Those books are garbage

I found this book eye-opening, inspiring, and an easy read without alot of "fluff" and fancy terms.

Everyone likes different things I guess. What makes the world fascinating.

I appreciate some of the info steve; im not going to put all my hard earned dead president pictures on just his word.

I have found in life, over and over, the more people discredit, mock, gossip, and player hate in general....the better youre doing in life. A saying I love..."Never get upset when people try to take bites out of your success, its the only success they will ever taste."

Those threads and websites are just negative. Look at a guy like Donald Trump. You can find tens of thousands of websites, threads, and people blasting this guy to smitherines. Ummmmm....yeeeeaaaaa....he owns half of New York City.

I'm not talking about its entertainment value

I'm talking about its lack of actually good Information

Any advice on following up with clients that look that came to see the place, seemed to like it, but didn't make an offer ?

Come in with condescending, sarcastic, and useless comments; now you want advice?

What comments were condescending
Ive been reading this thread since the beginning btw ....


Regardless didn't mean to be condescending about anything , I'm aware that I'm pretty clueless

S'all good. I got skin like an aligator....hell, for that matter...blood like one too. Lol.

Im real estate clueless as well...im currently curing that.

Good luck playa.

You can't convince anybody to buy a property they don't want.

Call everybody that saw it and ask if they liked it, simple as that. Most won't take your call/return your message and 99% of those that do will come up with some lame excuse instead of just saying they didn't like it or were never intending to buy. A lot will say the price is too high for them even if your place is priced right. For ex: you could have your place listed at $10 yet they say they'd buy it for $6, until you say yes to $6. Then the LOL's start.

Most people act interested out of courtesy.

But there is the chance some noob buyer in the 1% of viewers says they didn't like the color of the back bedroom. And didn't place an offer because of this. Slam dunk an offer to paint it magenta/chartreuse/copper whatever, to sell the place.

It's a numbers game. The wife makes the decision to buy the place before she gets out of the car, the husband just pays for it. She won't buy it if the place looks like crap from the outside, ie bad landscaping, bad exterior paint, drunk neighbors on their porch, etc.

You said New Orleans, condo, and that you are out of state. You never said how much your asking. This could be a pivotal piece of info in deciding if you should do this FSBO or just pay a realtor.

Any out of country (Canada in particular) property owners of US property have any advice on TIN's, LLLP's LLC's and C-Corp's. I want to know if you used a C-Corp or an LLLP and why. (ie your long term goal/ accounting costs etc)

I want to compare setups before I finalize on my RE investment in the USA.

Thanks

Well I already put it up for sale by owner and letting a friend live their for free and show it
Doing them a huge favor , an will save me 3 or maybe even 6%

Place is prolly worth 189
I got it listed at 199


Thanks a lot for your insight/tips
Any more keep them coming

List it around 189k if thats the market. Overpriced listings languish.

Decide best you can if your friend cares more about selling the place for you than giving up his cheap crib.

Chances are he could really care less about you, human nature sucks sometimes. Get him out, get the place scrubbed clean, list it at the right price. Find some smokeshow to open the door on Sundays. Cash the check.

Different friend than I talked about earlier in the thread
But anyway I'm 100% she's trying hard to sell it and keeps it absurdly clean

List price is fair advice
The place is really unique tho and u can't get anything like it in area ... So i figured if I get a couple people really wanting it they might "overpay" place is tough to standardize its value

What do you mean by "really unique?" Sometimes that's a bad thing.

Guess really unique was strong
But it's 786 sq ft (small)
But a huge very nice looking brick winding stair case up 2 second floor

The staircase does not count as square feet, making the place bigger than it is on paper
Also the second floor is pretty nice for such a small place

Got ~189 based on price per square foot estimate based on comparables
Very few comparables tho

New topic -- How concerned are you about things like lead-based paint? If you know it's present on a property but the cash flow pencils out do you go ahead and buy, or is potential liability a concern? Or do you factor in costs for full removal?

Same question about asbestos.

At least in Nebraska if it's an investment property and the home is older than 1978 you are going to need a lead certified painter to do the scraping/removal.

If that isn't done and someone later gets sick I think it would be a slam dunk for them litigation-wise.

I have recently went to work for my fathers contracting company while I finish school. He is an electrical contractor with connections to all things that come with developing. I have an interest in getting involved in real estate development as I feel like there is money to be made in my area. It is filled with lower income housing currently but the city itself is growing. I am basically looking for any tips to get started. I have the labor and material resources but lack currently in the financial position of purchasing houses. I am 22 with $0 debt to my name and a little bit of savings. I am not sure if I will be able to get any loans to get started but I do have a relationship with a small local bank.

Any tips that could help me get started with be greatly appreciated. Sorry if this is broad I will try and answer any questions you might have to assist me.

Ok...this has gotten out of hand now. To all the gossipers of Tmp Bay. Seriously...every single minute youre "involved" in my life (following where I go on the internet, gossiping, talking about the quantity of booze I consume, things I say and write, places I go, crazy **** I do, etc.) youre completely wasting the beautiful gift of life youve been given. Do you peeps realize that?

