All Forum Posts by: Adam Mitchell

@Kellee Fulmer you can buy pre foreclosures. This is one of our best sources of distressed properties we find here in Dallas.

@Miguel Carbajal find someone in your area in real estate you can learn from. You will learn a ton.

@Patrick Tromley I use investor carrot as well. You can take a look at my site from my profile.

@Sean McClure finding a real estate agent to run rental comps is the most accurate way. You can get an idea by using zillow and realtor.com but it wont be as accurate.

@Michael Cronk I agree with @Jon Arsenault. Don’t worry about finding the money. If you are new to RE investing spend 95% of your time finding deals. It is not easy and takes time to figure out what works in a particular market so be diligent and stick with it. Everything else is secondary including OPM.

Remember the old movie Field of Dreams? Here is a line from it just modified for RE investors: “If you will find it (a deal), They will come!”

I had a great deal last month that we wrote a wholesale contract on for $33k, ARV $135k - $150k, we added $12k as an assignment fee which is healthy and flipped it to a new investor who saw our deal in a facebook group ( we did not know him). He saw the house the next day and bought it. This investor is now on our buyers list and will probably buy 10 more houses like this one...if we can find them for him!

@Theodore Thorpe increase your knowledge about leverage and real estate investment debt. It is one of only....scratch that...it is the only debt you should have and it is very powerful once you understand it and can control it.

If it were me...I would mortgage the Wichita Falls property, finish the “rental grade” repairs and I stress rental grade and rent it out. If you have money left over buy another rental.

Adam

@Katie Beth you are probably looking on mls for deals and if your market is anything like mine (Dallas) there are rarely any deals for investors worth looking at on mls these days. Go on Facebook and reach out to some wholesalers in your market that can feed you better deals. You should be looking for deals that have built in equity when you buy so that you can refi in a reasonable time to use that money to buy more property.

Question:

How much equity do you have in the existing rentals? If you have a significant amount I would consider cash out refinancing those to be able to buy more. I recently did this with 2 rentals and pulled out $80k to fund 2 flips I am currently working on. Once these are done and we sell the flips I plan to buy 1-2 more rentals and refi another property to do the same.

Good luck.

Adam

@Danny Milea my advice would be to be very specific about what you want to do. In your post you mentioned shopping centers, SFH and another which are very different facets of real estate. Phoenix is a very competitive SFH wholesale market. im not sure about commercial but I would narrow your focus very specifically then start building your plan of attach.

To be successful you need to be hyper focused on one goal and put everything you have into achieving that goal. It will be tough but you have to stay with it long enough to Crack the Marketing Code for the particular area you are working in.

I would not spend a dime on marketing until your focus is crystal clear and your action plan is solid.

Good luck.

@Tommy Brownell I am also in DFW (Richardson) and have been investing in RE for 14 years. If you have any questions let me know.

@Cesar Mundaca I started from zero as well. Don’t worry about where you are today just write out where you want to be and put a plan in place to get there. Your right one wholesale deal will change your life and once you do one you will learn so much it will get easier. But I keep going back to the most important part of wholesaling and thats the Marketing. You have to find a source of leads that you can work effectively. If you have experience with elderly then maybe focus on helping them through probate or foreclosure processes. Also focus on serving instead of what the business will do for you personally. If you can help people (example - help someone to get rid of a house thats going into foreclosure) you are serving and will be rewarded for that. If you keep those 2 things as the most important and build your day around those two things everything else will fall in place.

I use a TREC (Texas Real Estate Commission) contract for all my deals.