All Forum Posts by: Danny Day

Thanks Jon Klaus - it has been awhile since I've been on the forums. Hope all is well, Merry Christmas.

Danny

Welcome to BP Kyle M. , it sounds like you've got a good direction on building wealth through real estate. There are many posts on here that should be able to light the path for you.. if you have any questions feel free and ask.

Good luck

Danny

Just wondering what number puts you into that percentile?

Nice! This is what I wish I would have done! Just remember the duplex, triplex, etc will need to be in pretty good conditional to appraise for an FHA loan. As stated earlier, you also must live there.. You can find one that satisfies FHA appraisal I'm sure. I would post the numbers up and have your realtor pull rental comps / sale comps and see what happens.

Also you might want to have some cash on hand.. here is why. Going from being 21 to being 21, a new home owner, and a new landlord for 3 other people is a huge step. I'm not saying it can't be done, but you will be responsible for repairs... make sure you've got some kind of emergency fund to float these.

Good luck !

What kind of multi-family experience do you have? What value do you add to an investor with their cash?

Looking for everyones thoughts on business ideas that you would consider "recession proof". Ideally passive investments that require little to moderate management.

I'm thinking fast food franchise.... good in good times, good in bad times.

Comments, feedback, ideas welcome...

Danny

Pick up the phone and ask to speak with the land department....

Good thread, interested to hear how it turned out. Like many said, meet with several brokers. Really you need to look at it as you're the one interviewing them. How much support, training can they provide?

When I was at my first brokerage there was many favorites.. "protected neighborhoods" for listings.. don't buy into any of that. You need to realize that you are running your own business, and you're paying a large chunk of what you earn to your broker. Make sure you get some kind of value from that split.

Another thing to take note of is broker splits. Typically large name companies will have 50 / 50 splits. Then you work your way down, and typically get less training with less of a split.

Welcome to real estate.. it is very fun. Learn from people who are successful, and those who are not. You will find real fast that some agents sit around the office and wait for the phone to ring. You need to figure out how to make it ring.

One last note.. do not let your age discourage you. I got licensed at age 24... not many people took me seriously because of my age. My 1st year I did $1m.. this month I should do right over $1m :)

Good luck -- you're in the right place to learn! Be a sponge and soak it all up.

I've got a rehab that I did that is currently leased out as it did not sell fast enough for me.

The tenant pays $1,350 per month and my note is $720. The house was purchased for $65,000 and the rehab amount totaled $32,000. We have about $5,500 in holding cost on the home. The ARV came out to around $125,000.

I've had it on the market now for about 4 months.. no bites. The tenant wants to buy the home and made an offer at $114,000. This puts me in the red $1,000.

I would like to get at least $120,000 for the property. The tenant only has $22k for down payment & closing.. he based his $114k offer with a 15% down payment because his lender requires it due to his DTI.

Any ideas here?

I hate to sell this property at such a discount... might just hold on and cash flow.

If you really want to learn about your local real estate market, here are areas where you can learn about it:

- Local realtors
- Local brokers
- Contractors
- Other real estate investors
- Appraisal district website
- MLS
- Home builders
- Sales counselors for home builders
- City-data.com reviews on your city
- Local loan officers
- Banks
- Insurance agents
- School teachers
- School principals
- City planning department

Start more toward the top ... work your way down. If you hit every point on that list .. or at least half of it, you will know a lot about your market.

Good luck