![]() ![]() Tappan is the first I know of to include court citations in a book for laymen. Unfortunately it's now out-of-print and out-of-date. Bill Tappan (Albuquerque, NM)Ĭommercial real estate broker in Albuquerque, NM and author of the book, Real Estate Exchange and Acquisition Techniques. Has a formula for investing in the 1970s. Success magazine filed for Chapter 11 bankruptcy in May of 1999. Artist Detection Checklist for my opinion of companies that offer to finance your real estate deals and point number 20 for my opinion of companies that use words like "success" in their company name or product name. See point number 8 on my Real Estate B.S. I think $1,025 is too much for training videos. Here are reader comments I have received about Success Magazine. There are also a few other useful books by other authors on foreclosures and such. It costs $39.95, not the $2,995 these guys want. If you want to learn how to buy cheap, as they imply they will teach you, you should study books like my How to Buy Real Estate for at Least 20% Below Market Value. They are called Realtors®, mortgage brokers, title insurers, and so forth. There is already a whole industry to help you buy homes. I wonder why anyone thinks they need "home buyer training" that costs thousands of dollars when people have been buying homes for hundreds of years without it. He wrote a book on real estate investment with Martin Stone. He wrote a book on real estate investment with Spencer Strauss. I assume Steiger has a different opinion, but since there were no factual allegations, I have not asked him about it. He basically did not think what he got was worth anywhere near what he paid. I got an email from a very unhappy customer of Steigers. Artist Detection Checklist to evaluate this guru. He says it took time to build a good reputation as a great landlord to attract tenants.Continued from Part 4 Bill Steiger-Unknown We can't fill the need."ĭave says it didn't get to that point right away. "We have zero per cent vacancy rate," she said. She says they promoted their apartments heavily on social media. Melanie says once that is figured out, the next step is to ensure you have tenants to help pay the bills. "If the in is greater than the out, then hey, you're in the green." "If the rent coming in is higher than the water, taxes, heat, hydro, mortgage, insurance, then you know you're in a cash-flow positive state," he said. ![]() Good debt, she says, is a purchase that generates money, such as a rental property.Īt the end of the day, she says people purchasing rental properties should not only make enough to pay the mortgage, but extra money for maintenance, taxes and to pay yourself.ĭave says to ensure you will have money left over, it comes down to income verses expenses. She says bad debt is a purchase that doesn't make you money, such as a car, clothing or electronics. Melanie says it's important to know the difference between good debt and bad debt. Of course, with a real estate investment, the finances will be have to be finalized. "If someone has to lose for you to win, we've walked away from those." "If it's not going to be a win-win, we don't want to be a part of the negotiations," he said. So low-balling is not always the best strategy."ĭave says at the end of the day, everybody has to be happy with the deal. "If you low-ball too much, then the seller automatically has their guard up," she said. While it may seem tempting to put in a low offer, Melanie suggests caution when taking that approach. And we walked away because we were so set on the price." 'Win-win' approach ![]() "We would have remade that money within six to eight months and would have been cash-flowing over the last four or five years on it. "Looking back now, I wish we would have purchased it because that $15,000 is peanuts on a mortgage," she said. She recalls a time in the past when she and Dave couldn't close a deal over a $15,000 price gap between them and the seller. But she cautions getting stuck on a particular dollar amount. Once those details are sorted, Melanie says the price is important to focus on. She says it's important to get to know the potential seller to figure out what's important to them, including when the deal should close and if requests will be made, such as allowing current tenants to stay for a specific amount of time. "Sometimes, they don't really care as much about the listing price, but they really care which date they're going to close for capital gain purposes."
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