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  3. Hi - I am looking for estimates on roofing replacement for a two story house located in Washington, D.C. The property is approximately 16 squares. Does anyone have any current cost estimates on this type of work? Thanks.
  4. Hey guys, I'm 19 years old, and I want to be a real estate investor. I have about $3000 in my bank account, and almost no knowledge, but I'm willing to work hard. Where do you guys suggest I even start?
  5. I can't cover the entire scope of what you need to do to successfully complete a "subject to" deal.However, I can tell you that banks do not typically call the loans due as long as the payments continue to be made on a timely basis.There's a lot of paperwork involved in making sure that you cover all aspects of the deed transfer and do it correctly so as to no give the bank any reason to call the loan.You should spend the money to buy someone's course on this topic.The course should include all the paperwork and step-by-step instructions.Here is one course that I found.https://www.creonline.com/catalog/c-286.htmlI can't vouch for this since I have not seen the material, but it's only $97 so it's not a huge loss if it's not up to par and there's a 60-day guaranteeBest of luck with this.
  6. Alan Chantker‍ thank you for the feedback. Since your post I have done a little research on writing an offer using the "subject to" method. My two biggest questions are: Does the mortgage company typically accelarate the loan in these instances (Bank of America) and if I have essentially agreed to take over the existing payments as "interest only" payments on my part, would I write the offer stating the current information from the existing mortgage, but include that when we pay off the home (anytime in the next 72 months) that we will pay off the existing loan in addition to the difference between the balance at that time and the agreed upon purchase price of $xxx,xxx?Again, thank you for any help/feedback you can provide.Tim
  7. If there's a mortgage in place, you will most likely want to do a deal "subject to" the existing mortgage.There are many places to find the details on how to do this type of deal.You just have to make sure that you complete all the correct paperwork.Search for "subject to" or "sub2"Good luck
  8. I am in the process of completing a deal that will involve owner financing. However, the owner has a mortgage on the home that we are hoping to have remain in place. Do any of you have experience with doing this type of deal, specifically in CA, but in general is appreciated as well. I am mostly concerned about having the existing mortgage become accelerated if I record the transaction. So I'm wondering the best way to avoid having that happen, and if any of you know if Bank of America typically does routine checks on whether or not homes they hold mortgages on have been sold or have a title recorded in a different name.Thanks for any help.Tim
  9. "Visit the neighborhood bar near the apartments and introduce yourself to the bar tender"What a great idea....the guy probably knows more than you even care to discuss. Just tip well to keep the good tips coming.
  10. Lawyers came up with the term due diligence which can often mean different things to different people. My friend Richard Montgomery, a veteran multihousing investor, came up with 9 great ideas many of you may not have thought of as due diligence in buying an apartment complex - so take a look at his post here and see what you think? My favorite is No. 9 - a real "out of the box" way to check out the tenants.
  11. John, A REIA has two functions... One function is for the members to become educated in how to Invest in Real Estate. The second function is for Investors to network, and either find deals or create their team. We teach that you need to build your team or partner with someone who has a team in place. Why? If you just started out, and you found your first potential deal then what is next? 1.Title Agent (or someone with the ability to run title). 2. I see it this way because I know how to generate leads, and work a market in my backyard. If your market is not local then I would suggest finding a trustworthy investor or RE agent to scout for leads in the area of your choice.If you are like me and working your own neighborhood, after a property is contracted (or even before) it is a good idea to run title. Make sure there is a clean title, and that the owner is who they say they are. You can find out other information such as existing loans on the house or if it is free and clear. Once you know the title info you can speak with the owner, verify the information (not by saying you already have it). If everything matches up you will be able to make a good offer, or if you have a contract then you will know if there maybe any upcoming issues or not.3. List the rest of your team in order of neccessity, and please explain how they will benefit your Real Estate Investment business?Next I would partner with the money man! Find a private lender, or if you are quick turning property then have a good hard money lender. (a good way to do this is the "haves and wants" at your local REIA meeting. If you plan on using a land trust then I suggest finding someone knowledgeable in land trusts... If this is your first deal then I would look for a good escrow agent. Once you have a clean title, and a contract then the only thing left is for you to put the money into escrow and purchase.After you own the property then it is a whole different ball of wax and totally depends on what you plan on doing with it, wholesaling, flipping, holding, etc.
