All Forum Posts by: Timothy W.

Get local referalls. After that go to your local contractor associations (i.e. NARI) and see who is in the membership. Guys in these typically are around at least a year or two.

Met him and his wife twice personally. Good people. Good principles in what they both teach. He knows what he's talking about too.

I like the fact that they created a cashflow base first, then Kim continued her focus on cashflow while Robert tried all the weird investment opportunities. One of the best principles Robert puts out there is make your money in business, hold your money in real estate.

Your friend could do it. But it may not be real estate cashflow, especially if he has no training in it. He could probably make an extra $2,000.00 cashflow in businesses he runs and then turn around and reinvest this.

Tim

I agree with Mike. Do it - while listening to sage advice. The great thing about REI is that you can start on a digestible level with smaller properties. The people that start in REI with massive commercial properties with no history in business or real estate....I don't get it. Scott Scheel made it work but he did it after a history in business and well...he had nothing to lose when he started so why not.

On the flip side, I don't mind the newbies. They're giving me a fresh list of REOs to choose from. :wink:

Zuc,
KC has some killer cashflow opps right there in town. Serious ones like houses for 10k and less. Your move for her medical degree may have been the best thing for your investing career.

Tim

I deal almost exclusively in REO's now. Every time I have had to sign an addendum from the bank that does not allow me to wholesale or assign the property. I get a private lender and close the deal then keep or turn around and resell. Have never been able to wholesale or assign one. Could be different where you're at, just keep an eye out for that addendum.

The process of buying an REO is different. Don't get frustrated at second round highest and best offers and all that crap. It takes a few weeks longer to get an REO under contract, but then the closing occurs much faster. It's not hard, just different.

Tim

My sister was an ID theft victim and I sent her to lifelock. Hundred bucks a year. Can't go wrong.

Peter,
Here's my humble opinion. Find your top 3 performers centered in 1 geographic area and get them performing to their utmost. Protest the taxes, whip the property mgmt into shape, change/tighten your tenant screening system, physically show up in town and see first hand what's going on. Dump the rest. Then - refocus your efforts on buying more property that matches your top 3 performer in that 1 geographic area.

Tim

Not too dumb of luck. You knew the zoning. $20,000 for 40 units.... That's $500 in land cost per unit. You knew that there had to be room in there to make some money. You did good. Most real estate investing ain't that complicated. Some folks just like to outsmart their own profit.

Most property insurance should have liability coverage as part of the policy. I don't remember exactly because I was a property damage adjuster (we dealt with coverages A, B and C) but I believe it's coverage D in your policy. That will give you the details of your liability coverage.

Tim