Posted by Joseph Madera on October 22, 2000 at 13:38:02:
Thanx for the advice.I’ll read what you said.You said to email the more seaesoned investors on this site.Who mare they and how do i do that?
Mentors - Posted by Joseph Madera
Posted by Joseph Madera on October 19, 2000 at 16:51:23:
I’m looking for successful investors out there who are willing to give me their phone number so that when I have a problem with my deals or other real estate questions I can call up and ask that person.Email is good but person to person is better.Currently I have no money to offer these individuals. Hopefully some good samaritans out there.Of course I could offer some money from successful deals.I hope someone can help.The only way a newbie can truly learn is for this type of help.Otherwise we will stumbling in the dark for years.If that person doesn’t want their phone # posted so that everyone can see email me at bolivarjm@cs.com Oh by the way I have the MCI 5cent plan.
Thanx
Re: Mentors - Am I missing something? - Posted by Terry Vaughan
Posted by Terry Vaughan on October 19, 2000 at 17:21:53:
Joseph:
Every day, more than 6,000 people come to this site! Many thousands of them come just to see the discussions here on this news group.
Even without a phone call, they are willing to answer your questions and help you with your deal!
All you have to do is ASK! Post your question and stand back. That results can be amazing!
Many of the “success stories” (see link at left) say that very thing. They were helped by people answering right here on this news group.
Keep in mind, this is a “discussion” forum, not a "posting board.
Re: Mentors - Am I missing something? - Posted by Joseph Madera
Posted by Joseph Madera on October 19, 2000 at 17:39:15:
Hi I understand but when your in the thick of things and at that very moment it would be nice if there was someone I could call and be assisted with info.It is sort of like the apprentice learning the trade from the carpenter ,plumber,etc.I wish there was someone locally I could ride around with so that I could learn from them.I’m not asking that much because in Miami most people could care less if you drop dead in the street
Re: Mentors - Am I missing something? - Posted by Ann
Posted by Ann on October 19, 2000 at 21:47:04:
I have a few ideas. I used to live in Miami,and used some tax record access programs there for comps and general research. I don’t know if the same ones are around, but I’m sure many more are.
I learned a few things from using the programs. I can share with you. The one I had was great, and inexpensive, and I could do a lot of searches. This
was some years ago, and there must me MUCH more competition, so even better, cheaper programs now.
I may be visiting the area in the next 4-6 months, and also would like
some current information.
Otherwise,I have some articles that are not in the archives.
What I have learned from reading this board, is that
in beginning, what is needed is to understand who the
people are who are involved in the transaction–not just the parties, but the ancillary people who’s time you do not want to waste , because they will appreciate it if you dont’ and be more likely to do business with you next time.: the title company, atty’s
loan officers if any; realtors, and how do THEY get paid and when …and if when, who of them is willing to
wait or can wait, to get paid, or why could they would they even want to
It would be about this: how does your deal make money
for you, forhte seller, the buyer, whew! then what else…what is in it for all the other people.
I don’t know the answer, but at least I know the question, and that is what I gained from reading this board, and from courses
.
It’s about getting everyone paid for their time, or,
geting them future references or business.
I think that is the most difficult thing to understand
in learning any business: who are the people, what do the do, what are their legal responsibilities, and when do they get paid.
This is generic, and I don’t know answers to all the
above, but I believe it applies to any business.
I think I shoud credit my “generic” opinion to Ed
Garcia from what I have absorbed from his posts and articles. If you read all the posts about realtor, lender, pros and cons, you can get some idea about where and how people make money, if you, like I, come in with
no business knowlege of real estate. Buying and selling your own home doesnt give you any idea of how the other people involved get paid. or how they operate their business, who their main customers are, who they have to ultimatly “please” to get paid or stay in business. What is their usual commision, where do they get referrals, what’s in it for them?
It would be the same as the advice given for understanding the seller. Understand how the other
people get paid, too.
So that “win/win/win” scenario is not just about the
seller, you the middleman/ and the buyer, it’s also about the lender, the appraiser, realtor, rehabber,
etc.
This is why I post questions that I don’t know the answer to, such as how does one handle draws, or partial payments on ongoing construction.
I dont’ know how contracts are made for that So I ask.
It is a part of business that I am totally unfamiliar
with.
It’s like that joke, soemone says to a newly-signed
actor, “Of course I’ll take my agent fee–the usual
20%”. Well, no, it’s 10%, or something. But when you are new, you know. what “customary” is, or what custom is.
So, I used to think “win/win/win” was you, the buyer,
the seller.
Then, it gradually became clear that it had to include
all the other people involved.
I could, of course, get more courses, tapes, and CD’s but I’m waiting for
the skin patch version . That old idea about putting the book under the pillow just doesn’t cut it anymore.
Feel free to email me.
