puls1234 0 Report post Posted May 3, 2004 I will most definitely be closing it at Perkins!!!! Pete Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted May 3, 2004 Nice one Pete! And like you said, if they don't buy you just do it all over again, or if you prefer you can just sell it for cash. Using your own financing to purchase properties certainly opens up opportunities, as does bringing in partners for that purpose. It sure hasn't hurt me any. Steve, my experience has been exactly the same with regard to LP'ed properties. Someone described it as "putting your rentals on autopilot" and that's been true for me. If they cash out, great. If they want to renew, great. If they leave, great! Share this post Link to post Share on other sites
Barry 0 Report post Posted May 3, 2004 Wow! Some really great post are showing up on this thread. I think it's great to keep an open mind about approaches to RE investing strategies. Circumstances will dictate whether a particular solution is the right one for a given scenario. Ideally, acquiring properties at a good discount is the way to go. Not only does it insure profits but it minimizes risk. If a property is acquired at 65% of the market value, and everything goes wrong with the deal, you can always recover by selling (even short) to recoup your investment. I also know that even in seller's markets, deals are found. The bottom line is motivated sellers are a product of personal circumstances (divorce,relocation,job loss etc) despite 'the market'. I guess my point is, that there are some exciting alternatives and variations to some of the more talked about acquisition strategies, and great ways to use them. Some will be better suited for investors who are in a position to absorb a loss if they run across a bad apple. I try not to lose sight of the fact that making money when you 'buy' is the ideal way to invest.....but I keep my tool kit open for when I can 'slay a dragon' some other way! Thanks for sharing the great ideas! Regards,BarrySellthehousefast.com Share this post Link to post Share on other sites
<Steve> 82 Report post Posted May 3, 2004 There are tons of people that want to learn and get into investing that have full time jobs and 700 plus credit scores. These people are your leverage as partners and your opportunities to reduce your liability and make money. Adam, I find this very interesting and I am thinking of how this can be applied. Are you suggesting that these partners are a way to obtain funds for investing? Or, these partners are wanting to become REI investors, and I show them the ropes of investing, and join with them in deals...or Hmmm? Thx <Steve> Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted May 3, 2004 Steve,These are normal guys and gals that want to have investments, but don't have the time or desire to become a "full time investor". (Like us) So yes, we work with them and use their money (Very small amounts) to get them deals that we can negotiate, assign or partner with them on. They take care of the financial obligations and we do the rest. It's a great way to do all sorts of investing without having to use your own money. I do not have students that I teach investing, that's something I'll leave to people with a lot more patience, like MC. Regards,Adam Share this post Link to post Share on other sites
mlantz7 0 Report post Posted May 3, 2004 Adam, Do you have any particular technique that you use to find these people? Or do you just talk with them as you meet them? Thanks, Mike Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted May 4, 2004 Mike,Most of these people call me from a referral from another investor. I sometimes meet them in person and see what their goals are, but as of late I am having them all meet for speaking engagements at a local Marriott. This way I can have them all in the same room at the same time. I then put on a presentation of several techniques and they can choose what interests them. Once they have seen what we have to offer and chose their interest, we then start working together one on one with our team. Some like sub tos, some like lease options and some just like to network and be a part of the whole. It's different with everyone.Regards,Adam Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted May 4, 2004 Pete,Cool stuff!!!Hey man, you're in the club! I put someone into a property last year that installed sprinkler systems too! SWEET!LOLVery cool stuff young Jedi,Adam Share this post Link to post Share on other sites
-Tony- 0 Report post Posted May 4, 2004 DougSounds like an interesting plan Tony. I wish there were houses around here available at 60% of market value that only needed $5k of work! We should close this on the 10th purchase 45k 5% down PITI <$350 appraised 69k before work should be around 90k after sell l/p 95k 3k option $725 a month 50%-75% (not sure yet) RC Here is the good part we should have maybe $1200 in the rehab paint, carpet, new bathroom (tub & surround, toilet sink and ceramic tile floor), new li-li-li vinal floor in the kitchen and ceramic tile in the sun room. we found a thrift store for home improvement. contractors drop off extra supplies from jobs or fixtures from rehabs. My partner lays tile like a pro, it like prozac for him. The guy down the street is a retired painter and painted the whole inside of the house for $150 (he is now part of our team) it should have cost 1k. He has his ear out in the hood for our next deal, which may be across the street (same size house minus the sun room). The owner just got out of rehab (don't ask a deal is a deal) and is in a situation we might be able to help with.....also another, the mom is going into a nursing home and the son lives next door and may need some cash for her bills Are goal is to sell it to the first people we put in there. BUT, if they don't I am not hurt if we do it again or just straight rent it Does anyone charge a pet rent Share this post Link to post Share on other sites
puls1234 0 Report post Posted May 4, 2004 Tony, I dont ask for a pet deposit. I separate myself from others and allow pets whereas most people wont allow pets. I always put "Pets OK!" in my ads because that makes me stand out for the better against my competition! Pete Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 4, 2004 What a great, inspiring and brainiac-like thread. Lots of good input and advice, opinions and experience being shared. I guess these cyber-boards really do have some value .Whoever started this thread gets an all expense paid trip to Ontario! Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted May 4, 2004 Michael, woohoo vacation time! Uh...hold on...oh damn! Ok, I'm about to place an ad in the paper to start (re)building my buyer list. Does anyone have some good ad suggestions? I'm thinking something like: "LEASE TO OWN! Stop renting, start owning. Townhomes, semis and houses. Low down, easy qualifying. Visit (website) or call xxx-xxxx." Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 4, 2004 Ok, I'm about to place an ad in the paper to start (re)building my buyer list. Does anyone have some good ad suggestions? I'm thinking something like: "LEASE TO OWN! Stop renting, start owning. Townhomes, semis and houses. Low down, easy qualifying. Visit (website) or call xxx-xxxx."Doug, I suggest you begin a new thread about this over in the Marketing forum. You'll get more feedback on this with a fresh start in the appropriate place. Share this post Link to post Share on other sites
