All Forum Posts by: Anthony Winston III

I am in escrow in Southern California on 18 acres of land with an earnest money deposit of $50k. I have until November when the money goes hard. The goal was to do a ground up development but due to the recent pandemic, I may be pivoting to take the concept indoors. Is there a way I can "wholesale" the property or do something else? 

Looking for any creative methods to make some additional funds. The land is in a desirable area and the growth was pretty crazy before the pandemic hit.

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So I am finding out more and more that getting good deals alone isn't working out. I just don't have the cash available for a downpayment AND renovation costs. No I am looking into hard money. Let's say in a perfect world, I find a hard money lender that lends me a large percentage of the purchase price and renovation. Once the deal goes through and I refinance, how do I determine the ARV to ensure it's a good time to refinance with a conventional loan and pay back my hard money lender?

I understand how to calculate cap rate and cash-on-cash so my offer price is based on those numbers. Once the rehab is completed, the rents I receive were already considered when setting the purchase price. Do I have to wait a year or 2 when rents are increased to make the ARV higher in order to make refinancing worthwhile? I'm really trying to BRRR method work for me.

Jon,

Based on your explanation, I've been paying myself for years. We've been setting aside a certain amount for the future for years now based on our retirement number. Now I'm getting to the point where I want to acquire assets that will allow us to retire really early.

That makes so much sense. I need to establish a minimum percentage amount that I pay myself. I never thought of it that way. Since my pay can sometimes quadruple between months, saving a percentage will be much easier than just saving the remaining amount after bills.

Thanks for the responses. I thought there was some other explanation that I misses because what you all say is exactly what I do. Pay all bills first and everything else is for savings. I just need to be more patient with saving close to $200k for my down payment.

In the past few months I've read numerous real estate investing books. It all started with Rich Dad, Poor Dad. One concept that was discussed, in other books as well, was pay yourself first. I would be considered a high earner but I ALWAYS pay my bills first before I pay myself (I own an Engineering firm). So far I've incorporated and registered my own real estate investment company and I'm trying to come up with the downpayment on my first multifamily property (4-6 units). Most properties go for about $700k - $800k. I want to self fund the downpayment on my first deal so that I can prove myself before approaching private investors (I've owned 2 single family rentals but recently sold). Is my point of view totally wrong? Is there something I'm missing? Am I taking the long road to my goal by not paying myself first? I know once I get my first multifamily property, things will take off since I'm constantly consuming information on the subject but I just need to put it into action!

Thanks!