All Forum Posts by: Tevis Verrett

Yup Jim,

Time to RIGHT lawyer up. Please email me, and I will make the introduction to my eviction attorneys.

Lets kick his imposing and larcenous butt out!

Tevis

I say Buhravo that and also cozy up to a hard money lender. That way, you wont get caught with your pants down! Think multiple exit strategies.

Tevis

Hey Eric Tait, a couple of questions:

What is the cap rate, the rent roll, the expenses, all those things that an investor needs to ascertain whether it is viable

Why do you have a broker when you can simply market it here and find a buyer? YOU are the one that will eventually pay the 3% commission.

What is the neighborhood like, the tenant mix, the quality of the property (A, B, C, D) What are the demographics, job availability in the community, as well as the supply and demand for rental housing.

. . .and oh buddy there is much much more!

Tevis

Bill Wilson congrats, it can work out to be a very smart deal.

Coupla things you can do.

1) ask him what he would get in the bank, and offer to take it with 100% seller financing at his ask price.

In a couple of years, you will have erased whatever small dip you have taken and have started making money as a ski rental

2) execute a master lease option, guaranteeing him monthly income and again, add water (the above during ski season)

3) bring a partner and cash to a new loan at $490, and split the occupancy days. You get a vacation income producing asset for a piddly $245

4) get it under contract and flip the deal to another investor!

The sky is the limit, and you can save the sledgehammer for another day!

Tevis

Although Samantha M. you might disagree with me on Harry Dent, I appreciate you more than you know.

We all need to have an intelligent conversation about the prognostications of our industry. The crash is coming, whether sooner or later, what goes up, will eventually come down.

My beloved sister, Karen Margrave brings maad local intel in her community.

We, as a collective community of wise investors, can spank any national soothsayer or guru.

. . . and by this amazing community, we are able to see the changing tide of the market by a rash of small local changes, and even more importantly, reposition quickly to take advantage.

THAT is the most cherished MASTERMIND of N. Hill!

Tevis

Thanks for this Brandon Turner. I got the smarmy impression that it is a slanted piece, and more of a, 'let me tell you what you should think' piece rather than the logic of the market.

I follow economist Harry Dent, Jr who opines a learned and statistics based prediction that there will be a correction to 2006 levels, and maybe a severe correction to 1996 levels in the next 18 months, give or take a couple.

http://www.harrydent.com/

The stunned silence and mouth gapped open of us audience members was telling.

There was a weak voice out of the midst, (not mine-I was at a pucker factor of 10) asked, "well what should we do?"

His reply. . . . .

INCOME PRODUCING PROPERTY

Which y'all is EXACTLY what we are all doing!

It is the consumer that is going to again, take it in the rear.

Thots all, thoughts?

Tevis

Jerry Kisasonak this is a wicked home run!

so tickled to add my 0.02:

Master Lease Option-finding a distressed landlord on a multifamily, and offering a consistent cashflow. You step in, improve the property, cure the loss to lease problems and make money on the spread.

Trade equity for property management-take that same distressed out of state property owner. Buhring your maad property management skills, and negotiate a fee and equity earn for your improving the property.

Schweet no money down deals!

How to get 100% financing-find a hard money lender that will fund 100% of the deal for a majority equity position in the flip or the buy and hold. Bring me a deal, give me 70% and you just started your empire.

Of course, YMMV.

Good investing my BP brothers and sisters!

Tevis

John, you are in the catbird seat. It is worth at best 25-35 cents on a dollar.

You can:

A) offer to renegotiate with the borrow for HALF the note and make 100% on your return; or;

B) Buy it and begin foreclosure!

Either way, you win!

Keep us informed,

Tevis

Nicholas, my brother Ned Carey is wise and my mentor of sorts.

Heed his advice.

I am adding my 0.02:

Cherry Pick.

Yes, ask for creative financing, if yes, the deal become sweeter. Take the few that are the cream of the crop and the others, wholesale to investors.

and again. . . HEED NED'S ADVICE, have multiple exit strategies, including cozying up to hard money lenders should the loan be called, or you need to force appreciation, or a tenant destroys your property and you need grocery money to complete the capital repairs. . .

Being undercapitalized. . .sucks!

Hope this helps,

Tevis

John D. heed the words of my wise brother Bill.

My 0.02:

Go for it Bud!

In the MITUM

Management
Insurance
Taxes
Utilities
Maintenance

. . .management is 8-10% of the expenses. You get to pay yourself that 10%

In California, to be a Property Manager of someone else's property, you need to be a real estate agent.

On your own property, you da man!

It will teach you the in's and outs (which you have already learned) of the reality of property ownership!

Hire a bookkeeper for the books, and have the missus double-check your pocketbook. . . and;

Heck man, build your empire!

Tevis