twilliamsen

I do run my own computer biz, but that isn't doing hot since no one trust the computer industry anymore

any recommendations on which course? The books are fine for reference, but could use some interaction

Also, about my dad. Since he is an "old school" project manager he needs things explained to him about 5 times before he understands it and give him the paperwork on it, like LTV, comps, title research, and anything else unnecessary. LTVs and comps in the area are a necessity anyways, but other stuff is just unnecessary. I think he thinks that I am too quick with judgements. But, I am quicker than he is on computing(he does call me a math wiz) potentials. For example... Find a house asking $80k, average comp for a comparable house is $120k, and needs $5k in repairs, it would take me about a day or even a couple of hours to get this data and compute the breakdown, it would take him a week to do it. I figured since I have the quick wit and can think fast, why don't I put the packages together and submit it to him, give him a day to look at it (or them) and we can pick the ones out and get the ball rolling

I will be moving from chicago area to Tampa. Actually july 24th is closing on this house and will be living in Venice, florida for a few weeks at my dad's friends house. The house in Tampa is still being built and the builders ETA on the closing is the middle of August. So it could be the end of august before finally in Tampa. But, once I hit Venice, I could start marketing and hit the streets, since Tampa is only an hour away. Who knows, I may end up staying here till August with my girlfriend till my parent's house is finished. I still haven't made that decision yet. It is tough when the economy sucks and you cannot find a regular job to get income, so right now I am screwed

Walt, Can you get this done... FICO of 645, no income, but wants to buy and lease out properties, within a year(at the most). Can you mortgage 100% on something like that? I could put cash down, but that would tie up rehab cash flow. Can you do any state as well? todd

good point... I went fishing tonight and on the way to the lake I saw 3 FSBO signs, not only that I saw $$$ signs as well, I guess it is getting to me already. Anyways, I was going to cruise by the houses and take a look at the homes and give the owner's a call, you know for practice. I don't know if I should persuit buying them now. Just the small talk. If you are giving me an example, or you trying to buy my house, you wouldn't want it anyways, we got 1% under asking price and it is under contract I am going to do some research on it and get some comps. Yes, I know a broker that is ready to help out, he also our realtor in florida. Anyone else need a broker to help them out in florida? This guy is awesome, no b.s, and will bend over backwards to get the deal done! Great guy!

what I would do.... deposit all income from properties into business account, then withdraw to pay yourself, that way you don't screw mr.taxman. Anyways, I wouldn't worry about the OOPS in this business. If you are quick to fix them then don't worry about it. It will take a while and any lawyer would NOT want a court appearance unless you are being difficult and not compromising and fixing the mistakes. Don't worry about the company assets! Get insurance to cover OOPS! That way the insurance company has you covered and not your assets. Plus, it puts another hurdle a lawyer needs to jump through. Plus get a good attorney (another hurdle) The more hurdles you throw at a potential suing lawyer, the more of a chance that they will back down and the more time you have to fix your mistake. Always fix your mistakes, and always cooperate with lawyers.

we just create our own. As long as you pay the bird dog, then they shouldn't complain. But we use contracter agreements, same concept, but different output.

so if you are licensed and not working for a broker, do you still need to declare yourself as an agent?

nah, I haven't even read your book, but I like you already. What I noticed most of these so called REI know-it-alls just give you a glimpse at what you can make, and then you won't hear from them again *cough* carlton sheets *cough*... sorry had a frog on my finger tips.. Anyways, I like your style, and I am eager to learn new things. I don't know if its an advantage or not, but I use to sell cars and worked for a wholesaler of vehicles. I would guess it is the same game, but a bit more advanced and different, but I would assume the same principals would apply. I am good at finding deals, granted I have about as much money as you have lint in your pocket, so that sucks. Dad has money, but he is slow on the deals and next thing you know *POOF* its gone. Right now my knowledge on REI is at level DANGEROUS, just enough to cause trouble. My credit kinda sucks (650 FICO), so I am trying to improve that to keep my other REI options open, like rehabs, flipping, etc. So should I invest the $100 on your book? Or should I invite you to hold my hand? Anyways, your plan sounds good, the mentor program, sure I would split profits with you as long as you can put money in my pocket. I would rather make $1 than spend $1. I am in a prime area, actually my neighbor is renting his house out for $2300/mo in a $400k neighborhood. He is living overseas in Europe somewhere and when he returns I think his plan is to kick out the renters and live back in there. I doubt he has a L/P working on it. House values in this neighborhood have gone up a whopping 23% in 4 years. It will continue to grow at that rate for a few years then crash, I can feel it! Anyways, we will be moving to the Tampa area in a month. Should I wait to start when I get down there or start doing it now?

Ok, my dad and I are thinking of REI in all aspects of its glory, and we are going to go in full bore without no stone unturned... Our plans are to get a real estate license for one. Main reason is to have access to realtor's coveted resources. Another is to still market properties and not pay commission fees. Or another option, is to get a broker's license and do both. Corner the market? Now, a business plan is in the works. Good things, dad has a lot of cash at his disposal and lots of time, so is that good? Yes, as long it isn't Bass Pro Shops or Circuit City(he spends a lot then gets in trouble with mom) Next thing is where to go from here. We have about 4 books on REI, some the author's need to go back to school and learn proper grammar, some are good. But ultimately the biggest question I have is and what the books do not tell you is... If you do a L/P or CA, how do you get the deed in your name off the bat and have the original owner still hold the mortgage? That to me, sounds illegal and impossible. Anyways, to give you guys some background on us. My dad a 30+ year project manager in the telecom industry, now currently umeployed do to IT screw ups and other things. Me, I am a network systems engineer that designs, architects, supports large computer infrastructure, along with web programming and databases as well. For us, we could have a leg up with our technology background, because we can use the Internet to our advantage, which I would suggest to everyone. We could design our own website with our properties listed or anyone elses'. Now, we can extend this to anyone, I still love to do the computer work and will continue to do so, so if any of you need a website or even an application to keep track of you properties and investments, let me know! So are we headed in the right direction?