All Forum Posts by: Scott Williams

I'm just south of you, Eugene area. I've heard the market up there is like here, there are some good deal coming along but you have to be fast and in some cases over bid asking price. This is still a great time to be buying.
Just a thought, you said you were going to buy and then turn into rental later. Have you thought of buying a Duplex now. live in one side, rent other side. You would have tax advanages now of a rental. The income would off set your payment and you can control who your neighbors are.
Just a thought and Welcome Aboard Good Luck

If you can afford the duplex as Scott W. said them, imo go with the duplex. With the duplex you get the tax advanage's of a rental and no homeowners ***. fees plus you control your neighbors best of luck

Go thru Escrow/title company/lawyer depending on Florida law Create a note for loan amount. Record a Trust Deed/Mortage against the property. If he does not pay you back you foreclose (added cost)and get property

My $0.02
If you want a custom home, then go get one! Now that said there has been some good advice here. Be smart about it Meet with a designer tell them what you want. Have it drawn up. Meet with banker and builder. make sure it's what you want and can afford.
then build it.
It will drive you crazy, it will cost more then you thought, it will take longer then projected ( things happen, no ones fault) Just enjoy your creation
I've built houses I've drew on a napkin in a fast food resturant

If your agent is a good one they will more than pay for themselves Besides it leaves you more time to being doing more important things. like working on your flips mangaging contractor etc.

That is the great thing about private lenders, Term, Interest rate is whatever you and Mom & Dad decide. Most of the time private money is 7 to 10 % Term can be 2 to 5 years But it can be long term as 15 years if you both agree. What does Mom & Dad need/want'? They have offered to do this for you so make sure you take care of them. Make sure it a Win/Win for all of you.
Make sure when you buy whatever property that you interested in have escrow create a trust deed/Mortage and record the note
By using a title company or lawyer it keeps it simple and legal.
Good luck

Remember since we are all real estate people who cares where it is! Just go!
Uncle Sam's going to pay for

IMO @Ned Carey is right if your going to use private lenders you need to know the Sec laws. I use private lenders also and spent the money to meet with a Sec lawyer. you need to learn how to walk that line safely.
When a Note gets close to maturing you can refi.the property (You pay all fees because you want to keep the property all your investor wants is his money owed and interest) or Sell it or what I do is I have a renewal clause. If both parties agree We roll over for another agreed term. Have all this in place/discussed in writing before any funds are transfered.
Remember finding the investor is the hard part. If you keep them happy(Pay on time and as promised)and make them money they will keep coming back It has to be a win/win for all involved and always use a third prty escrow/lawyer to set up trans action
Thats My $0.02 but check with your lawyer/Accountant

Thanks for the update

I joined this year, just in time to miss the BiggerPockets 2012 Summit. I've read about how great it was and whoever didn't go missed out.

So that being said, What the story about "2013 summit" any plans, Is the Summit in the same place every year or does it float to different location each year. When will Info be released I look forward to going and meeting the people i've been talking to.

thanks