  12. Thanks for posting this Josh! Is this something your REIA teaches or is this a personal method? Have you tried this yourself? If so, mind filling in the blanks (with some reasons behind them) for us to give us a good example?
  13. I think that this may help a lot of people starting out, or fill in the blanks for those who may not have their investing team in place...1. Who is the first person you would partner with, or hire for you to begin investing? (Other Investors, Agents, Title, Escrow, Etc.)2. Why is that person so key for you to begin your investment process?3. List the rest of your team in order of necessity, and please explain how they will benefit your Real Estate Investment business?4. Is there any other type of tips on building you want to add?
  14. There are several tools available for your use in locating deals. Some are free and others come with a minimal cost.1. Find a Real Estate Agent that understands what you want in a property If they are hungry for business they will find it for you. We purchased our first dozen properties with the same agent.2. If you are not a member of a local Real Estate Investors Association, Join one. Go to https://nationalreia.org/ and click on find a local group.3. Your local REIA has access to RealFlow a software search engine starting as low as $7.99 a month4. Once you find a property look into House Canary here on uniting investors and get an accurate evaluation of what it can be,If you don't have a local REIA go to www.ILREIA.com and join us to access phenomenal benefits of membership.
  15. Find properties in the "hidden market". The hidden market is properties with no for sale signs, no ads in the paper, not on the MLS or internet, and sometimes the owner does not even know his house is for sale until you ask. Look for distressed properties that look distressed with no pride of ownership. Find out who the owner is and contact them to see if they would sell it. You would be amazed at how many folks would sell if they are asked. I find estate properties, divorce situations, bankruptcy owners, folks that are behind on payments but the bank has not started foreclosure yet, I find 25-30 per week as I go out looking. Because you are the only one contacting them, you get better purchase prices.
  16. There are so many ways to find deals. Having a marketing plan with your message on how your services work is critical to your success. People want to do business with leaders and performers when dealing with Off Market Deals.You must market every day over multiple media channels to get leads to come to you. Google Adwords, Facebook Ads, Social Media, etc.However if you want to do mailings, going after Probates, Inherited Property Trust, Code Enforcement, Fire Damaged, Evictions, Seniors List.. are all GREAT.
  17. Here's an interesting blog post from the Investment Community of the Rockies (ICOR) about what they saw at a recent home show in Denver: So, Shipping Container Homes are a Thing
  18. George Skidis‍ Nice detailed answer! So many things to consider that don't at first pop into mind for the newbie investor. While I personally was wondering about the bathroom/plumbing situation, I hadn't even considered some of the points on power you made. Nice contribution!
  19. Duncan Wierman‍ is that Air BNB's are making super good cash flow or container home Air BNB's are making super good cash flow? Just curious.
