Providence, RI · Member since 2018 · 29 posts · 409 votes
7y
Having just recently bought my first property, I know for myself what was holding me back was the fear that I would overpay, especially in this type of a market. I would get analysis paralysis and basically talk myself out of every property I looked at.
I finally took action last week. I after listening to the podcast and reading several books I feel like I'm ready.
I found a few vacant properties close to my house after driving for dollars. Tracked down the home owners through the tax info. Actually found one that is two years behind on his taxes. Found his info after digging through google and paying for a worthless skip trace (SuperMPower) . Waiting to hear back but mailing out letters tomorrow. Also was able to reach another lady and have exchanged texts. Said she would let me know in a week or so. Working on finding the owner of another property but haven't had much luck. What is the best skip trace site that everyone uses?
I'm still not sure how I will fund the deal but tired of waiting. We bought our last house in May off the market and have a good amount of equity in the home. So I thought of getting a HELOC or using family money. I'm handy and have remodel our last 2 houses as the general contractor so ready to try it as flip. We are in a good area that is 10 minutes from downtown so I feel confident if can get one of them.
Check out Tennessee Valley Federal Credit Union in Chattanooga for a HELOC. They may not be the cheapest but they go up to 100% if you have great credit. Get involved. Partnerships are not too hard to come by if you are bringing a real deal.
I finally took action last week. I after listening to the podcast and reading several books I feel like I'm ready.
I found a few vacant properties close to my house after driving for dollars. Tracked down the home owners through the tax info. Actually found one that is two years behind on his taxes. Found his info after digging through google and paying for a worthless skip trace (SuperMPower) . Waiting to hear back but mailing out letters tomorrow. Also was able to reach another lady and have exchanged texts. Said she would let me know in a week or so. Working on finding the owner of another property but haven't had much luck. What is the best skip trace site that everyone uses?
I'm still not sure how I will fund the deal but tired of waiting. We bought our last house in May off the market and have a good amount of equity in the home. So I thought of getting a HELOC or using family money. I'm handy and have remodel our last 2 houses as the general contractor so ready to try it as flip. We are in a good area that is 10 minutes from downtown so I feel confident if can get one of them.
Check out Tennessee Valley Federal Credit Union in Chattanooga for a HELOC. They may not be the cheapest but they go up to 100% if you have great credit. Get involved. Partnerships are not too hard to come by if you are bringing a real deal.
I agree with you on partnerships. Bringing the deal is the best way for a more experienced person to partner with you.
I finally took action last week. I after listening to the podcast and reading several books I feel like I'm ready.
I found a few vacant properties close to my house after driving for dollars. Tracked down the home owners through the tax info. Actually found one that is two years behind on his taxes. Found his info after digging through google and paying for a worthless skip trace (SuperMPower) . Waiting to hear back but mailing out letters tomorrow. Also was able to reach another lady and have exchanged texts. Said she would let me know in a week or so. Working on finding the owner of another property but haven't had much luck. What is the best skip trace site that everyone uses?
I'm still not sure how I will fund the deal but tired of waiting. We bought our last house in May off the market and have a good amount of equity in the home. So I thought of getting a HELOC or using family money. I'm handy and have remodel our last 2 houses as the general contractor so ready to try it as flip. We are in a good area that is 10 minutes from downtown so I feel confident if can get one of them.
Check out Tennessee Valley Federal Credit Union in Chattanooga for a HELOC. They may not be the cheapest but they go up to 100% if you have great credit. Get involved. Partnerships are not too hard to come by if you are bringing a real deal.
Thank you! I'm in the process of getting a heloc through another bank I was referred to but will look into TVFCU as that is my primary bank. I have also partner with a former real estate agent of ours on my current deal. I want to network and make more connects in the area. Thank you for your reply!
We bought our first house in December and we are not yet done our basement suite renovation - if I were to pursue another property I would have to find an investor to find it, and I don’t think it’s a good idea! I think I need to be patient and wait until I have equity in this home, have it rented, and not treading water financially myself.
We bought our first house in December and we are not yet done our basement suite renovation - if I were to pursue another property I would have to find an investor to find it, and I don’t think it’s a good idea! I think I need to be patient and wait until I have equity in this home, have it rented, and not treading water financially myself.
If you need an investor to find a deal then you should wait. Besides that technically you should always be looking for deals. You could always pass it on to a friend or future friend.
@Frank Patalano oops sorry I meant an investor to “fund” the deal that was a typo. I am always looking for deals but it’s mostly so I am prepared for when we CAN buy again with our own money. Until now I have not thought about joint ventures. We have all the passion, ability to work, but not enough of our own money.
