All Forum Posts by: Timothy W.

Now hold on Ms. Texas - it's not fair when you get a state the size of New England! Lol....

Seriously though, I've studied Texas real estate and you've got different areas for different strategies. No need to go out of state where you're at. I only go out of state because I live in Chicago and Chicago cashflow sucks compared to what I can get an hour away in Indiana.

Tim

It's technically out of state but only a short distance away. I don't see a problem with out of state investing, the problem that people were having the past 5 years was they were simply overpaying for property. If you overpay for property anywhere you're screwed - especially out of state. The simple answer is to buy where you have done your research (whether it's in state or out of state).

BTW - Funny story about the california buyers. I was talking to some Missouri farmers who were selling their land to California buyers sight unseen for $5,000 an acre...while other locals were selling it for $1,000 an acre. Amazing what a little research will do.

I have a serious question related to this. Someone I know is talking about getting involved in NR for the purpose of connecting with their buyer network. Has anyone done this? Sure we can all see right through the education mlm, but is there value in the database connections?

Yeah that whole "money back at closing" stuff just doesn't work on people anymore now that they may have to actually *gasp* hold a buy and hold property. Your friend needs to drop his pricing significantly. You can tell from the pricepoint these properties are in an area with a lot fewer buyers than renters. A person needs to be prepared for the "exit" strategy of holding onto these for some time.

The market here right now where I'm at is LOUSY!!!! And I LOVE it.

Everyone's going into foreclosure and banks have a glut of property that they can't move. However, people still need a place to live and have to rent here. I'm getting houses for 20-30 cents on the dollar. Working on a 3 flat right now that I bought for $25,000 and has gross rents of $1,400 per month. Average cheap house here is about $8,000.00 and rents for about $4-500 per month.

Where exactly am I? I'm never gonna tell. :D :D :D

I will tell you though that mini-markets like the numbers I'm getting are on the outskirts of every major city I've looked into, with the exception of LA.

Should have told Carly to eat something. She'd shake less.

Oh, now that was bad..... :lol:

The opposite of fear is "rest".

Only when you are at true "rest" has fear completely disappeared. Is that a good thing? Not necessarily - your own fears can be a handy tool when properly channeled.

I did one where I found the house, put it under contract and wholesaled the contract in 3 days. The closing occurred 11 days later. So I guess the answer is either 3 days or 11 if you wait for the title company to finish their crap.

The way I did this was I knew the market intimately, I know how to analyze cashflow, I knew how this property was going to be presented to the buyer, I knew the buyer, I knew the management company that could manage the company. Everything I knew took me about a year and a half of work.

So....I guess if you include the whole process - a year and a half and 11 days.

There's no magic to this. You find an area, you learn the area and then you look for deals in that area EVERY DAY! If you do that, you will become an expert in your area and deals are easy to do.

Tim

Just for kicks - go to a mortgage broker's office and tell him you're looking into buying a house and see what you get approved for. Try a nodoc to see what you can get. It may surprise you.

As far as prop mgmt - you'll have to check the employment ads in the paper and find out. It's not a terribly hard job to do if you have the drive. You may have to start as an assistant. Take the opportunity to learn what you can!

Tim

If you have not read this book - read it. Better yet, get the audio of it and put it in the car. If you want a break down to the simplest of explanations of the mental attitude that creates wealth, you will read and listen to this book. It ain't rocket science, but there is a science to it.

Tim