All Forum Posts by: Scott Freer

Thanks a bunch @J Beard. I knew there was some kind of laws against it so I figured I'd ask. 

Would it be legal to discuss preforclosures with the attorney handling the case? Will they discuss it with you? Won't that be faster and more productive? I'm new to the off market arena and im curious if it could be a sound strategy. Thanks in advance.

The best commercial stratagy is to buy and hold. I have 4 commercial properties and in 10 years I'm free and clear. Now I have $600k in equity I'm cash flowing $6k a month and everytime I go to my properties they look better than the last time I was there. The tenents are doing up keep on their own because their image is at stake. I own a beauty parlor, nail salon, auto mechanic and auto detailing shop all with a 10 year leases. The absolute slam dunk is professional offices. You get tenents who have to keep the place nice and 10 year leases. A 10 unit office building will generate $10k a month in cash flow. That's just my 2 cents anyway. Rent to people who need to look good not residential, you will be happier in the long run.

@roy find the smallest title company in the area, they should not only be investor friendly but freindly to all bipeds. Just make sure that you get title insurance incase they wet the bed.

Kalid,

You are your worst enemy here. You are thinking that other people are getting negative first impressions. How do you know what they are thinking? Here is the key, CONFIDENCE! You have to self reflect, understand that you have/know what it takes to get things done then execute. There are very few people who are not drawn to confidence. DO NOT be cocky, but present yourself in a way that leaves no doubt you know what you're doing. Do not try and psychoanalyze what people think, at the end of the day remember a deal is a deal and if you look like the elephant man but youre making someone money, they will look right past that.   

Thanks for all the well wishes guys, I look forward to working with you guys. I have some real horror stories l couldnt begin to tell you. I've had realestate agents refuse to bid for me because they did'nt want to get in a bidding war ($300,000 asking price, ARV of $800,000 $250,000 rehab cost) I was sad that day. Or the hard money guy who said he could leverage my commercial properties until he found out one of the tenants was an auto body shop then his underwriters backed out the day before closing on a HUD house at $160,000 with an ARV of $360,000 and only $50,000 in rehab cost. I have been beaten around by the best, I'm hoping to meet and do business with professionals on here. I have documented proof that in January alone my partner and I had a potential net profit of $200,000 walk away because we don't have a propper tem in place. I really look forward to having better luck here.

Hey guys, my partner and I own a small real estate investment company and we're just getting started. We may need some help, in fact I know we will. We have a good understanding of our markets, mine Philadelphia, his NYC and we are looking for team members as of now. We have worked with agents, title companies and so on but none who really get what we are doing. So we will be posting as we go here for everything from A-Z that are known to be investor friendly. If I have to keep looking over and over for people I'll be in the HR business not real estate. Thanks for reading good luck to everyone out there.

Gentlemen,

$40k is mine, $20k is a friends, $60k will not buy me a $75k house plus rehabbing cost. I can't even provide a POF letter with my total amount.

The $900k is all commercial properties and 3/4 of that are auto shops. For some reason which I don't understand 1. It is really difficult to leverage commercial property and 2. No one will deal with auto shops due to insurance regulations. 

Scott

Ken,

Thanks for your input. I do consider  those in the holding cost, also interest payments. I'm pretty confident in the deals I do because I understand my market well, I even include overruns in a 10-20% slush fund.

Chris,

I do have between  $40 -$60k. I am putting in. I realize the hurculean task ahead of me, but I'm just looking for a partner who understands the business. I also have $900k in property I can leverage and I obviously will make my partner first lean holder to make it as risk free as I can for them.

I'm a regular no BS guy. I'm a medical  professional who has a healthy 6 figure income without the rents I collect monthly, but 7 children eat that salary up, and having been married 3 times I have a FICO of 2, so I can't get a loan for bubble gum. That's why I'm here. I need to find a way to pay for 7 college tuitions and 6 weddings, retirement and believe it or not surgery won't pay all of those bills. Time is ticking for this 46 y.o. guy. I need a partner.