@Frank Patalano oops sorry I meant an investor to “fund” the deal that was a typo. I am always looking for deals but it’s mostly so I am prepared for when we CAN buy again with our own money. Until now I have not thought about joint ventures. We have all the passion, ability to work, but not enough of our own money.
Gotcha. If you're seeing a bunch of great deals then you really should be Wholesaling a few.
After some recent setbacks, I have been investigating and researching what the L.A. market might still allow for a rehab start up. I am a Realtor, with a licensed Contractor partner. I have floated the idea of taking on an equity partner, for an after ARV share. Am I going about this correctly, or am I way off base?
After some recent setbacks, I have been investigating and researching what the L.A. market might still allow for a rehab start up. I am a Realtor, with a licensed Contractor partner. I have floated the idea of taking on an equity partner, for an after ARV share. Am I going about this correctly, or am I way off base?
@Jacob Gelinas Ditto. I'm still in analysis paralysis. Plus, the barrier to entry is pretty high. AND the feeling of intrusion. As in "what do I know about real estate? Whom am I kidding?"
@Jacob Gelinas Ditto. I'm still in analysis paralysis. Plus, the barrier to entry is pretty high. AND the feeling of intrusion. As in "what do I know about real estate? Whom am I kidding?"
My husband and I are new on this journey. We live in Monroe, NC and have been looking at deals and analyzing them. Gone as far as reaching out to potential leads and then its it's like he hits a wall. I believe he has analysis paralysis where I'm ready to jump in and get started. His biggest issue is that he doesn't want to borrow money to do flip and fix. He wants to start out wholesaling, which I'm fine with, but he doesn't seem to want to take the plunge and start making offers. How can I get him over his fears and get our business started?
My husband and I are new on this journey. We live in Monroe, NC and have been looking at deals and analyzing them. Gone as far as reaching out to potential leads and then its it's like he hits a wall. I believe he has analysis paralysis where I'm ready to jump in and get started. His biggest issue is that he doesn't want to borrow money to do flip and fix. He wants to start out wholesaling, which I'm fine with, but he doesn't seem to want to take the plunge and start making offers. How can I get him over his fears and get our business started?
A couple ideas.
You guys might need to add a trusted friend as a partner. Share the deal if you have to.
Or
Your husband needs to start out by making a few ridiculous low priced offers. Mutually decide on an offer price and then cut it another 10%. What's the worst that could happen?
For me, it’s mostly a mental block. I just can’t do it. I guess it doesn’t help that I live in a very remote area with ancient, crappy homes. I was pretty much ripped off on my current home, and now I am kind of stuck with it.
Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
7y
Originally posted by @Account Closed:
@Frank Patalano
For me, it’s mostly a mental block. I just can’t do it. I guess it doesn’t help that I live in a very remote area with ancient, crappy homes. I was pretty much ripped off on my current home, and now I am kind of stuck with it.
Still fun to learn about REI though.
Perhaps you have gained enough knowledge to make some money with it. Perhaps do a new construction single or multi
Steubenville, OH · Member since 2019 · 16 posts · 5 votes
7y
@Frank Patalano most good Multi family deals I have found, Require a roof soon and that’s a problem. I have the 20% to put down as a down payment but I will not have the $10,000 needed to put a roof on the house. It seems like the landlords around here and probably everywhere else run their properties into the ground and let somebody else take the hit. I can’t blame them for their Strategy but it sure is making things difficult. Even with 20% down banks don’t seem to want to lend the money due to the roofs Condition Or they’ll make the deal if you agree to fix the roof within 6 months.
Developer · Danville KY · Member since 2015 · 85 posts · 110 votes
7y
@Frank Patalano We have already done 1 wholesale deal and 1 flip, however, the biggest hurdle I have to overcome is financing at the moment. Just moved and have not had a w2 job in over a year. Regardless, our goal is to keep pushing forward and do at least one deal every quarter.
@Frank Patalano most good Multi family deals I have found, Require a roof soon and that’s a problem. I have the 20% to put down as a down payment but I will not have the $10,000 needed to put a roof on the house. It seems like the landlords around here and probably everywhere else run their properties into the ground and let somebody else take the hit. I can’t blame them for their Strategy but it sure is making things difficult. Even with 20% down banks don’t seem to want to lend the money due to the roofs Condition Or they’ll make the deal if you agree to fix the roof within 6 months.
Make offers at $11K-$15K less than what you think that it is worth. Use a credit card to replace the roof if you have to. Replacing roofs is a cost of doing business we've replaced about 12 roofs in the last 5 years. Like I said no problem. Cost of being in business.