Post by activemann on Jul 2, 2010 10:48:29 GMT -8
Hi Tony,
Just received your book yesterday. It was hard to put it down this morning. It is fun, emotional (in the heart) and insightful. I was laughing way out loud reading it.
Tony after meeting you finally and talking to you at Nick's meeting last week experiencing your openness and generosity like you do in your book. I would like to share with you and I guess all those on this forum a bit about myself if you don't mind and then get to the question.
I am over the fifty mark by eight years. I have spent my life working in the heavy industrial blue collar world. I was a merchant marine on the big ships for near ten years. Included in that was time working as a rough neck on a drill ship off the coast of Santa Barbra,three years as crew on the Hughes Glomar Explorer, years working on a north sea class work boat in the Bering Sea up in Alaska,a number of year as owner/ operator on my own heavy equipment and Finlay 25 years as a union heavy equipment operator. I guess you have inspired me to share a little after meeting you and reading your book...little nervous it but what the hell.
Tony I have always loved Real Estate. My Dad always talked about it and what we could do. He could not get over his fears so it never happened. But I never forgot. So after and extremely difficult marriage I was able to get going on it.
During the very wet winter of 2004 I had plenty of time (you can't work in the mud) and purchased four houses with credit and income. Yea I know I bought out of ignorance at the top of the marked. Even so I have been able to keep them and make them cash flow probable 52% higher than the average house because I converted the houses to essentially boarding houses. One of them I rent to primarily single working mothers one room at a time. Rooms rent for $355 to $575 So a house that normally rent for $1500 I get just over $2500. I have one house that grosses $4200 a month. I have clear concise rules and they are happy to have a place they can afford with a family environment for thier kids. A little more time required but I enjoy it.
I have been full time proactivly studying real estate investing for near three years educating myself as much as possible. I think I had a shift after I spent the $500.00 for Bruce Norris e's one day seminar, "Category Five". Never spent money like that before. Since then I attended Bruce's boot camp for three days, (WOW was that COOOOL), and many more events and talks. I can't seem to get enough..
OK I have been going on long enough and I Will get to the question before I run out of characters. Promise I won't spent so much time like this again before getting to the question. Thanks all for your patience.
Tony I am ready to begin attracting money investors so I can make all cash offer. It seems like hard money lenders giving you a letter of commitment are not strong enough in this environment. I understand The Norris Group's letter might be the exception but I don't have a track record and I don't have enough cash to qualify with them. I wish I did.
So what I have learned so far, is to set up a partnership with the money investor and my S corp . I would suggest they open a checking account in the name of the partnership as sole signer. (I want them to feel secure about their money.) I would then go out and have the ability to make all cash offers using your techniques signing the CAR contract in the name of the partnership. Deal is accepted we open two escrows. One for the house and one to escrow the rehab money. At close we take title in the name of the partnership, the investor personally gets a straight note as mortgagor the partnership is the mortgagee. I then get started on overseeing the rehab and making more offers to fill up the pipeline.
Wow Tony this has been long winded but I thought it would help. And as I said before your openness was a inspiration. I believe if we all understood each other more in the world, the world would be a better place.....Michael Rymer
Just received your book yesterday. It was hard to put it down this morning. It is fun, emotional (in the heart) and insightful. I was laughing way out loud reading it.
Tony after meeting you finally and talking to you at Nick's meeting last week experiencing your openness and generosity like you do in your book. I would like to share with you and I guess all those on this forum a bit about myself if you don't mind and then get to the question.
I am over the fifty mark by eight years. I have spent my life working in the heavy industrial blue collar world. I was a merchant marine on the big ships for near ten years. Included in that was time working as a rough neck on a drill ship off the coast of Santa Barbra,three years as crew on the Hughes Glomar Explorer, years working on a north sea class work boat in the Bering Sea up in Alaska,a number of year as owner/ operator on my own heavy equipment and Finlay 25 years as a union heavy equipment operator. I guess you have inspired me to share a little after meeting you and reading your book...little nervous it but what the hell.
Tony I have always loved Real Estate. My Dad always talked about it and what we could do. He could not get over his fears so it never happened. But I never forgot. So after and extremely difficult marriage I was able to get going on it.
During the very wet winter of 2004 I had plenty of time (you can't work in the mud) and purchased four houses with credit and income. Yea I know I bought out of ignorance at the top of the marked. Even so I have been able to keep them and make them cash flow probable 52% higher than the average house because I converted the houses to essentially boarding houses. One of them I rent to primarily single working mothers one room at a time. Rooms rent for $355 to $575 So a house that normally rent for $1500 I get just over $2500. I have one house that grosses $4200 a month. I have clear concise rules and they are happy to have a place they can afford with a family environment for thier kids. A little more time required but I enjoy it.
I have been full time proactivly studying real estate investing for near three years educating myself as much as possible. I think I had a shift after I spent the $500.00 for Bruce Norris e's one day seminar, "Category Five". Never spent money like that before. Since then I attended Bruce's boot camp for three days, (WOW was that COOOOL), and many more events and talks. I can't seem to get enough..
OK I have been going on long enough and I Will get to the question before I run out of characters. Promise I won't spent so much time like this again before getting to the question. Thanks all for your patience.
Tony I am ready to begin attracting money investors so I can make all cash offer. It seems like hard money lenders giving you a letter of commitment are not strong enough in this environment. I understand The Norris Group's letter might be the exception but I don't have a track record and I don't have enough cash to qualify with them. I wish I did.
So what I have learned so far, is to set up a partnership with the money investor and my S corp . I would suggest they open a checking account in the name of the partnership as sole signer. (I want them to feel secure about their money.) I would then go out and have the ability to make all cash offers using your techniques signing the CAR contract in the name of the partnership. Deal is accepted we open two escrows. One for the house and one to escrow the rehab money. At close we take title in the name of the partnership, the investor personally gets a straight note as mortgagor the partnership is the mortgagee. I then get started on overseeing the rehab and making more offers to fill up the pipeline.
Wow Tony this has been long winded but I thought it would help. And as I said before your openness was a inspiration. I believe if we all understood each other more in the world, the world would be a better place.....Michael Rymer
