All Forum Posts by: Account Closed

A good contractor is worth his/her weight in gold. That being said, your first reno/fix-up is going to cost more than you estimated.

I don't dabble much in the area of renovation but if I recall, look under resources -> file place, I've heard people talking about a great took to estimate your rehab costs.

Every time you look at a house, you learn about yourself and your investment goals. You get to refine your strategy just a little bit more.

As to forms and hard money lenders: Look under the resources tab, there should be some things you can use there.

Link up with investors in the Phoenix area by going to meetups and REI clubs. This is a great way to network and meet people and get recommendations.

All the best!

Welcome!

Maybe tell us a little about yourself and your investing interests/goals.

Have a look around the site, there's a lot to see, learn and do here. The podcasts are great for learning about a wide variety of real estate investment methods and strategies. There's not just one way to get it right.

I'm guessing most people haven't hit that magical six figure point yet and that it takes work to get to that point. I know the ads make it look glamorous and easy but the reality is that we need to keep working hard to reach our goals.

Can you nail down the rehab budget and come up with a realistic number? Once you have that realistic number then figure out as accurately and realistically as possible what it will bring in in income. That's how you'll know if you should walk away or not.

@Shaun Hunt 

Do your properties all have a positive cash flow? If one or more are not cash flowing and its costing you more to own it (mortgage, interest, maintenance, etc) than what you are getting in income, I would get rid of it/them.

I'm with getting rid of the whole sorry group.

@Royal Bel 

It doesn't matter what a government says a property is worth. Market value is what the market decides. You and the seller are the market - the price you agree on is the market value.

Having lived in some crazy places as well, I would say the bigger risk for you is being sure of the property. I.e. if you purchase the property, what is the probability that the property will be properly registered in your name, that the person who sold you the property had a right to sell the property to you and that a court of aw will uphold your right to a property that you purchased in good faith. What is the risk of government appropriation, what is probability that the property register is in good order and you actually own the property that is described on the title, etc.

Your country is not the only one where all mortgages of variable interest rates. The important thing is to  buy within your means so that you will be able to pay the mortgage in the event of interest rate fluctuations.

At the end of the day, its about analyzing the risks and deciding how much risk you are willing to take. Good luck!

@Glenn Willeford 

mostly that just sounds unprofessional

@Michael Tempel 

What kind of mining do they do in Croatia?

My guess would be that you take the bait, and then there's some issue with transferring the money to you, that requires you to pay some bank fee or cost so that the money can come through and that's the last you ever hear of them. Variation of a 419 scam.