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Andrew Ikeda

Back in the USA!

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Hey Everyone,

 

Ok, I've made it back to WA and it feels good to be back. But now the real challenge begins as I look for work to support my family while I get back into the r.e. thingy.

 

Was in Phoenix last week. Lot's of NEW 3/2 homes for sale for $60,000 in Queen Creek area (SE Phoenix area). I'm thinking of getting one or a few of these properties. They're way undervalued at the moment. You can check them out on: www.AZhomeonline.tv and look up or type in 'Queen Creek'.

 

More later. I hope to visit here more often but right now I'm really swamped.

 

Go get some deals done!

 

Wishing everyone the best!

 

Andrew

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Not sure but I think that is welcome back to the United States :rolleyes:

 

Welcome back Andrew! Instead of speanding time looking for a JOB how about Pacific North West Deals. I here there are alot of ex-Californians having touble selling their houses up there. ;)

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Not sure but I think that is welcome back to the United States :rolleyes:
True dat. You'd never make it in south Florida, Steve.

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Not sure but I think that is welcome back to the United States :wacko:
True dat. You'd never make it in south Florida, Steve.

 

 

Nor NW Alabama, as the hispanic folk have run

amok. ^_^

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amok
Oh yes 'amok.' Although commonly used in a colloquial and less-violent sense, the phrase is particularly associated from the Malausian culture to express a murderous frenzy. :wacko:

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amok
Oh yes 'amok.' Although commonly used in a colloquial and less-violent sense, the phrase is particularly associated from the Malausian culture to express a murderous frenzy. :wacko:

Interesting. I thought that was Canadian for, "I'm not interested in no stinkin' lease purchase!" Perhaps Doug can translate for us.

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Hey Thanks Guys!

 

Yea Steve, I don't like the job situation either. I'm looking into foreclosures.

 

Was listening to a webinar the other day and the investor (Jeff Adams? I think) made it simple:

 

1. Find a realtor to send you the latest REO's and Foreclosures on the MLS.

 

2. Buy the properties you want at the auction or courthouse

 

3. Fix, flip, L/O, rent to own, whatever

 

4. Tell and let the realtor sell the property as a pocket listing and let him make his 6% for giving you the listings from MLS.

 

That's it in a nutshell but I've got to do some more research on the nitty gritty - especially the financing and negotiating with the bankers.

 

I'll try to make it back here soon

 

Andrew

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These guys always make it sound so easy, Andrew. But in reality, like any worthwhile venture, it's a lot of work and, in the case of foreclosures, substantial risk.

For example, to purchase a property at the courthouse or at auction requires cash. So that's the first obstacle for most investors. Assuming you can come up with the necessary stash, you are buying the property as-is. And in some cases with no inspection. Then there is the cash overrun for repairs, requiring additional cash.

Finally, when all the repairs are made and the property is ready, you'll need to implement your exit strategy, not an easy task in today's market.

Rant over. . .

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you'll need to implement your exit strategy, not an easy task in today's market.
yea, a few things have changed since you were here last Andrew.

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Michael and Steve,

 

Thanks. Everything is well taken. I've been working this for the past month and like you said Michael, it is not easy and what it's cracked-up to be.

 

Financing is available but at the high interest rates (hard money), it will take a lot of effort to find an investor/buyer to sell the property to for the quick cash and to get out of the deal with some cash. At this point, I would need to do a double-closing and pay off the hard money lender(s). I don't mind leaving money on the table in order to generate some much needed cash. I'll gladly take a measly $3,000 as opposed to nothing. My research shows there are a lot of properties with $40,000+ equity. If I could get $10,000 and give the other $30,000 to the fixer-upper investor, I'll feel the mission has been accomplished. But again, I realize that getting an inspector out to the subject property can be a real pain and the owner/tennants can damage after the foreclosure sale. Not to mention closing costs and holding costs, etc, etc.

 

My wife and I attended a foreclosure auction here in Portland late last month. All the homes (about 55 of them) sold between 50 cents to 60 cents on the dollar and were all sold just inside of 3 hours. There was one home that had an FMV of $800,000+ that went for around $320,000. It was a very fun and educational experience.

 

We also went to a Donald Trump Wealth Building seminar last weekend and took a plunge and got his "Investor's Edge" software and 6 months of mentoring. The software is very cool. Can do comps, find pre-foreclosures and foreclosures in any part of the US. All sorts of cool things like FMV, the last sale date on the property and the price it was sold for, just to name a few. This and the mentoring are keeping us hopping. Oh yea, I pulled my credit score from www.myfico.com. Got scores of 757 and 766 so I'm very thrilled about that.

 

We have also put away $2,000 for investing in tax liens. At this time we are waiting for Maricopa & Pinal County in AZ. Maricopa for the CD ROM with the left over liens and an email from Pinal with a bidder #, user ID and password so we can buy online. Once we get the hang of that, we'll start looking at other states and areas.

 

Steve, I really would prefer to get full time into r.e. investing and not have to get a job but I'm forced to get a job for the time being. I accepted a position as an insurance sales agent with Sterling Life because even though it's commissions, I'll have flexibility in my schedule to work my r.e. business. Besides, Sterling focuses on senior citizens and help them get proper coverage and protection. I went on an appointment yesterday with the Field Supervisor and our potential client already had great coverage so we didn't sell a policy, but it really felt good to help people so I felt this was my calling for the time being. Senior's are pretty cool and easy to work with so I feel comfortable with doing this. They need an honest guy like me to keep them well protected and by the grace of God, I'm going to do it.

 

Enough rant for now. You all take care and keep working on those deals (I sure as heck am!) ;)

 

Andrew

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Bienvenido a los Estados Unidos!

 

Hmm... this sounds like Spanish. MC I thought you were Italian? What gives? :unsure:

You forgot. I live in south Florida, also known as Havana Norte.

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Bienvenido a los Estados Unidos!

 

Hmm... this sounds like Spanish. MC I thought you were Italian? What gives? :lol:

 

 

You forgot. I live in south Florida, also known as Havana Norte.

- Ok .... :unsure:

 

I re-read the post on foreclosures. Well, I bailed on that and decided to go with L/O's again for the reasons you stated in the above posts. Thanks for setting me straight again. I think I'm uber motivated or something like that! :blink:

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