All Forum Posts by: Arpan Patel

I also don't see a mortgage. Are you paying all cash?

Partner, Private Lender, and Seller Financing come to mind. Also, you can find an investor and take on an equity partner.

Then maybe look outside of your area because coal's biggest issue is natural gas and secondarily automation. I don't think we would limit gas production just to being back coal jobs even with gasification and cleaner tech. In the event your real estate is tied to one trick economic areas, it may be worth your while to take a look at some other areas that have a mix of industries. What about Knoxville or Charlottle. Then there are all of the college in North Carolina you might not be too far away from you could try as well. I still like the BRRRR but in an area you can rely on for decades

Agreed with @David Faulkner, you get what you pay for. Just watch as those changes orders pile up or they walk off the job in two weeks because of diminishing returns. Best to find a good contractor at a fair price and hold them to a quality job. You are paying a fair price and you should get fair work.

Agreed with @Mindy Jensen where the margin for error if anything were to go wrong (even if you found a way to acquire it with no money) is to thin with little of reserves that you are not setting yourself up for success. I further agree that wholesaling is rather difficult. I have not personally met many who have started as wholesalers and kept that as their primary strategy moving forward. Furthermore, most newer wholesalers don't know how to calculate their numbers and the purpose of the wholesale is to pay someone else to secure a deal and run good numbers. That wholesaler is saying that I know this is a deal and here is why however most do not. Lastly, the only time I have seen it work is where an individual already does flips and rentals and they come across a deal they cannot get to. In this case, they pass it off full well knowing that is a good opportunity because they would do it themselves if their resources (capital, manpower, logistics, etc.) where not already fully tied up. Education and a partner seems like the best bet for now. I hope that helped. Start when you are ready and feel fully comfortable.

That is public information and worst case you can look up the docket at the courthouse if they are not electronic. The clerk of court might have it as well.

I just put the name of the company. I don't really bother with titles and such.

It is something to consider however if you have a good debt to equity margin you should be somewhat covered. We aim to keep 30% equity after the refinance. In the last 2 crashes the values did not dip below 30% in our areas so therefore, even if we end up even, rents will still sustain us. Plus, our initial capital is all out so what we are risking is mostly house money.

Welcome Wouter! Yea buy and hold is a great strategy. You'll want to make sure lenders can lend based on your visa and such. Good luck!!!

Check out the book by gene trowbridge. That might be able to help you get started. I think that is a bit overkill for your first deal but if you wanna go down that route then this book I think will be able to point you in the right direction.