All Forum Posts by: Anwar Nasir

Larry you are in a great position because regardless how much cash you already have on hand, you can use the equity of your free and clear property as a down payment on a triplex. Two of those units should cover all your expenses and give you pretty good cash flow, but that depends on where you purchase the property as well as condition. Remember that you can continue living where you are and then the triplex will have three rented units. When purchasing a multifamily it will be the revenue generated from the property that will count most, not your $27,000 income from your job.

Verify the ARV with solid comps. The spread is approximately $90,000 if I recall the numbers. Even if you walk away with $50,000 it's worth it.

Privatelenders.com is another site.

Try Hardmoneybankers.com

The numbers look good enough to support a hard money loan. Go online and search hard money lenders. I recall an actual site called Hardmoneylenders.com

 Sometimes very well crafted marketing material and many annoying  phone calls create a feeling of being pushed or pressured to make a decision that really wasn't well thought out. As a result people are sucked in by what seems to be the answer to there dreams. 

I have wanted to invest in affordable housing for a very long time. Just like many, I have been waiting for what I thought was the perfect time to invest. I have always been skeptical of those so called mentors and guru's.

Lastly I clearly understand that I made a huge mistake by not very clearly understanding what I would get for the money. There is nothing wrong with coaches and mentors. You just need to research the source and the product.

 So true.

The first mistake I made was that I did not take the time to really read the contract to get a clear understanding of what I was getting myself into.

I was convinced that with a coach/mentor I would achieve success within 90 days of a 6 month program.

My problem is that even though I was assigned two different coaches, I was never coached.

Goals were never discussed and there was never a plan for success.

I purchased what is marketed as coaching and or a mentor program membership. I believe that was the biggest mistake I've ever made, and as a result will more than likely damage my credit if I do not continue and finish paying for. $18,000 for nothing more than email articles. My biggest problem is that I need to overcome the fear of cold calling and just call sellers or property owners and at least try to put deals together. Because I've studied several other courses and read quite a few books, most of what I need to know to get started I know. I over analyze and procrastinate, and think that I just can't succeed without spending more money looking for something that I don't really need. Right now I am not trying to do complex deals such as simultaneous closing, co wholesaling or structuring deals for short sales.