All Forum Posts by: Alex Deacon

@Oscar J Osorio Great question. its a double edged sword. The more you can hide from the IRS the less appealing you look financially to a bank but the more you keep in your bank account and the less Uncle Sam will get. The downside is you are capital deprived. meaning you cant grow without the ability to borrow money.

Your financials have to start to look better. You need to make more money and show more income and less debt. its that simple. Your credit score has to be over 700 or at least that will help and you need show more of a NET household income at the bottom of your tax return. Sorry but there is no other way around it. This wont happen overnight and may take years accomplish. Work with a really good accountant to help you.

@Katherine S. I am not very good at spreadsheets and organization. That's not my strong suit. Finding deals and making money fortunately for me is. What I can help you with is to be focused on a particular geographical area and price range. don't look at homes 1 hour from your house when there is plenty 30 minutes away. Don't look at commercial if you are strictly residential. Don't look over a certain price range because you may over extend yourself. Be more focused and you will save time, buy more quality and overall have more time left over to enjoy with your family.

@Giuseppe Mordini Test and track whats working and whats not. Buy some books and get more ideas from folks who do this full time. talk to other investors locally. Signs for your car and telephone poles are easy and cheap. Dont forget about the MLS and FSBOs.

I buy 3-5 homes a month a half come from the MLS and I get very good discounts. The key is to be looking at every possible free moment you have especially when just starting. I spend at least 5 hours a week just online looking then another 10 hours on the road checking out the good ones and putting in offers. It will take some time but keep at it.

@Herly C. You have to tread lightly there. You can advertise no section 8 if the property will not meet their requirements or if you are going to rent the property much higher than section 8 will pay. I would check with a few good Landlord attorneys to keep yourself in compliance and out of trouble

@Brian Cremer Just treat each loan as a mortgage. have an attorney prepare the docs and have them recorded. I do these kinds of deals all the time. Thats a great way to get started and your terms are very fair

@Justin when you get a chance look me up. i have a PM company in the area and we could refer business to each other.

@Khoa Ha If you buy from a wholesaler you should get a good clear title. make sure your RE attorney who does the closing runs a title search and you should purchase title insurance. If you are using a bank to finance then chances are this will all be done before the bank will lend you the money but if you are paying cash then you will have to make sure this gets done.

@Minkai Li Consider speaking with your local property managers and other successful RE investors. Over time you will be able to figure out quickly what areas where you live are A ,B,C and D areas.

There is no bad area to invest in just your strategy will change. An A area will not be the same investment strategy as buying in a D Area.

@Moses W.  I sell a lot of properties here in my Market and the returns are similar but I think they are a little better. If you are buying a high quality product it still may be worth it. It depends on if the property is one or all of the following

1. High quality rehab

2. In a B or c C Plus area

3. The price you pay should be slightly under the market Value.

@Amber McGill Thats a great idea and a way to enter the rental business the smart way. Thats will work out well for you just take your time and find the right property. Check with your local mortgage brokers and get some professional opinons of the mortgage options that are available for you. Also have them do an estimated cost sheet for you so you will have a target amount of what you will need for your purchase.