People of the bay, please listen to me. Let me shine some humility and sanity in a fast paced, insane world of TV and shallowness. You know what the average number of days a human being gets to live on this beautiful planet? Most people dont know. Roughly 25,000 days. Thats it. Period. And most of those days are spent growing up, growing old, or surviving. 25K...dead. You get 25,000 days to live....IF YOURE LUCKY! 29,000 people PER DAY die of starvation. 6 million children under the age of 5 will die horrible deaths EVERY SINGLE YEAR. We live in an extremely merciless, hostile Universe that is indifferent. (FYI, theres an object coming by 2036 that has a 1:25,000 chance of hitting Earth...oh....and its twice the size of the object that killed all the dinosaurs.) We live on the thinest, razors edge of a 4-1/2 billion year old, cooling planet (also indifferent to **** sapiens) with shifting tuetonic plates which create Earthquakes, hurricanes, tsunimis, tornadoes, etc. The Earth can in theory swallow us up at any second. Remeber the Tsunimi that hit Sri Lanka in 2004? 1/4 of a million people...dead in an instant. ANY SECOND, and us as a species are extinct. Oh, and 99.999% of every species that ever populated this planet, orbiting a very small star, in this puny galaxy, is already extinct. Gone. Shadows and dust. Nothing but a memory. Im not even going to get into disease, car accidents, cancer, accidents, war, etc. read on.....

Life is so fragile and a wonderful gift not to be wasted!!! Your life is short! Every breath you take, youre lucky to take it. Life is meant to be lived. We are so lucky to live in this modern society in 2012. We can be, do, and say pretty much what we want. The only limit to our potential is our imagination. Mastery level Information on any subject is 2 clicks away. We can travel to the other side of the planet in less than 24 hours. Every second is a gift none of us deserve. Every single second you people spend gossiping about me is a minute off your 25,000! What are you DOING! Stop ****ing worrying about what im doing/going/being/thinking/saying. Its VERY disrespectful and has reached such epic level proportions you would think I have my own ****ing reality TV show. Lol. Im a private person who highly values his privacy. Live your life and stop worrying about mine! For crying out loud people...get a clue. Your mothers carried you around for nine months and painfully gave birth to you (at a risk of her life, BTW). Take that chance, embrace life, take all your bills and throw them in the toliet and poop on them! Stop buying **** you dont need to impress people you dont care about! Have some Yagermeister! Piss someone off whos an ******* and love doing it!! Go Swimming! Naked! Be naked all the time! Dude, wash your car in the middle of Dale Mabry naked. Be naked, eat hot pockets, and watch Comedy Central. Dont ever watch the news or read the newspaper...ever. They dont tell good, inspiring stories; just negative horse**** and sadness....because that makes more money.

Some one I highly admire and just really love is Bruce Lee. Heres what this amazing man who died too soon had to say: “I’m not in this world to live up to your expectations and you’re not in this world to live up to mine.” - Lee

Oh and to the ladies specifically. For the record. For the ****ing love of everything ****ing alive, if you find me so damn amusing, interesting, fascinating, annoying, cool, bad, smart, whatever, etc. to gossip about so ****ing much..hmmm...heres an idea...Come talk to me for crying out loud! If you think talking about me is so entertaining, you should try talking to me one on one, in private. Give me your phone number for christs sake! Come tell me im ugly and that you loved my performance in the Lord of the Rings! Come try and steal my wallet when im drunk. lol. I can pretty much guarantee I want to meet you waaaay more than you think. Im not shy or guilty about manhood and fully embrace it with ZERO guilt and apologies. I love women and I really love...well...im heterosexual...you know...poems. Lmao! Stop talking and start doing girls....25K ladies...25K. And if youre too chicken to do, at least be adult enough to stop talking about me 24/7/365. Really, at the end of the day ladies, ultra-high levels of gossip is wicked immature and utterly annoying for every party involved. Grow up please. Women are fantastic and need love, little girls need babysitters.

Im off to live my life....good luck TB.

wat?

This should be copied, framed, and shown to kids all over as to why you shouldn't do drugs.

Real estate has been a tough business.

Questions from a noob.

I invested in a property about a year and a half ago. My brother is upset because he thinks the property valuation was set too high. He thinks I should sue for fraudulent inducement and is really putting a damper on my overall outlook on the situation. I feel like the area is expanding/growing/improving and even if he is right at the moment it could still be a good investment overall.

I have had to deal with getting new tenants 3 times already. I have an agent who has helped me efficiently and quickly both times when I needed a new renter. But this past time he said the demand for renters was low and i had to drop my price to below my mortgage payment - about 125$ less per month. A cover I can cover, but reluctantly. Also having to pay strata fees and property tax, Im looking at a "cost/loss" from pocket of about $6000 per year. Not good. When my previous tenant paid me more than the mortgage I only had to cover the $3000 yearly property tax. Much more manageable.

I guess my main question is this: does this drop in demand and price for finding tenants equate to a reduced overall property value in the area? Is this a bad time to sell?

Also, what is the procedure for selling a property that I am still paying a mortgage on? Does the prospective buyer pay me in full and then create their own separate mortgage - and I pay off the remainder on mine?

Thanks for help/info.

you shouldn't be paying anything on top of the mortgage/insurance/taxes on a rental property. And that's not including that you should be factoring in future repairs on the property and adding a prorated amount of that to each months rent. Sounds like a bad investment property from the start.

the guys i know in low income housing are in big as in 100 plus units, there is a lot of red tape, the government is invloved with the checks (actually that is the good part) but the property managment is a PIA. they all have enough units to pay a management company to run the facility for them. typical fee is 10% but with enough units you can negotiate that down.

Buy / hold rental units in solid neighborhoods are not sexy but they will produce big returns over time and are about as safe of an investment as you can get. it will be 5 to 10 yrs before you see any real cash out of them but long term they are huge winners.

your probably going to need to find an investor / partner. right now banks are going to require at least 20% down and may go as high as 30%. it doesn't matter what the market value is vs sale price they want / require you to have skin in the game. the days 0 down and buying distressed for under market value with no money down are to the best of my knowledge over - at least for now.