Posted by SM on March 06, 2006 at 13:18:10:
Tough, thanks for weighing in. Yes, I feel completely comfortable with my connection and her ability to lay down the groundwork. I of course would be willing to make trips over there to ensure all is well and that we’re completely on the same page.
While I agree with you in that gaining hands-on expertise is crucial, I am also against the wall since I’m in NYC and the market here vs. South FLA is night and day. I’m more heavily considering FLA because there are deals that are still easier to work with there, I would assume. Not to say that I’m not going to try and get my feet wet here in NYC as well, I certainly am, I’m simply also considering the South FLA market since properties can be much more inexpensive, AND because I have a solid contact there. Just exploring all my options.
So is first step having her seek out some properties, according to respective specifics?
NEWBIE with a connection- what to do? - Posted by SM
Posted by SM on March 06, 2006 at 09:57:51:
Hi All, I am what you might consider an infant in real estate investing. Have a quick question that I would love to have answered by some of you more seasoned investors. I live in NYC but have a great connection with a mortgage broker in South Florida who gets inside scoop on some good properties, foreclosures, etc. What would be the best way/s for me to capitalize on this connection? All your insight is greatly appreciated. THANKS!
Re: NEWBIE with a connection- what to do? - Posted by tough
Posted by tough on March 06, 2006 at 12:59:24:
What does your “great connection” consider to be a good deal? What do YOU consider to be a great deal? Hopefully you both are on the same page or disaster could result. Not saying it couldn’t be done, but doing investing at arm’s length like this could be riskly.
You first need to set the parameters of exactly what you are looking for and know the market you are buying into. If your connection can meet those parameters honestly so you can make intelligent decisions, you might stand a chance. Is your connection willing to provide you with written proof such as good comps, pics, details, etc. AND followup work such as working with contractors, property managers, etc.? If your connection is doing all the work involved in your investment beyond just selling you a good deal, they might want a cut in the profits in addition to the commission.
For a newbie, this is a tough approach and it could result in problems. Unless you can fly down to resolve problems/get things done, you might want to begin your investing more locally. Getting some hands on experience is invaluable.