So, at least there is one.

I am looking for a Real Estate Mentor/Coach that specializes in Commercial Real Estate (Apartment 50+ units and/or Self Storage and/or Mobile Home Park etc).

I am looking for a symbiotic relationship, a situation where I will be some value to my mentor/coach as I do respect and appreciate and have high regards to those who share their TIME and experience.

I had been in Real estate since 2004, mostly investing in Single Family homes and few Multifamily unit (maximum of 6units). I have education in Commercial Real estate with a few years plan and focus on what to achieve - I need help in someone looking over my plan and idea of implementing them with team members and related issues. I am focus, have access to virtual assistants and other team members, self motivated, goal oriented, coach able and self starter.

I will highly appreciate a coach/mentor that will help me as i transit into commercial real estate investing as my full time focus. I am willing to split the profit with my coach/mentor as seem fit for both of us, I am willing to do whatever it takes to make my coach/mentor achieve his/her goals as they help me as well.

Thanks!

Steve, I'm going to find out your secrets here on how to locate these threads and post them! Very good.

The letter and strategy was fine Nick posted, IMO.

As to Bryan's post, I think he meant, return receipt requested, not read, you'll never know if it was read and that's not important.

As to when is the sub-2 appropriate, that is an issue. Likely a sub-2 is not going to be very successful after a notice of demand has been made to your seller. Your sub-2 deal has no bearing on the lenders ability to foreclose. Generally, a borrower can not encumber collateral (which is what a contract would do) after a notice of demand and intent to foreclose has been given. You sub-2 has no effect on the lender's right to foreclose. It's just another notice.

I'm speaking here of loans that are in compliance, not in default and where the seller is agreeable to selling in this manner.

A lender, I will bet money, you will not get a letter saying your deal is OK. But it's not required.

I did receive a letter saying that the transaction I had described was acknowledged but that the bank was not waiving any rights provided under their security agreement. All they acknowledged was that they were aware of the transaction and agreed to contact me in the event it became necessary. Since my disclosure provided an authorization for the bank to disclose loan information to me and allow me to make deposits to the seller's account/loan. I had tons of phone calls, but just one letter as I recall.

The only time I would advise doing a sub-2 (and no reason to use this startegy as other would be easier) would be after a notice of default has been made. In such a case, you don't really have time to sit back and make payments on a defaulted loan. Don't know why someone would think of using a sub-2 in a default situation.

If your strategy is to buy and hold for some time, more than say 90 days, give notice and disclose.

One other comment, as pointed out in the thread shown by Steve. Insurance. The seller and the buyer can be co-insureds, just like a husband and wife, but you don't have to be married to be a co-insured. Banks generally catch installment deals and wraps by the insured being changed on policies. A letter with your new binder can explain the change as pointed out. Many times, I allowed the tax receipts to be mailed to the seller, unless it was a loan servicer, since the seller needs to know that taxes were paid. The buyer can get a copy from the county or the seller, you can leave that issue alone in that respect. Good luck, Bill

Yeah, but I wouldn't recommend buying from network solutions. They're on the expensive side. I personally buy all my domains through namecheap.com -- They may or may not be the cheapest out there, I don't know. But I like their interface for purchasing and managing my domain names.

I am not affiliated with them, just a happy customer.

I agree with the other posters. It's difficult, especially if you have little experience, to work real estate investing with no money or job. A couple of suggestions:

1) Hook up with a reputable Creative Real Estate Investor's club (CREI) and you will be able to pre-qualify your team members and they will be accustomed to investors in your situation. This is how I met my attorney, CPA, and real estate agent (among others). Some will give out a limited amount of free advice.

2) I would find at least a part time job. Consider getting a job at company that will dovetail with you real estate investing. Look for entry level (secretarial, errand, etc.) positions at title companies, real estate companies that work with investors, or see if any big time RE investors are hiring. You can get paid while you learn. (btw - I have a full time job and do fix and flips and rentals and I'm revving up a short sale business as well)

3) Ask around at the CREI about whether or not flipping makes sense in your area. My area is still considered a down area but you can make money flipping houses. You just have to buy at a bigger discount and sell a bit lower than your competition.

I hope that helps a bit.

Cheers,
John

John,

It did need some work, I put roughly $3500 into it. Nothing major, mostly cosmetic (carpet, paint, minor flashing, new kitchen floor).

After speaking with the owners of the company (who I bought the property from) they told me it was a extremely good deal. I also landed a great tenant, a young family with a little baby on the way. They were not Section 8.

I like to think it was due diligence hat helped with my first very successful deal, and of course a little good luck never hurt either!

Thanks for your input, it appears I have more information to gather.
I need to find out why I was told WA State has certain restrictions on what type of RE transaction can be done through my self directed IRA i.e trust deeds.

How about one of these:

urbanrei.com (incorporates your surname) rei=real estate investing

rei-school.com

You can go to http://www.networksolutions.com to see what names are available (both of my suggestions are available). It will also give you alternate and similar URLs if the one you request is not available. I have no affiliation with networksolutions.com.

Best of luck!

Cheers,
John

Courses, like tims or chicos all have basic agreements. The one thing that isn't consistent is that each state has its own set of laws.

For example.... Land Contracts, Private Money and Hard Money. I work both the Illinois and Indiana markets. In Indiana, neither party and discuss interest rates, payments, etc with each other, its gotta run through a 3rd party.

In Illinois, there are no such laws. Its Caveat Emptor.

Thats an example of why that is said..

Now about Tims material... I own it and love it. He is on a webinar w me Tuesday night.. If you want to see it demo'd let me know w a pm.

I would assume so, but my stock answer to questions like this is to consult your CPA.