All Forum Posts by: Timothy W.

:protest: Spam. Too bad. I started looking for a company to put a rei website together and was about to contact you until I saw this post. Your decision to spam lost this sale. If you can't listen the forum moderator's directions, how can I believe you will listen to my needs as a customer.

Mike, was he one of those master abaters? ;-)

FYI, don't mention it to anyone related to your insurance company (even your agent) about possible mold. This triggers major inspections, documenting and recording of data to the property's choicepoint file.

Tim

Good. You started with a classic mistake (one I see even "veteran" investors do) but recovered nicely. Just because you don't want to live in a property yourself doesn't mean a "renter" doesn't want to. Wanting to live somewhere is an emotional response. Investing is about making the numbers work and having a relatively emotional detachment to your investment portfolio. Someone wants to live in that house (you might need to do a little rehab, but there's one for about 58k that looks pretty nice). It's your job as the investor to determine if the purchase price versus what they are conditioned to paying in rent makes the deal work as an investment property.

You can do it. The mortgage payment on a 50-60k property is small - small enough to handle making a few mistakes as you learn the trade of RE investing.

Arneyd,
Why are you messing around with 170k properties as an investment? I did a quick search of Raleigh area properties and see some little 2 and 3 houses that start at 48k. What do those rent out for? Would those cashflow? Steady steps with bread and butter properties build empires.

Tim

Realtors are great if they have the right mindset and you are in the right market. I like young, cocky realtors for getting information (they love to show me how smart they are) - then old, stealthy realtors for getting bits and pieces of the real story and making offers. :-)

(FYI - I feed the young guys though - made my realtor 7k richer in January alone. He doesn't mind giving me info.)

Antwon,
Plenty of reasons to keep your private information private. Online resources make the acquisition of information easy and there are people who use it for nefarious purposes. We have a character in Chicago that likes to use public online resources to smear his business competition (he doesn't disclose that of course) under the guise of some sort of self-righteous public service. Regrettably people like this do exist and if information was spread across states (or in Nevada), it would be harder for McCarthy's or suit-mongers like this to do what they do.

Tim

Darnit,
I was just commenting to a friend today how negative news coverage of REI has really been helping us get good prices on property. :lol:

Tim

What was your agreement when you signed the initial lease? If there was none, just send them the lease assuming that's what they mean by staying longer. It probably is what they mean anyway. The weather up here right now sucks. I wouldn't move.

Not sure what you're paying for the land but pasture rent is not that high. I think we got 5 bucks a cow in Missouri for 120 acres. Is there a farmhouse on the property?

Trust me....Matt isn't kidding. Cook county truly sucks for cashflow and we've looked at every source out there. Matt and I own an investing club calendar in our area, we ran investing club subgroups, I've run conferences with the local experts speaking, I've spoken to investing clubs. We have a network of over 4,000 Chicago investors at our fingertips....we chased our tails for cashflow in this market 2 years before leaving. Now we are both working seperate markets outside of our backyard where cashflow is abundant. 80-90% of the country geographically cashflows. Cook county ain't part of it. Chicago has some types of deals for equity, flipping and rehabbing. When we have seen what we've seen - it doesn't have cash flow.