All Forum Posts by: Bea B.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $35,000
Cash invested: $35,000
Sale price: $45,000

My first investment turned out to be a nightmare of every REI. My first tenant ever was a disabled lady which did not bother to pay rent so I had to pay a lot to an attorney who is not able to find her as she disappeared. She let my newly rehabbed flat in a catastrophic state. After she officially left without giving my keys back to a property manager she returned here and there to use my apartment illegally so now the police is involved, the cord case is coming, i lost so much money. Very high charges, taxes, attorneys, sleepless nights. It was a low cost international investment. Little heavy stuff to start with but it has changed me a lot and I mastered my diplomacy and communication for a higher level. I do not recommend to start with a low cost high return promising investment. If I can redo all, I would make a Booking.com short therm apartment, smaller but in a good quarter. Anyway, it was fun and I enjoy the ride. I bought another apartment (in another state, because why to make things easy if we can do them complicated) and this one brought me 10k in one year just because of the price of the apartments at market went up, so lost here, won there. I am selling the both and restarting again. Not much loss. I am grateful for the experience. *Sorry for my english

What made you interested in investing in this type of deal?

I thought I would male a little monthly cashflow as a single unemployed homeschooling mum with my small budget.

How did you find this deal and how did you negotiate it?

I found it at the internet but I arrived to negotiate just 4k which I had to pay on taxes anyway.

How did you finance this deal?

Cash

How did you add value to the deal?

I did a rehab for 10k

What was the outcome?

Horror, an absolute nightmare for a newbie

Lessons learned? Challenges?

Lessons learned, sleepless nights experiences, all the challenges you can imagine from the horrible neighbors, bad neighborhood, police involved, criminal tenants, destroyed apartment, useless property managers, rents not payed, horrible taxes and charges, slow attorney, no results, hardships while the sale.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No recommendations from me, I have a property in France and in Slovakia anyway so not helpful.

Hello Adam, thank you for your kind answer. I live in France and here you have to wait weeks until a professional can come and I am afraid that it comes from neighbors so we will never get rid of them. I sleep with the lights on. The worst part of this story is, that I was bitten at my own home, in our bed where I co-sleep with my baby, not at the smelly apartment. I think they come from there. I have bites on my back, so that won't be an allergic reaction unfortunately. This is the worst scenario that could happen with my very first deal. I am going to search the european equivalent of the product you proposed me. Thank you very much! I did not see them but I guarantee if I will I will get a heart attack, that's sure. I have to finish that wallpaper tomorrow and I really hesitate to enter to that place ever.

Hello everyone, 

I have a trouble and i need some good advice.

I just bought a nice apartment which I decided to fix up myself, 

because I need a rest of my money to buy another apartment and I just can't

pay a handyman to fix it for me. ( Yes, I am a newbie) I started to remove the old wallpaper and

I realized that i have some big itchy bites, which unfortunately look like bed bug bites. This is a very bad joke because I have a small baby at home and definitely don't want to infect my house with this MFs.

What am i supposed to do? What product am I supposed to use? Does anyone have the same experience? What's the solution? 

Thank you and I wish you will never have to face this kind of problems.

It's brilliant this SAS! There is a possibility SASU (SAS unipersonnel) just for one person. Why nobody told me about this here in France, I don't understand! Thank You again very very much! I will do this one perhaps! Merci (*you know, i speak 7 and half languages, so finally is one big mix of all of them) Merci encore!!!

Hello Roy, thank you for your answer.

French isn't my mother language either.  I am slovak. I just live here by mistake. I talked to one attorney and Chambre de commerce. They told me SCI société civil immobilier (but for société we have to be two people.)So just S.A.R.L.but when I create a S.A.R.L. i have no rights for a financial help for entrepreneurs beginners which may reach the amount of 70.000. If I say to banks (while asking a loan) that my company's activity is going to be real estate, they do not understand i need a PRO loan, not a real-estate mortgage. I even do have a business plan and analyses but nobody reads that. I signed a contract on one rental property which i pay cash but the bank says, it's not enough guarantee. If this would be the income of the s.a.r.l.  would it be enough? But creation of s.a.r.l is about 5.000 euros. Is that a good idea to create an s.a.r.l. for just one property? Where do I have the guarantee, that I will get that loan i need for buying more properties? Still hesitating if the creation of entity is a good idea or is it better to do all as an individual. I need to hear more stories, how others did. I am a homeschooling single mum with zero income at this moment. I can not work for other people anymore. I am going to check out this SAS you recommended to me. Thank You and good luck with everything! Don't you know some hard money lender please who operates in EU? I found my deals already, have my analyses done, have my capital but not enough. Wish you a nice day! 

Hi to all! 

Is there anybody please who can help me with choosing the right entity structure?

I am a beginner located in EU Dijon - France. I signed my first contract for BRRR strategy.

Each year I would like to buy at least two property, fix them, rent them and resell later. So my activity will basically include a fix&flip and rentals or BRRR strategy. What would you choose? Even in US ( I will try to find some french equivalent) Here the creation of S.A.R.L. is very expensive (i'll rather flip a parking place instead LOL) and for SCI (société civile immobilier) we have to be two people but I am want to do things alone. I am lost. I am already buying my first property but I feel it's wrong to do it on my name, not on the name of the entity structure. I am lost. I really need some advice. Thank You and have a nice day. *sorry for my english

For me is also very strange that origination fee. Is that common? I am not searching somebody I would like to pay to but a loan. Are all of them fraud? (who is asking for an origination fee?) Thank You

Thank you for all your kind answers! I was so happy to find one PML :-( Why Facebook does not shut their profiles if they are scammers? Oh this REI is so exciting! I love it. This is what I want to do the rest of my life. I finally feel that I belong somewhere and first time in my life the success is coming my way! I wholeheartedly wish the best of the best to all of you!

Thank you sir! I think so too. How do I find a real one here on BP?

Hi, I found an international Private money lender. I am in France and he is in US. I need a medium therm loan and he wants me to pay  3% first. How do i know if he is a scammer or not? Where I am supposed to ask that? Is there some list of scammers PML (private money lender) somewhere on the net? He wrote me this:

,, I am recognised by the financial service authority and finance industry standards association the consumer credit Act of 1974 with the license number 03701321, I am also registered with the LOAN MARKET ASSOCIATION LLC with the registration number 071200." Do you have some contact for a the IMF (INTERNATIONAL MONETARY FUNDS ) commission? Is this the place to check all that?Do you have maybe some good contact who I can believe? Thank you dear BP members! <3 Best regards, Bea