All Forum Posts by: Tucker Russell

I understand that but I personally enjoy the face to face interaction as it tells a lot about a person and is just a bit more personal. Thanks for the advice. I put it out there because I know that there is a bunch of BPers that hold these positions and them being in the same mind set helps as they understand what I want and probably have a good amount of pointers they may share.

Hi BP,

I'm looking for a CPA and Financial advisor in the northern Worcester county for my business and was wondering if any BPers have any recommendations for these positions. These are the top two people I will need to work with as I'm new to being a business and not an individual.  I need them to help me get in the right mind set to go forward with my business.

Thanks in advance for any help

Tucker

Thanks for the info. I didn't want to show up with a contract that would be useless as I'm not a realtor and was not sure if they are obligated to use the "official" forms or since I am not a realtor, I could show up with a short hand offer. 

Hi Rob,

Welcome to BP!

 I am your neighbor in Northern Worcester County. I would just say learn more about leveraging money and how to use OPM (other people's money) to structure your future deals because your potential for growth will be faster.

Happy Hunting

I'm also a newbie and the one thing that the rest of the postings forgot was don't let fear of the unknown stop you. IN saying that I would list it like this.

1 knowledge

2 Knowledge

3 KNOWLEDGE!

  The more you know when you start the easier everything will become and with saying that I believe that when you do a deal the biggest thing you could get out of it is experience...KNOWLEDGE!

  I did not see anyone post about foreclosure auctions! Great way to find serious cash buyers and to develop a beautiful working relationship because here in mass all the buyers that attend useually need to have 5,000 in just to bid on the properties. If its like that in N.C. then you can not only network to serious buyers and have a potential wholesale deals yourself but also they may flip the script and they might have something to offer you.  This could potentially cut out the middle man (wholesaler or the person your buying from will probably be a wholesaler and you could jump up his list of buyers so he contacts you first.

good luck on your adventures!

This is how I was taught...not saying its the only way but if your ARV is 140,000 then you - 20% for profit -10% for holding/misc. fees -rehab cost (and if wholesaling -wholesale fees) = MOFO maximum offer for ownership. unless its structured that you will pay off mortgage, then deduct that.

140,00 ARV

-28,000   20% profit

-14,000   for holding costs/ misc. fees or (16,700 entrance, exit and holding...your numbers)

-35000   rehab costs

=63,000   MOFO  not bad if you offered 62,000 but not so great if you structured in paying off mortgage! with your numbers it would be 140000 arv - 25,000 profit - 16,700 hold/misc fees - 35,000 rehab = 62,700 MOFO which still looks good to me.

Good luck and god bless  

I was wondering if I should use the MAR contract to purchase or a short form offer to do an assignment, when the home owner is a realtor? Also should I add my contingencies in the ADDITIONAL TERMS section of the contract to purchase? How would other investors go about this kind of situation? Thanks in advance for any help or insight about this kind of situation.

Thanks everyone for the warm welcome. I think that BP will be my go to place for valuable and much needed knowledge. There is so many investors new and experienced that I enjoy the different ranges and varieties of info that is given. With all this info I can put to work what works for me in my business and it is a relief there are so many like minded people here. If theres someone with any snags in there deals let me know and I will do my best to help you out.

      Thanks Ann and Shaun for the interest. I read a little into it and the Attorney General site has more info on it. From what I understand you would fill out some forms to be a receiver then the court would appoint you to the property. I also read that you become a "super lien holder" which from my understanding give you the 1st position behind the municipality and they will usually sell it to you for cost because they just want to fix up the neighborhood and get the owed taxes for it. It doesn't sound like a big money maker but to the people looking for MSI it may be something to look into.

       Im definitely not sure about a lotof it as im just learning about it also. Ann thanks for the link much appreciated