All Forum Posts by: Tom Bukacek

You know, you emphasize a good point. Too few real estate investors really consider themselves entrepreneurs or true business owners. Most are 'technicians'. As Michael Gerber puts it, "The technical work of a business and a business that does technical work are two totally different things.'

I know someone who has a multi family near a university and has great success with Facebook. He's pretty aggressive about friending students and groups and updating his profile.

If the house is not in bad shape and the asset is not upside down, the banks will take their chances on an REO rather than further discount a short sale.

How much to bring current? What is monthly payment & interest rate? May be worth sub to with owner financing.

I guess my copy is the E-Myth revisited too. Is there a difference between the two?

I just finished reading the E Myth by Michael Gruber. It details why small businesses fail extremely accurately. Most people who get into RE Investing are good at the technical aspects, but don't focus on a plan or managing the other financial aspects of the business. Great read for RE Investors.

E-Myth, written by Michael Gerber, discusses why most small businesses fail. While it's not a real estate focused book, it explains why most real estate investors fail. There are three parts to the successful small business person: the technician, the manager, and the entrepreneurs. Most of the people who get into their own business are the 'technicians' who do all the day to day work. However, they don't create a vision or plan, nor do they create systems or processes. And when things hit the fan, they end of quitting. A real eye opener and explained very well.

If you're in a position to carry financing, you may want to offer that option. The problem may be that buyers in that area don't qualify for conventional. If you offer to finance the house with 5% down and an 8-10% interest rate, you'll get some cash in your pocket and some cash flow every month. Plus, since you're owner financing, you're not the landlord. You're the bank. Much better situation.

Good advice though I haven't figured out how to ad video yet. Still new at this online stuff.

When will we see you cutting your teeth on the BP blogs?

Randal- correct. This information has been verified by Doug Foster, commissioner of the TDSML. The purpose of the Aug 31 postponement is to convince HUD that Texas's existing rules on owner financing is effective enough.

I will go through an RMLO to do the paperwork to ensure accuracy and compliance, but am glad I can at least negotiate rates and terms with the buyer. That part was just plain ridiculous.

Randal- PM me for more info. Also there is a post on the BP Blogs about my meeting with the TDSML. This should answer quite a few of your questions.