so this is darrell.This is Steve again and I would like to talk with you about my situation. I sold my home of 10 years and have about 300k to invest.I am moving to Tennassee to do this.my plan is to find property at below market to rent,duplex and single family with potentiel of a second unit.Owner financed.I want to use the cash i have to make my positive cash flow at 500$ a mo after expensis. then after aquiring about 2000 per mo buying a home for me.using the $ to pay my morgage. My question is do you think this is the best way for me to have both income property and a home.{note} I do not make but about 15$ per hr at a regular job. But am a great handyman. I am looking for a Mentor that will not charge, me only to teach and give ,to pass on to another.Thank you Darrell. that is also my fathers name Steve
Posted by Darryl Brown on March 26, 2006 at 16:51:06:
I live in the LA area. I would like to start flipping properties, but where do I go the find end investors? I am going to the Donald Trump RE Expo in LA in the first week in April. Maybe I will find one there. ONe Question, how high should the LTV be in these cases? Also, how much should I put down to hold the prop.?
Darryl,
I flew from the east coast to Texas to go to The Learning Annex Expo that you are planning on attending in April. What a waste of money and time! The main hall was nothing but infomercial teasers from some reputable and some very unreputable speakers. Do a search on some of the speakers on the archives, especially Russ Whitney. All of the speakers had plants in the audience to get mass mentality of buy it quick before the opportunity is up. We are talking programs in the thousands. The smaller halls where some actual education may be going on were so crowded you could not get in even with the so-called $500 VIP pass I had purchased. There was a “convention” floor filled with scams, one in particular I actually researched it was a spec home program in FL, granted the numbers looked good but when I called local realtors the market was so flooded that houses were sitting and having to sell under value. Then to top it off they had Hooters styled girls and guys that were the “fun gang” or something like that who were suppose to be information individuals they didn’t even have a clue what LTV meant.
What I am trying to say is: Darryl the program you are investing time and money to go to is a waste of time and money. It would serve you better to save both your time and money and work this site till your eyes cross, (cause I can promise you at “the expo” the cost are 10 times more for garbage sweetened with bling.)
A few suggestions:
Read every Article and success story on the site
Go through each post site and read the post and replies
For a more in-depth and pointed education purchase Flipping Properties: How to Generate Fast Profits in Real Estate by William Bronchick, J.D. and Robert Dahlstrom, MBA. Rea (I have not reviewed the course, but I have reviewed the reviews and I have purchased it I will begin the moment it hits my door.)
Consider going to the CREOnline convention. The speakers are knowledgeable and reputable and are not allowed to use 2 hours to infomercial you, but rather to give you real usable information not teasers. Also they have various discussion groups and forums that when observed and listened to will give you real knowledge as well. Robert Shemin and Dwan Tyfford are at both conventions, however at CREOnline I believe you will get more information out of them, and they have more time and a different set of rules. What drew me to the Learning Annex expo was some of the more reputable speakers listed, but I was very disappointed in what I received from them out there.
Beware of The Learning Annex Expo, it is a tank full of sharks just waiting for a guppy to jump in. You will be told to pursue REI without their ?mentor? program you are a fool, for the bargin or $5000 you can be taught by millionaires. Please PASS and spend you $ on real education and your first deal. You are free to email me with any questions you may have. No I am not a ?big? player, yes I have made some mistakes (ouch), yup I am still learning. But I hope to save you some $ and frustration. If you go, be pressured to buy NOTHING, really the ?deal? on the program will come back around and you need to crawl a bit before you try to run. If you cannot go to the CREOnline convention consider a budget for education and get one course and/or book, digest it then get another. Set an education time limit as well say to yourself, ?ok, I am going to educate myself for 1 month and $500 before I step into the REI world?.
Just my experience: The Learning Annex Expo = Buyer Beware, very very Beware.
Thanks for the warning Mary. I have free tickets, but I am going to go and I will be on the look out. I think I am going to like the Hooter’s girls, but that’s a different story.
Anyway, if I do start in California, with its different RE laws, who are the serious end-buyers and where do I find them? I have searched the net and found some I would like to talk. I have gone to the Library, I study different sites, and now I am looking for end buyers. I know about the 5 days wait peiod for CALI sellers. But, as far as a short sale, who would I talk to the Lender or the Trustee about taking a discount on a TD? I guess the important thing is who would it hurt more in a full foreclosure, the Lender or the Trustee? I have more questions.