All Forum Posts by: Nate S.

Finally got sick of my money sitting in the bank,getting bored,and want to get in the game of real estate.What I'm asking is as a first time investor in rental's would like to read your advice for what I should look for.The thing I'm afraid of most is missing critical info or not asking for the right answers before I invest,so it wont hurt me in the long run.

The range I can afford is $16k-25k,tommarow I'm looking at a property that already has a occupied tenant in it,and it's part of a sellers package.The property in the area has a potential cash flow of $200-300.The place I'm going to invest in is at area that has a lot of properties that need rehab,hard for people to get financing to buy properties,has section 8,but it has alot of profit potential in rental.

The area is I'm investing is kinda jumpy because one block might be looking excellent,houses look good,places where people will buy,rent,rehab,sell etc.. the block right next to it might be a jungle,a crap hole,vacant houses everywhere.Investors here tend to like rehab one block at a time.

From what it looks like,with the adjustable rates that screwed alot of homeowners,and rehab investors left pretty much of that section up for sale,and now other investors are buying properties off their mistakes,even some properties that where almost done in rehabed.

Where I'm going to be investing is in a area that is near the main highway through out the city.Which will be easy for the tenants to get to their work,take their kids to school etc..houses usually go for 30k-50k in the area.The Apperication is 3%-5.5% here,in nebraska.I know my first investment is very critical,from what I know,and what others have said of their experiences this is the best I can do.Thanks, for reading

-sun

Yeah,well finally found someone who's willing to help me,but he's out of state.After three days of searching for homes to rehab,and good potential rental property's for 5k-30k(ones I can afford)I now I have better insight of real estate market,not that frustrated anymore,everything now is clicking you know that moment when things are finally making sense.

I just went to the bank,and put in a loan application for 20k-30k loan,and also working with other lenders.Also calling people left and right who's the ones that are loaning out the private money.

Plus I'm working with a real estate agent,that is more of a Investor,that just uses the MLS to get good deals to give me the pros and cons of every area to invest in,and no he isnt steering either.Thanks guys for your reply.

It's the interest of 15% that bites,with any lender I'll give them my business plan on the deal,let them know my plan exit strategy of the deal.I know through wholesaling is the best route,but I have not made a deal yet.I know it will build up my capital,and increase my credit.Everything will be thumbs up,but until then I'm trying to look for more options.

I'm 19, when people discourage me it just makes me stronger inside some how.I know if I want to achieve something,it's how bad I want it.Thanks All Cash for pointing out that I do need finally fix my grammar,and spelling.I know I'm very poor in that area,but love giving speeches.

I'm about to take some speech class at my college.Accounting is not in my field at all,but I'll do whatever I can to understand it because it is a key element of understanding any type of investment.After reading "Rich&Poor dad" made me understand it a lot better.I just need to work on organizing, and my focus.

I started reading more real estate articles,surprised I didn't look into that part,I usually read what other people are talking about on the forums.You do have a good point REI on what crowd I'm hanging out with.I noticed that,the more I hang out with other people who don't have any interest what I'm doing I get bored,and not learn anything,and waste time.I know in business time is very valuable.

I'm going to call some investors tomorrow,to discuss real estate with them.Yeah you have good point on a customer will say no 4 times,before I get a yes.Your right flipper I should just move on to the next deal,and not let the other deals get to me.I should just look back with a smile,learn from the mistakes,and move on,because success does not come along with out failure.

At the moment,I could care less about making millions,all I care about is making my first several 10k's,it's like I'm relying on life support.For like several months,I've been studying book after book,trying to put a deal together,and when one deal is like in my grasp then it slips away.We end up meeting,they tell they want to think about it,then end up not calling me afterwards.

I don't have a mentor, nor a family that takes me serious hell they even think what I'm doing is a joke,and laugh even more.Their best advice is get a job/join the military nor anybody I can actually count on helping me.
I don't really have a friend my age,that actually has the same entrepreneur spirit as me.Basically they all have same mind set getting a job,partying,getting drunk,not giving a damn about their future in 20 years, killing time like it has no value to them.

Learning from all my business failures is that I dont carrying it out in the end,I usually give up when it get's tough.After reading "Rich dad& Poor dad" reminded me what I'm fighting for,just gave me more motivation.Just everyday get's more hopeless,and more negative thoughts battling positive thoughts.

