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NOOB real estate investor looking for partner

Discussion in 'General' started by redciv1, Mar 29, 2007.

  1. redciv1

    redciv1 Well-Known Member

    My wife and I have set-up a real estate investment company and are having trouble getting the first properties. My wife is really handling everything until the business takes off and I can come home and help. We are looking at rentals and would like to do some rehabs(market not really good right now.) Would like to get into single as well as small apartments, maybe 6-14 units, to start initially. My wife was let go from her company last year, one week before Thanksgiving. She knows that this is her "calling" so we set-up her a home office and she has been setting up the company, website www.kingdompartnersga.com and such since November. Now it seems that she is "stuck" and needs help. So I am reaching out for help . Thanks for viewing. Besides once the business takes off I can race, yes more incentive for me to help.:D
     
    Last edited: Mar 29, 2007
  2. Spicoli

    Spicoli Cannoli Owned

    Uh, where are you located? My neighbor does that kind of stuff, if you're in northwest Atlanta, I can forward your info to him.
     
  3. redciv1

    redciv1 Well-Known Member

    I'm sorry, it would have been nice to put that small piece of information:rolleyes: . Covington, GA.
     
  4. At what point is she stuck at? I am also looking to this because I have enjoyed rebuilding my foreclosure home that I bought and live in. BTW I bought my foreclosure before all the shows started airing on the tele so NOO I'm not expecting $50k returns LMAO. Atleast not on every buy/resell. The point that I was stuck on was when I started contacting banks about purchasing investment property. They want more money down on your first investment home...if I remember right it was like 20%, and have the income to pay for both mortgages if it didn't sell right away. I'm not sure how it works out if you were to actually setup a business though and approach a bank from that standpoint. I haven't made that jump yet but rather working on some of the other aspects. I know it helps (this is what I've been working on) is to find people you know or friend of a friend that does work like:Plumbing, Painting, Roofing, Drywall work, Landscaping, Electrical. They are more likely to give a better qouted price for rebuilding, and also can work you into to their schedules better.
     
  5. Kris87

    Kris87 Friendly Smartass

    yeah, where's she "stuck"? i'd assume its with money. :D
     
  6. redciv1

    redciv1 Well-Known Member

    Thanks for the responses. What I mean by "stuck" is that because it is a business she has no credit score or worse, no D & B score. So she applied for store credit to Staples, Office Depot and others to build up credit. You know buy something and then pay it off. This is good however the IRS sent a different EIN than what she was putting on the applications. So she had to contact all of the creditors and D & B to let them know of the change. So right now it seems like the only way to get a foot in is to either get a pre-forclosure and do a Subject-To or partner up with someone that doesn't mine sharing profits.
     
  7. Something else she could do for credit too, is to apply for a Home Depot CC and buy stuff for your home here and there. The thing with credit score though is...they don't want to see you charge something and pay it off the first payment. So tell her to drag out payments for several months if she can (depends on the amount of course), the banks want to see that she can make payments, and on time. I have thought about ordering up some of the software and speeches from investment guru's to see what I could pick up from them. I think there are easier ways to get the money for investment properties but you have to get the inside ways of doing so.
     
  8. Spicoli

    Spicoli Cannoli Owned

    My neighbor has been to a bunch of those seminars. Some of them are a few thousand $$ just to attend!!
     
  9. redciv1

    redciv1 Well-Known Member

    True MCR. Home Depot is the biggie that she is waiting on right now. I will double check with her but I believe HD is one of those companies that check D & B to see the worthiness. Speaking of the programs we actually were able to snag one off of EBAY from David Lindhl. She went to the big EXPO last month and they were selling the program for about $899. We were able to get it at a very good, low price.
     
  10. redciv1

    redciv1 Well-Known Member

    True Spicoli. Kinda like a catch 22 situation. With only one income coming in it makes it difficult to send her to a $1500 bootcamp.
     
  11. Ahh she went to the one with Trump? I wanted to go to that expo as well. Did she get anything good out of it? Like they say...you have to spend money to make money!:up: I'm trying to a lot of the leg work...my little brother and his wife (soon to be baby boy, my first nephew) are planning on moving up from St. Pete where she is a realtor...which she will transfer to the local office in Canton. So I'm hoping to do something together with them where the 4 of us could be employeed together each person having their own area of responsibility. If nothing comes out of that as a merger I will still have a realtor to give me the 411 on whats opening up on the foreclosure lists.
     
    Last edited: Mar 29, 2007
  12. Mongo

    Mongo Administrator

    Sorry but I think those are a ripoff. If those guys were all that they'd be doing the main business not selling tapes.

    That and what are they going to teach you that you can't find out on the internet or isn't just common sense? You'd be better spending the cash on an accounting or marketing course at a local college.
     
  13. Spicoli

    Spicoli Cannoli Owned

    The one that my neighbor went to dealt with the tax side of the business, and showed ways of structuring deals to reduce tax liabilities, and also new types of structured deals to reduce initial cash investments in properties to be flipped. For the most part, I agree that a lot of those seminars are crap, but the ones he's been going to were more the above mentioned stuff that genuinely helped him with his business. They weren't the "pump you up with a bunch of crap talk" schemes. Also the seminars my buddy went to didn't give him any tapes, just several 2-3" thick binders full of documentation. :D

    I remember I had a roommate my first year of college that watched several of those infomercials that would come on at 2 in the morning, and actually ordered one. To this day he has still never lived that one down. :D
     
  14. Most of these guys are and have already made it big in the property/realestate market. Now they are just sharing some of their steps in the process. Put them in comparison to say a Kevin Swantz school, or something like that...they are someone who has been there done that and now someone else runs their company for them and they have found a reason to make more revenue by traveling to big cities selling books and tapes. Seems like a good idea to me! Usually, there are a bunch of things given away there as well. True a lot of stuff can be found on the net, but they cut the time down by telling you exactly where to go, and how to get thru some of the red tape. Like if a racer wanted something from WERA he would offer you your favorite beer!:D
     
  15. redciv1

    redciv1 Well-Known Member

    Yes MCR she went to the one with Trump. Mongo she has done a lot of leg work and true enough the local courses would be great, however our situation is financing the properties. True you here about all kinds of ways to buy but how many of them can you actually apply to your own personal situation.
     
  16. BINGO those are the ones I'm talking about.
     
  17. Kris87

    Kris87 Friendly Smartass

    why cant she apply for the credit as a guarantor for the loan? most lending institutions structure commercial/business credit this way, so it will not show up on your wife's personal credit report. and since the company is new and limited, she would be responsible if it defaults.
     
  18. redciv1

    redciv1 Well-Known Member

    We even have this property that the investor is selling and home is ready for rent. Problem is have no credit established or anything. Can't offer anything for property without funds. Helpppppp!!!!
     
  19. SteveThompson

    SteveThompson Banned by amafan

    Real Estate isn't much different than any other business. You need money to make money. My opinion is pretty close to what Mongo said. Most everything is common sense and would apply to any business situation. Real Estate isn't that special.

    My wife and I are relatively new investors, but we have been around it awhile and have sought out lots of advice from people who are successful. I think the biggest mistake people make is majoring on the minors. I see new investors obsessed with the best tax structure, liability structure, creative finance, etc. Really, you need to be focused on buying something you can make money with. The rest are just details to be worked out.


    STEVE
     
  20. redciv1

    redciv1 Well-Known Member

    Steve you and Mongo make good points. We are not focusing on the minors, however money is major right now.
     

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