  20. I would never sell it, as it would be a super cool AirBnbThese are making CRAZY GOOD Cash Flow
  21. Shipping Container Homes and Tiny Houses fall into what I refer to as a niche market. It might be fun for a while but I believe resale will be difficult unless the economy is oppressed by real estate taxes. Higher real estate taxes encourage us to think small again.Shipping container homes are just that, the cargo box off of a tractor trailer that has been tricked out to live in. You see shipping containers in many ports and railroad terminals around the country.It is an interesting lifestyle choice with kits starting around $24,000 and up to how much do you want to pay. The trick as you have learned is you need a place to park it.Cities with an occupancy inspection and that require building permits will not be good choices to locate your box. That leaves counties away from big cities. Big cities are where a huge portion of the population goes to work. Are you planning on commuting or retiring?Utilities are another issue.Water: Do you want to dig a well and have a septic system? Do you know how far apart to place your septic system from your fresh water well? Do you know that the type of soil and substrata impact those distances in dramatic ways?Power: Do you want electricity? How far are you willing to pay to have it run to your property? Are you considering solar? How do you feel about a propane tank in the back yard? Have you ever seen a BLEVE? BLEVE is an acronym for “Boiling Liquid Expanding Vapor Explosion”. BLEV-ee) is an explosion caused by the rupture of a vessel containing a pressurized liquid above its boiling point. If you are that far out in the country there might not be a volunteer fire department.It looks like you were caught flat footed and did not get that permission in writing. At the current time I cannot think of a municipality within 25 miles of Saint Louis that would permit this as it looks to much like a mobile home and they as well as the parks they stay in are being eradicated by the local municipalities whenever possible.However, I not only like the concept of a container home, but also manage a mobile home park. If you can get it approved by the county and the Illinois Department of Public Health I have a lot for you at $275.00 a month which includes water, sewer and trash. Only 15 minutes from downtown Saint Louis. The park retains the right of first right of refusal if you choose to sell it and move on. If the container home comes with a title you should find out if you can get it installed in a mobile home park.
  22. x post from r/real_estate: "Hi Folks, I just placed an order for my first shipping container home. It will be done in about 30 days but I just received some horrible news from a family member who had previously agreed to let me put it on his property. Long story short, he cant help me out and i need to figure out something to do with this container. Its 40ft container home that will come complete with pretty much everything i need for a nice place to live. What states/counties have friendly building codes for containers? How could i find cheap land in safe areas to place it on? Any and all suggestions and ideas are greatly appreciated." What would you advise this investor?
  23. Spring is a great time to make the exterior easier to maintain. While going green it is also a good time to prune out the bad noxious weeds and other times.1. Spray an eco friendly plant killer along fence lines and around houses.2. Practice the original crime free guidelines by pruning back trees and shrubs which block the street view of the dwelling and provide a place for thieves and criminals to hide.3. Make sure that exterior lighting is working and adequate.
  24. Spring is a popular time for tenants to move out of rental homes and the perfect time for owners to upgrade and refresh investment properties. Here are tips and techniques that will help you get your properties ready for the rest of the year: http://www.unitinginvestors.org/blogs/6/43
  25. Ballast Free LEDs to replace guts in a four foot florescent light fixture.We have a commercial building that is a mix of T-8 and T-12 Florescent light fixtures. Each bulb draws 40 watts. Each ballast draws a minimum of 25 watts. A four bulb 2 ballast light fixture draws a minimum of 210 watts when operating efficiently as they age that creeps up towards 250 watts. Additionally old ballasts give off lots of heat as well. T-8 ballasts don't last as long a T-12 ballast. We are in the process of converting our lights to ballast fee LED strips which draw 17 watts per bulb. Each LED bulb produces 1900 lumens so that two LED bulbs will replace 4 fluorescent bulbs. Example: Four (4 bulb & two ballast) T-12 Fluorescent light fixtures were drawing about 1000 watts when operating. They were gutted and rewired to Ballast free LEDs. Total operating draw is now 8 x 17watts or 136 watts.The existing light fixture has a line coming into it for power. We removed the 4 bulbs, the protective metal cover and two ballasts. We then hard wired the LED strip lights into the fixture, replaced the protective metal cover and turned on the light switch. Takes about 10 minutes per light. The lights lock into the old supports for the T-8 or T-12 bulbs but draw no power there. They are hard wired and the old support sockets are only holding the bulbs now.The LED strip lights cost $24.95 each and work great.Good Luck and Good Investing
  26. Check out the new blog from our friends at Home Depot: https://www.unitinginvestors.org/blogs/6/50Ever done something like the recommend? Or perhaps a different upgrade?
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