All Forum Posts by: Ellis San Jose

I am an investor & broker. Look up county real estate records to find out which investors are active in your farm area. Then bring them value by finding them deals or helping them sell properties that they are flipping.

Texas A&M has a school of real estate has great data about all the metrics real estate in Texas cities. There is usually a university that gathers data in each state if you want to study the statistics.  IMHO that is less important than understanding how to uncover profitable deals, evaluate them, & how to actually execute & operate.  If you are thinking a broker is going to lead you to the best deals, be prepared to be disappointed. Are you planning to purchase a building & actively manage it?Or are you planning to buy into a syndication as a passive investor?

1) Best way to do this: Have financials ready & work with a mortgage broker to prepare.

2) Mortgage broker will advise you on which programs would be best suited for your goals.

3) Most cases easier to qualify as an individual then you can transfer to LLC or trust with LLC as beneficiary. (see attorney & CPA)

if borrow defaults on bank loan, mezz debt has the option to bring it current & foreclose from their own position. Bank can only claim their debt plus legal fees & expenses.  The remaining equity if any goes to Mezz debt lender. 

Yes, still buying. Just closed on one last week. 

I doubt it. There are hourly requirements in order to qualify (750 hrs/yr) and at least 1/2 of your time. Talk to your CPA for advice.

I found my mentors by bringing them overwhelming value so they could make more money and have more time. What are you offering to the prospective mentors in exchange for their time and expertise?

If you are trying to get financing before the rehab you will most likely need private money since the current condition won't allow you to use traditional bank financing.

After the rehab, if you qualify & if it appraises, you can attempt to refinance the existing debt.

It is more difficult to work subject-to deal with listed property (especially if it's listed with the major brokerages) because the agents & brokers are fearful of liability risk & litigation from anything that varies from a traditional transaction. It's even harder if you don't pay them their customary commission. That may change if the market shifts considerably to a overwhelming buyers market.  Have you tried to market to unlisted properties? You may have more success there for now.

What is the purpose for the term insurance?  Who is it meant for? Spouse? Children?  If you have equal amount of liquid assets as term coverage I guess you could consider self insuring.