What frustrastes/angers me to the core more than anything, is my greatest talent is creativity,I come up with several business ideas that can make me a fortune,but can't do anything about it,and watch such great ideas go to waste.It's like watching your house you built with your bare hands,broke your back building it being burned down to the ground.

Also when something so simple to achieve,but yet I only have myself to blame because I am the one who makes it difficult I guess.I keep telling myself,the harder the struggle,the greater the pay off.I keep asking myself what the hell am I doing wrong,but the answers just don't appear.I just want to know what all those millionaire investors will do when they go back to sqaure one and only have 5k to invest in,I ask myself what will they do.What will you do?

Well,all I have is like 5-6k,and at the moment I'm trying to put a deal together through L/O or Subject-To's. Well anyways I need some help on how to buy property's through using private money,and skipping the bank.

I want to do rentals,and rehab property's,but not even close getting a loan from the bank to buy a property.They will mostly likely laugh and toss my request out of the window.

Alright there is this house that has been vacant for 2 yrs in my neigborhood. The house needs some additional repairs, and the loan on it is FHA. The problem is the person is asking for too much on the property.It's almost nearly on market value. It just started in process of being in foreclosure.All I know in pre-foreclosure is the process of doing short-sale or covering the debt.All I have is 5k, to cover closing cost,and the payments.I will take a loan out to repair the property. I think the only way I can make this a good deal is talk the price down,then short-sale it.I just need to know how I can make the pre-foreclosure.

I know there is profit potential in this property, it's just I don't know the process of getting it.here is some questions I would like to ask

-how do I talk to the bank to do short-sale?
-how do I do a loan reinstatement?
-can I use the FHA to my advantage?

I just need someone to to give me a general breif of a process on how to profit off pre-foreclosure.

I want to be a landlord,but with all the problems today such as getting sued by tenants,enviromental issues,and the list goes on.How do wealthy landlords protect their investments,and keep wealth,and from such problems?I was at a RE seminar, they said the best strategy is don't have your name on none of the property's.

In order to not get sued,and nor having getting tax like no other by the govt.They stated file your business as a coporation to take advantage of the tax ductions.Then Form a "Family Liability Partnership",and you make your coporation as a partner.To keep yourself seperated from such law suits,and such.Also do this chairaty thing,in order to not get capital gain tax.

Another thing I'm asking is before you buy any property for a rental investment.What's your margin of safety strategy you use on all property's that will give you indicators to buy the property or not? Basically the simple question I'm asking is what is the best defence out there?

quadcam I'm having the same problem your having,well tommarow I'm gonna buy like $50 worth yard signs that say "I BUY/LEASE HOUSES" Does anyone have any other wholesaling ideas they use for marketing.

Thanks guys for the response.Actually my neighbor's property is perfect for an L/O deal.He's been renting out the property for like 2 or so year's.Over the year's the tenants havent done a very good job taking care of it.The owner lives out of state,because of military orders.He offered the tenants to purchase the property,but they turned it down.I talked to the tenants asking for the owner's email,and never gave it to me.Now I'm just waiting for a sign to be put up in the front lawn.

I don't really want to become a real estate agent.But I figured that if the seller turns down all my L/O and Subject-To's Offers,well I'll give him my last offer which is list his property.By taking some RE courses with this RE investor,taught me so much about RE that I never even knew about.I'm just getting the license to qualify for an loan to buy a property,that the people I'm working with,and use the MLS.I want to become a Landlord,in my own hometown than anything right now.

Being discipline,and following through is no problem for me,and coming from an military family.I'm not marketing right, I havent put any bandit signs,all I've done is print business cards which isnt good enough.I was more interested into doing L/O than Subject-to's,because one I can get Landlord experience,and twice or triple more in profit than Subject-To's.I havent study much in Subject-To's,because I'm kinda weary because what if I can't find an investor to assign to?

All I know about subject-to's is I buy the property under market value,then assign it over.But I havent really looked into how to talk the seller down in price.It's just I feel more comfortable doing L/O.I was planning on putting a bunch of bandit signs saying "I LEASE HOUSES"

Well as for Fliping houses,I was planning rehab the property,and hold it by doing a L/O,and using mortgage Lenders to send me Buyer-Tenants.In nebraska all I know it is an stedy market even in good,and bad markets.