All Forum Posts by: Andrew Angerer

Looks good for the 70% rule as far as your costs for repair vs ARV.

You have really low cashflow, Is there any way you can get cheaper money? I have a HELOC for 6.5%.

Look for different ways to lower your expenses and raise your income, try and find out local comparable properties that are also for rent, and see how much you can raise your rent to match that. If you are already at comparable renting price, you may want to consider a different property.

Is the 1 month timeline for fixing the house long enough? 

Best,

Andrew

Best of luck to you, what specific markets have you been looking into?

80K should be a good start for some SFH, if your pricing is anything like Dayton Ohio.

The most common advice given on bigger pockets regarding this would be to go on facebook and ask all of your friends for good recommendations for realtors. Chances are that a few people will know a good real estate agent and you will have  a good list to start with. 

 Thanks!

Best of luck, I am following this thread to see the answers.

Preach it! So many of my friends in high school went to super expensive universities with a degree that was worthless, and are still paying off their loan debts. I have learned so much from bigger pockets and have spent only a few dollars on a few books that have really pointed me in the right direction. 

What is the latest you have been working on in your real estate endeavors ?

Looks like your closing costs are too low, typically 5% is an accurate number.

Typically you should aim for properties that follow the 50% rule, which means that your expenses should be around half of your income from rents. Try and see if you can increase your rents or if there is a way to lower your expenses. 

If this is owner financing, be sure to have a professional on your side to look over all the details and make sure it looks legit. 

Shop around for as many as you can, interview them and only settle on someone who communicates well with you. Keep in mind, they too can not give you money for low credit scores.

You can make money by setting up a list of people that already are into investing, but may not have enough time to find good deals. You then find properties that are good candidates for the BRRRR method and show them to your investors. You get a small amount of money since you are doing them a service. Be aware, many people will try to get into wholesaling and thus many investors will tend to ignore new ones. If you start off, have a business model, a website and many many listings that are fresh.

@Amber G. The post above is a great start. But no, mentors are not worth it, unless you find someone who really wants to help you and partner with you, for free.

I would recommend, using all the free resources on here, plus what you can find about investing on YouTube. But after that, there is nothing better than to dive head first into a real estate deal, assuming you've done basic research and you have professionals on your team.

@Jarred Smitb. I would be interested in helping, I have 20k cash reserved. I could write a cashier's check for a part of the deal. Let me know the details of the deal, and maybe we can work something out.