All Forum Posts by: Howard Walter

Old RE investor (30 yrs) and I read here posts with
interest and amusement.

People here trying to convince RE investors to buy
their "deals" and make 50% on their "deals"

I quess if investors are stupid enuf to fall for this
fine > a fool and his money is soon departed

Any investor having cash knows the "golden
rule"

He who has the Gold makes the rules.

And yes I am really going to invest in a deal
where the deal maker has less than 2-3 years
in RE deals doing less than 10 deals.

And also you just about fall all over foreclosures
anywhere you look now so why would I invest with
a Novice I can trip over deals anywhere and
everywhere...........................

I quess that is why investors operate by themselves
and make the good returns by themselves.
Sharing is not part of the financial equation.

SKI

Hello Mike,

An investment this large concentrated
in one area is about the ECON and
that area.

I would be very very familar with the
area, state (CA is BK) and the like

Also you are betting on the entire ECON with this one.

I would be very very careful here

Also apartments as you know if you
own any all are about deferred maintenance AND Liabilty and
also its insurance

Go very careful on the above also
I have friends that luckily sold thier
apartments 2-3 years ago for this
very reason and bought SFRs
because they just are better to
deal with in many many ways.

I would also inspect that apartment
to the gills and meet with the
repair men to see what they say
but really most repair men getting
paid $15 an hour or now less do not
know much about the condition of the
property YOU DO so I hope you have
done ALOT of repairs GO LOOK
and completely INSPECT THE
apartments EVERYTHING and I mean
EVERYTHING to the T and to the MAX

I am a 30 year RE veteran and sold
much of my RE 2-3 Years ago.

SKI

You have to know these repairs
costs of the top of your head

Software forms contractors forget it

If you do not know go to home depot
and talk to the trades people walking
in/out

In fact pick up a guy there he will moonlight tilers HVACs, ect they'
all go into these places

You have to know repair prices
right away and where to get the
absolute bottom price and the best
quality.

If you do not have these connections
get them of find them

If you have to ask price this clearly
shows you that you do not know this
or the basics in investment property

SKI

If you have to ask all of the above do not
get into rentals

If you do not know the numbers you are
going to get taken.

The 50% rule is not accurate

The $1000 ect ect expensse are to
high no where near that how do I
know I am do all kinds of remodeling
to my investments monthly

You better get your act together if
u are going to do this

SKI

Hello members I am an old foreclosure
expert been doing these for over 30 yrs

I have a very interesting issue to raise
to all here getting foreclosed on as
well as buying them

Ok since alot of these banks have
sold or transferred their debt there
maybe an issue with legal status
of the bank

Some of these loans have been
packaged and sold off many times

So there maybe a real issue if
the current holder of the note
has legal status

I currently know smart homeowners
getting foreclosed on are barring
the process for lack of legal standing
on the part of the Trustee attempting
foreclosure

When the notice is published the owners
are sending legal notice to the trustee
to prove legal standing or right to
foreclose

Has anyone here heard or know exactly
who the owners are doing this

There must be very specific wording
that is being used....I quess I could
just go down to my county and pull
one up but maybe someone here
knows

SKI

REOs are easy

IN RE it is location location location

In distressed property it is wait wait wait

UNTIL

They just about give them away

Right now you can buy directly from
the banks and skip EVERYONE
if you know which banks are doing
this and where they are doing this

We are close to a RE capitulation

That is they will sell to a live or
even dead person as long as
you have CASH or a loan IN
PLACE and will close

SKI

I am a 30 year veteran of distressed SFR
investments.

I have been approached by some individuals
that want to create a fund not LLC and then buy
distressed SFRs in specific areas on the East Coast
possibly Atlanta > I saw the topic on that Atlanta
LLC > and I find it very hard to believe they
are giving a 25% that quickly.

I am older and retired and most likely will pass

Anyone here been directly involved doing this
yet? I mean on a larger scale upwards
of 200-500 houses.

Any comments would be interesting.

SKI

Folks I have been doing this for
30 Plus years and those pay for
services do not contain all of the
foreclosures believe me I am
that old grummpy guy down at
records going thru every listing.
And be careful some of these
services you pay for the listings
are owned by RE investment firms
who take out some of the best
ones get my drift...............yeah
believe me I have seen it.
You want the real stuff get it
yourself..................when you are
putting over $100k down on a
auction better get it right from
the Ole horses mouth ie county
records.

SKI

Justin are you a Broker in Panama
because you sure sound like one

There are many positives and
negatives about Panama.

Tell me about the Taxes income
VAT and RE estate do you know?

SKI

Hello Jon,

Thanks for the reply Jon, the SFH rental
is in AZ and yes you are correct
I can only collect rent until it is rented
but in this rental market I may not
find a quality tenant for at least 2 months luckily I have a 1 1/2 times
monthly rent as a deposit. But finding
a good tenant for a 2 year lease will be
hard.

SKI