Ann
Re: Mentors - Am I missing something? - Posted by Jim IL
Posted by Jim IL on October 19, 2000 at 18:06:26:
Joseph,
To find a mentor to “Ride around with” and call at the drop of a hat, you are better off joining your local investors club.
You will find local people who know your market and may be more willing to work deals with you because they can SEE what you are doing.
As for here, as J.P. said, just post and stand back.
You will get the answers you need, sometimes in a matter of hours.
And frankly, if you are looking for someone to answer your questions as you get into a deal, someone who has the time to drop everything and answer you is probably not who you want anyway.
The best investors are too busy to help you like that.
Besides, posting here is FREE.
This site walked me thru my first few deals, and I STILL gain knowledge and experience just by reading/posting here.
Happy investing,
Jim IL
Re: Mentors - Am I missing something? - Posted by JohnBoy
Posted by JohnBoy on October 19, 2000 at 18:04:59:
Before you just venture out and get yourself into the thick of things, you’re going to have to spend some time educating yourself first. What would you do if you couldn’t get a hold of your mentor if you were able to find one to work with you if you found yourself in the thick of things at that moment? That’s what makes this site so great! You don’t have to just depend on ONE person to be around at that moment when you need them most. You can come right here and post it and get help from many people and probably quicker!
With 6,000 people visiting this site every day, you get the brain power of 6,000 potential posters vs. just ONE person!
You can also join a local real estate investment club in your area. You may even find someone there willing to let you tag along with them from time to time and take you under their wing.
Meanwhile you need to work on educating yourself and just get out there and hit the streets. That’s where you will learn a lot and be able to make things happen. The more you get out there and just talk with people the more you’ll learn and be able to figure out how to solve other peoples problems and make deals work for you. You just got to go out there and do it!
Re: Mentors - Am I missing something? - Posted by Joseph Madera
Posted by Joseph Madera on October 22, 2000 at 13:26:15:
Hi Ann,
This is Joe.I am confused.Can you explain what programs can I use to determine appraised value .You said you used to live in Miami and that there were cheaper programs available.What you said is important because determining value is necessary to structure deals.Thanx
Re: Mentors - Am I missing something? - Posted by Joseph Madera
Posted by Joseph Madera on October 20, 2000 at 21:19:54:
Hi Ann since you used to live in Miami what do you suggest I do.You said somethinf about tax records.Can you explain what I can do to make money in Miami?
Re: Mentors - Am I missing something? - Posted by Joseph Madera
Posted by Joseph Madera on October 20, 2000 at 21:28:32:
Hi, I have educated myself with plenty of books but there seems to be two problems.One those book are general and alot of that stuff is inapplicable locally.Two, there seems to be something that makes deals work and I cant put a handle on it. I think that is ehat keeps alot of newbies stuck from ever ding anything or going in circles for years.It aint motivation or drive because my latino blood has plenty of it.I dont know what it is but I haven’t been able to make adime off of this in years.Maybe it s my age.At 18 I wasnt ready even though I had Sheets and Vu courses but now at 27 years old I am hungry to be independent and free.Thanx
Re: Mentors - Am I missing something? - Posted by Alan
Posted by Alan on October 19, 2000 at 23:55:41:
This site is wonderful. If it were not for creonline and the support I had with my questions, I would have given up a long time ago. Ask anything here, and you will get the help.
Alan
Re: Mentors - Am I missing something? - Posted by Ann
Posted by Ann on October 21, 2000 at 17:49:27:
Joseph,
Have you gone to your local REI clubs (see left hand yellow column to find one in your ares-thre are several) between Dade and South Broward.
Seems you are saying you want to wholesale flip.
Someone has posted on another thread about some Title
Companies in FL not wanting to do assignment of contract-similar to flip. You need to line up a title company.
As to the “tax rolls” I was referring to a program I used to have that gave the sales info as part of the
tax roll, because the county set it up that way.
This made it possible to find out a lot of information, because more of it was ON the tax rolls
on the computer, as opposed to where I now live, where
very very little info is given.
This doesn’t mean that everything on the tax rolls is
accurate, Many people make additions that won’t show up.
Also, as someone else has posted, you would also then need to know the area approximate ratio of assesment to
appraisal.
I was able for example to do my own comps to a certain
extent for example, if a realtor said that a certain
condo was a real bargain because it sold 3-4 yrs ago for $180K, but the owner “only wants” $80K, I was able
to look it up and find out that the whole building had
gone down proportionately, and all the same-floor
condos were selling for similar, and I could look at
individual units, not just take his word for it.
As I said, I just imagine that there are many programs
such as the one I had, that are competitive. Dade County has been online for about 15 years; the county
where I currently live in another state just got on this year.
It sounds like you are saying you want to flip it to rehabbers but need to know what they will pay for it,
based on repairs. I can’t help you locally. It’s a real
different market there.
You can get an option on the property you are interested in, and have enough time in the contract for
an inspection, and if it is not going to be a good deal based on the cost of repair, then you are out, and you have learned. You are not obligated to exercise your option.
