Comments on: What’s Your Excuse?

By: REChick

REChick — Thu, 02 Sep 2010 01:12:36 +0000

Hey Susan, I just got turned on to your website yesterday, 08/31/10 and have been reading your posts ever since…..this blog about excuses is PRICELESS !!!! I wish that every REI meeting would start off with the reading of it…I work full time in excess of 50 hours per week and still do RE before and after work, and full time investors still come to me for advice and guidance…RE investing is a thrill like a rollercoaster, getting all junk and false promises from the “gurus” will make you toss your lunch, but, getting a nice check helping someone solve their RE problem makes you wanna jump in line again!
Thanks for your straight forward approach and guidance and look forward to being one of your students!

By: Susan Lassiter-Lyons

Susan Lassiter-Lyons — Sun, 06 Dec 2009 05:40:26 +0000

Farok – a blanket loan is typically to wrap up several residential properties into one loan. If you own your rental free and clear you should be able to get a loan and use the cash to buy your apt bldg.

Know that the lender on the 80% will not like to see a seller carry against the subject property. I’d ask the seller to make a loan against the single family and use that as your down on the apt.

Make sure the terms match your apt bldg exit.

By: Farok Ardesher

Farok Ardesher — Sun, 29 Nov 2009 22:31:33 +0000

Dear Susan,

I have been a REI for 30 years. I am now going into Apt Building Investing. I have $450,000 in my Rental Single
family home giving me $700 in cash flow. Can I get a loan
which takes into account my equity in this property? The apt blgd I am looking at is about 2.6M. Owner will carry some (10%) and I can get an 80% loan. I am short on cash and I thought a blanket loan could help me. What is your opinion.

Thanks a million.

Farok

By: Roe

Roe — Mon, 16 Nov 2009 19:30:48 +0000

Hello Susan,
I must say you have quite a business going. I just listened to your Bulk REO secrets and i loved it. I am not a real estate person but am helping my husband out with his company. After listenning, i thought to myself real estate might not be bad after all. I will be following you and look forward to learning more from you. I am 28yrs and am a year younger than you were when you entered into the real estate market. I moved from i think i want to do this, to i know i want to do this.

By: Susan Lassiter-Lyons

Susan Lassiter-Lyons — Fri, 13 Nov 2009 14:13:02 +0000

Finding a niche can sometimes be a challenge. I tried a bunch before settling on mine – multifamily syndication. I tried tax liens, rehabbing, lease options… nothing really suited my strengths until multifamily.

I always say you need to let the financing determine your strategy. If you have poor credit then rehabbing isn’t for you unless you raise private money. Maybe start with wholesaling or bird-dogging for your own buyer’s list. Instead of having one buyer such as this guru, your chances are better if you have more buyers on your list.

REO is a great strategy if you’re comfortable building a buyers list – a big one – and negotiating. Beginners can absolutely do it. But like anything it requires work. Do some real thinking about your niche and make sure it’s suited to your strengths – financial and entrepreneurial.