All Forum Posts by: Andrew Davis

Hey @Bob Hutton, you and your wife are doing all the right things, good for you!

Hard Money will be a great resource for you when you lock one of these down.  My suggestion would be to start developing relationships with traditional lenders now.  You can get an idea for their underwriting standards and requirements, and that way, when you're ready to refi out of the hard money loan, the process should be fairly smooth.

Keep us updated on your success!

Hey @Bret Burkettit sounds like a deal, but not a wholesale deal, in my opinion.

Everyone has different criteria, but I would personally add that deal to my rental portfolio. Even if it needed $10k in updating, you'd be all in at slightly less than 80% LTV.

In the 'Millionaire Real Estate Investor', this is the strategy they propose.  Buying properties at a 20% discount with 20% down.

I think @Tim Macy gives some great advice and seems like he'd be a great local resource.  I personally pass on wholesale deals like this all the time, because generally wholesalers aren't the most accurate with their #'s; I automatically assume that the repairs will be higher and the ARV lower.

Let us know how it goes!

Great post @Raul Leyte, thanks for sharing!

Hey @Jeffrey Cesar, welcome to BP and the Florida investing community!

Since you're interested in wholesaling, I would definitely start here:

https://www.biggerpockets.com/search?utf8=%E2%9C%9...

Read the blog posts, listen to the podcasts and participate in the forums on the subject.  There is EVERYthing you need to be a successful and ethical wholesaler right here on BP.

Here are a few tips to help you get the most out of the site and kickstart your investing career:

Start here. You'll get a wealth of REI knowledge and learn how to take full advantage of Bigger Pockets (including how to connect with other local investors).

Listen to the podcasts , get active on the forums & set up key word alerts to be notified when people are discussing topics you're interested in.

Check out the webinars, they are very informative, and there’s usually a new one every week.

Hey @Ally Kumar, welcome to BP!

@Nicole W. gives some great advice, and if you do what @Paul Timmins suggests, you'll be well on your way.

I wish you all the best!

Hey @Bryan C., firstly, welcome to BP!

Whichever strategy you go with, depending on the market you choose and who you choose to aid in your acquisitions and management, you can do very well.

The scenario you land on will ultimately depend on your goals. I'm personally a fan of leverage, so my suggestion would be to buy 5-6 SFR's around the 100k price range, with 20% down on each.

I work primarily with investors here in the Orlando, Central Florida area, and this continues to be a very strong investing market, with a 13% YOY increase in rental rates.

http://www.bizjournals.com/orlando/news/2016/02/17/orlando-rent-increase-among-the-top-2-in-the-u-s.html

Since you're new to the site, here are a few tips to help you get the most out of BP:

Start here. You'll get a wealth of REI knowledge and learn how to take full advantage of Bigger Pockets (including how to connect with other local investors).

Listen to the podcasts , get active on the forums & set up key word alerts to be notified when people are discussing topics you're interested in.

Check out the webinars, they are very informative, and there’s usually a new one every week.

@Steve Rozenberg, great question!  I second what @Jake Thomas said.

I work with a lot of investors, and I try to anticipate their questions and needs before they ask.  I want to have sales and/or rental comps ready for them when we go see a potential investment.  I'll look at county records to get any additional info I can about the property.  I send out a monthly newsletter with info on the market and an investment property of the month.  Handwritten notes, a quick phone call or text to check in.  Like Jake said, going the extra mile and thinking about what I would want from my agent if I were in their position.

Have you ever read "The 7 levels of communication" ?  That's an excellent book on client acquisition and retention.

Thanks @Doug Vigliano!

@Clifford Sumner, welcome to BP and the Florida investing community!

You've already received quite a welcome, there's a solid Tampa area community here on the site, so I hope you get a chance to connect with some of them.

It sounds like you have an amazing WHY for investing in Real Estate, and that (in my opinion) is imperative.

Do what @Dmitriy Fomichenko recommends and you'll be off to a great start.

I wish you all the best Clifford!

@Neal Collins, the property managers I work with offer me 1/2 of their lease up fee for referrals, which I think is very fair.

To @Aaron L.'s point, rewarding referrals is really important, and I always send people that refer me a handwritten note and a gift card or something to express my gratitude.

As @Tina Sandoval and @Wayne Olson said, it's just good business to offer the referring agent first right of refusal when the owner is ready to sell.

I was born and raised in Tualatin, and lived in Portland for a couple years... nice to see some Oregonians here on BP:)