All Forum Posts by: Alex Franks

Military Officer stationed in San Jose, but looking for Real Estate investment opportunities in the Charlotte area. VA Home Loan will be used. Primarily for cash flow, and secondarily for future retirement home.

Alex

Feel free to connect and I can send you some information on them depeding in your needs. 

Originally posted by @Jordan Gay:

I'm looking for recommendations for contractors in and around the Charlotte, NC area. I need some quotes for a few projects and rather use recommendations than just a blind search.

Hola Biggerpockets! I am excited to be here, and ready to learn. Look forward to reaching out to members in the Charlotte NC area, if you're in the area, send me a message, lets sit and discuss REI over coffee.

Below @Engelo Rumora ( How are you Engelo ) gave you same great advice.Walk the walk with you own funds before you borrow others. Experience is everything in this business. Or find some local folks who can jump in. With that keep in mind , what can you bring to the table. My first couple of years back in 2001 -2002.I was using my own funds, banks money( was eassy to borrow back than) and mom and dads money. Mom and dad money came in to rescue me from my mistakes. 

I would really jump into the local meeting. Meet the players in your market. Showing that your willing to work. If anything please make sure and take time to learn the numbers. Which I am afraid most folks never really take time to learn the numbers.

If I can ever offer any advice ask away 

Alex


Originally posted by @Clark Jarstfer:

Good evening all,

I've been a member of the site for a good amount of time now and have just kind of "paid attention" to a lot of the discussion on here. I am planning to start up an LLC and start investing in rentals in the Toledo, OH market in the near future. The plan is to look in to single family and small multiple unit properties to get started. I'd like to know how all of you got started as far as funding is concerned. As a 26 year old recent college graduate, I don't have a lot of capital to work with but there are a lot of very small deals ($20-30k) in the Toledo market that produce $900-1000 in monthly rents. I'd like to purchase one of those deals early next year and put all of the rental income to pay down the principal balance on whatever type of loan I am able to get & then hopefully financing will come easier for my next property. I work for a conventional mortgage lender and know that you won't be able to finance an investment property without a good chunk down, so the plan is to secure the funds through some other form of lending & then pay cash for one of the smaller deals in the area that have good income coming in.

The questions I have for you all are the following:

- How did you get the funding for your first deal?

- Do you know of any lenders that will lend $20-50k directly to a brand new LLC (almost like a personal loan to the LLC)? If not, do you have other suggestions for getting this amount of funding with little to no down?

- What struggles did you have when you started up?

All of your help is greatly appreciated.

I myself worked in some rough areas. Local rough areas that folks would be amazed in little towns whats really happening. So for me a quick guideline. Can I send my wife and mother in law on Friday night to go collect rent if needed? If the answer is no then I don't invest there. A lot of folks really don't understand the lower end market and what comes along with it. Some good advice above from some smart folks. I like to speak to local police as well. Seen some one mention that above.

Alex

Originally posted by @Jason Baldwin:

I recently stumbled on a fully occupied 6 unit property that would bring in about 35% Cash on Cash and that does take into consideration 15% vacancy. The city itself has a higher than average crime rate according to neighborhood scout. To be exact it says "Safer than 15% of U.S. Cities". Most crimes constitute Theft, Burglary, and Assault. Only 1 murder reported in 2017. So I wish to ask everyone... At what point do you draw the line and say that a neighborhood is too shady and move on? What other factors do you consider outside of neighborhood scout?

Originally posted by @Account Closed:
@Alex Franks Thanks for the response. How long did you wholesale before you started moving on to different avenues in real estate ? And do you have any good tips as a former wholesaler ?
 

Good morning everyone I’m new to wholesaling here in Baltimore, Md and I was just wondering how do investors feel about wholesalers? Do investors consider wholesaler deals ? What’s the typical criteria investors look for ? What is considered a good deal for investors coming from a wholesaler?

Ps I am still on your email list .

We  even spoke a few times my friend 


Alex





Originally posted by @Ian Walsh:

I am not sure we are talking about the same thing here.  I believe you are referring to efficiency?  I believe myself and my companies would pass the test in that department.  The least amount of effort to produce the most amount of money.  Not to be confused with laziness.   

Note - I wasn't looking for confirmation on if I am correct.  If I was, I would be asking for advice here.  I was just offering some info to the OP from my experience.  I know what I have written is correct due to proving it's success over and over.  Don't take that the wrong way as I know it sounds pretty direct.  

Originally posted by @Alex Franks:

@Ian Walsh

You are correct everything has to be scalable. Yet I down sized and will still make the same amount of money. Can we increase production sure? I have just found bigger projects that make more sense. So we either choose more projects or larger projects.

Sometimes doing less but being better at it helps as well.

Promise great advice you are giving. I just have some free time this morning after coming in from the garden. So just thinking out load. Hope your business is doing well.

Alex

riginally posted by @Ian Walsh:

Sure.  Teams can be looked at as an individual business in it's own right.  As long as the core model is profitable and repeatable, the team allows that to scale pending the lead flow supports the pipeline properly.

Originally posted by @Alex Franks:

@Ian Walsh

Yes Scaling and diversifying within the business. For me, that means building teams for each avenue. One team for New Construction projects, another for our small apartment deals. So you have to be able to scale. Yet the word team really comes into play here. If folks would pay more attention to the teams they build. 

Alex

Originally posted by @Ian Walsh:

You can get to 200k per year in any form of investing.  It's about scaling.  I just do what I am profitable and best at and repeat it.  Then I just do more of it .  There isn't really one method that is that much better than the next as they all work.  I know flippers, landlords and wholesalers all making 6 and 7 figures.  Any method works.

You are correct everything has to be scalable. Yet I down sized and will still make the same amount of money. Can we increase production sure? I have just found bigger projects that make more sense. So we either choose more projects or larger projects.

Sometimes doing less but being better at it helps as well.

Promise great advice you are giving. I just have some free time this morning after coming in from the garden. So just thinking out load. Hope your business is doing well.

Alex

riginally posted by @Ian Walsh:

Sure.  Teams can be looked at as an individual business in it's own right.  As long as the core model is profitable and repeatable, the team allows that to scale pending the lead flow supports the pipeline properly.

Originally posted by @Alex Franks:

@Ian Walsh

Yes Scaling and diversifying within the business. For me, that means building teams for each avenue. One team for New Construction projects, another for our small apartment deals. So you have to be able to scale. Yet the word team really comes into play here. If folks would pay more attention to the teams they build. 

Alex

Originally posted by @Ian Walsh:

You can get to 200k per year in any form of investing.  It's about scaling.  I just do what I am profitable and best at and repeat it.  Then I just do more of it .  There isn't really one method that is that much better than the next as they all work.  I know flippers, landlords and wholesalers all making 6 and 7 figures.  Any method works.