something really interesting about that property that I have seen in Elizabeth NJ.  I shared some more of my findings in my secret blog.

Just please be careful whom you partner up with. I don’t want you to lose your money. However if it makes you feel good... My friend who similarly flipped deal asked me for money and flipped the deal and I made 8 percent and that felt good... So getting 13 percent is cool. How we do your due diligence and evaluate property first.... do analysis of both financial side and trade factor side.... such as roofing windows concrete etc.... If interested in learning how I help folks discover the math behind the deal feel free to check out my site StudyGuide.net/real-estate where I teach folks how to analyze deals from both financial standpoint and trade factor standpoint. Hope my advice helps

I suggest to sell and start hunting in areas where it makes sense that cash flow well and have appreciation factor. Forget Airbnb and shoot high not low. Get yourself a building multi family building... syndicate it yourself and get other investors to invest with you, become a networker, Money raiser, wholesaler, all in 1... (I call it hybrid syndicator) When you ready to sell your condo sell it and buy multi family building with other investors. Plan it out... don’t just do it... randomly. You must time it properly or take risk being sinked under water. If interested to see what I think about real estate after almost 4 months of attempting to learn it... then simply check out my site StudyGuide.net/real-estate Note I am not an attorney neither cpa, but rather someone who thinks that the final answer truly depends on you and your persistence. I can’t decide for you, but if you want to see how I am similarly torn apart across multiple options and similarly going through the same newbie torture then feel free to check out the link I showed you to see what I learned... Note most of the things I teach I simply teach out of joy. Hope my advice will help.

The super didn’t show up, I couldn’t see the basement either nor the roof.

The broker was trying to pretty much sell cat in the hat.

I documented all in my blog. StudyGuide.net/real-estate feel free to check it out.  

welcome to bp and love your enthusiasm :) and you indeed got a super kewl name.

I wish I had such enthusiasm when I was younger, instead I chose to breakdance instead :)

Then I woke up in Jan 1 2018 and realized I want to be real estate enthusiast.

In case if you are interested.

I am actually heading out to check out 5 unit property today in Elizabeth NJ. 

If you like you can come along and practice analyzing deals with boots on the ground.

I have appointment there at 1pm in Elizabeth NJ.

Feel free to reach out on this amazing Sunday and we can meet up directly in front of the house that I am going to analyze.

Note I am not an expert or anything like that in real estate, but figured I’d offer my self as the Gennie pig to practice analyzing deals with directly at your own back yard. :)

Note Dmitry @Dmitriy Fomichenko is a good guy too I noticed he is very active on Bigger Pockets and knows in and out everything about the self directed Ira... cool guy I like him.