Is the realtor your’s or the seller’s?
Ann
Re: Mentors - Am I missing something? - Posted by JohnBoy
Posted by JohnBoy on October 21, 2000 at 23:04:56:
I agree that most of the books out there are only general in getting the information on HOW to actually do deals. That is why you NEED to invest a few hundred in buying a course that specifically goes into details on HOW to do it and provide you with the contracts needed to do these. You could use an attorney for the contracts, but why not get them with the course and get the HOW TO info along with it. That’s like getting the info for FREE when you would pay the same cost for an attorney to draw up a contract for anyway.
What stuff in those books aren’t applicable locally? Give some examples of what you’re referring too?
It’s probably not that the stuff is inapplicable locally, it’s probably more that you just don’t understand it enough on HOW to apply it properly to make it work or how to structure a deal to get around it to accomplish the same thing.
Re: Mentors - Am I missing something? - Posted by Stew (NE)
Posted by Stew (NE) on October 20, 2000 at 21:57:26:
I just have a few questions and comments:
-
Since you said that some of the stuff in the book isn’t applicable locally, How do you know that?
Because in that process you would have found out what was applicable locally. However, you didnt? For example, I read a book on tax liens. The action step was to go to the local auction. Guess what it wasn’t like in the book it was easier and better. Advice 1: Have an action step after each book you read. -
The something that make deals work is in between your two ears, period. No offense, but latino blood is just like the rest of ours. Beside, you can go a hundred miles an hour but if you don’t know where you are going…
-
Tell some of the wise people here like JPiper the details of your last deal and how it fell apart. Who were the players? Did you know how to get out of the deal? I remember when I was struggling in corporate america as a project manager. I had a great boss who use to say, Don’t know what you don’t know. For example, A deal I am working on now I found a foreclosure that has been vacant a year. After talking with the neighbors, I was convinced that I would never find the owners. So I wasted a week until I remembered, “Don’t know what you don’t know”. I used the site www.theultimates.com and found a number for the person and low and behold I am in negotiations right now.
-
Read Rich Dad, Poor Dad.
-
Follow this site for a while and you will know who the veterans are. I had a deal and I sent an e-mail to Jpiper and he responded within 48 hours. But remember a mentor doesn’t tell you what to do, they only give you guildlines and a emotional free perspective.
-
Tell us about the mistakes you have made. Until you have a specific deal with a specific problem you will get general advice for your questions. For example, If you ask which is better a Land Contract or a Lease Purchase? You will get a lot of general advice.
If you ask, I have a house that I want to SELL on a lease purchase or a land contract? You will get a much better answer for your situation.
Good Luck
Re: Mentors - Am I missing something? - Posted by Joseph Madera
Posted by Joseph Madera on October 21, 2000 at 07:49:21:
Okay I got your point. Thats what I like straight to the point advice.I dont care if it is offensive as long as it helps me make money in this game.A problem that I have had for the longest.I am going to see a property that is appraised at 200K and selling for 150k.The realtor is a nice guy and says to offer around 125.It needs repairs.How do determine these repairs? What offer do I do? I want a quick profit.What do I do?
Re: Mentors - Am I missing something? - Posted by Stew (NE)
Posted by Stew (NE) on October 21, 2000 at 19:18:44:
I really tried not to be offensive, but it is good that you are not easily offended. In this game that helps a lot. People will offend you.
Well I will give you my opinion and then point you to articles on this site from much better investors than I
Opinion: Appraised value doesn’t mean a whole lot
Read How To Determine
Market Value
by J.P. Vaughan in the How to articles of this site
Opinion: The realtor is a nice guy and says to offer 125. This would be a Red Flag for me. If this is the selling realtor, I would asked the realtor for comps in the area. Probably just call up another company to get that information.
How to determine repairs?
Opinion: Go look at the house with someone who knows how to determine repairs. I’ve done it twice. It just takes me putting my manly ego aside and letting someone tell me what they think. Note: If the person only finds problems and doesn’t have any solutions, find another person.
Also, make sure that you can find a contractor that can do the work within your timeframe. I ran in to a problem where the guy I wanted to paint the house was locked up for two months
Read: Get The Property for Less:
The Contractor Factor in the How to articles by Joe Kaiser
I want a quick profit.
Don’t we all. Run the numbers. Ed Garcia has a great technique and article where you backward from what you think you can sell it at to get to the asking price. I did it and showed it to my “nice” realtor who thought he was giving me a bargain. My number was 30K below his bargain and I almost got the house. This lady who had been living in the house for 30 years with nine cats who urinated on everything, decided to give the house to a young couple who would “care” for her “stinking” house instead of the greedy investor, for the same price. I chuckle when the realtor told me that and said “Next”.
Look around in the articles I know that it’s there, I just can’t find it.
Good Luck.