All Forum Posts by: Austin Faux

I personally use REI BlackBook and will never stop using it!  I love it it helps me do Comps quick, it helps me organize my database, setup follow ups & to-dos.  It helps me automate some of my marketing.  It helps me keep all my properties organized.  I highly recommend checking it out

The biggest surprise about being a real estate investor/entrepreneur is that you have to change who you are and become a better person. Everything about you and who you are and what you do has only gotten you here. If you want to grow beyond where you're at then you have to get uncomfortable and experience the growing pains. That's why mindset is important because it's going to be the difference maker between you taking action, failing trying again, and again till you get it right. You have to be unrelentingly patient with yourself as you learn, take action, fail, learn from your mistakes, and take action again repeating this whole process over and over again till you eventually reach the success you've dreamed.   Most people don't have the unrelenting patience and discipline to move through the lifestyle journey that being an investor and entrepreneur requires.  So Rich Dad Poor Dad will help you attain the right mindset moving forward. 

Rich Dad Poor Dad is how I started out this journey.  It will give you the right mindset on making investing decisions moving forward in Real Estate.  As far as a real estate specific book I would say BP's How to buy with no or low money down book is pretty good for finding creative ways to buy deals you might not otherwise think you can purchase.  

Do you know how to structure real estate deals, paperwork stuff like that? You might also want to take a look at the beginner's video course BP offers as well as attend your local REIA to meetup with folks that know how to do the paperwork.

1) Find Deals

2) Finance Deals

3) Paperwork/Structure Deals

4) Multi-Exit Strategy Your Deals


That's really the 4 things in a nutshell you really need to know how to do extremely well.  It may take you sometime to learn all the ins and outs, but it's okay to start DOING before you're perfect at each.  It's not too hard to start making money while you stumble your way through the steps.

I'll swing by!  It's been a few since I was last there 😄👍

Welcome to BP!  I too am from both Boston and Des Moines, IA.  I spent my early childhood in Boston, and my teens and early 20s in Des Moines.  Right now I'm investing mostly in Denver, but I also do stuff in Des Moines as often as I can!

Hey @Tyler Sterling Welcome to BP. I too am in the Denver area and if you ever want to meetup, go door knocking and see the ropes let me know!

Welcome to BP!  I do stuff in the Denver area, Des Moines, and I'm thinking of doing stuff in Omaha too.

@Daniel S. you can always head over to a HomeDepot Saturday morning super early, and see what contractors show up.  The benefit of doing it early morning on a Saturday is you'll find the contractors with great work ethic since they're willing to work on the weekends, and they're up early in the morning.  You can also put out a few bandit signs around HomeDepot saying "Contractor Wanted for Rehab"

@Account Closed the way I've been taught to structure these subject to deal includes putting the property into a Land Trust, and making the homeowner the beneficiary.  So the Land Trust would look like the homeowner no longer owns the property because the Land Trust owns it, but the original homeowner is the beneficiary of the Land Trust.  So in short the paperwork is set up so the homeowner "owns" the property via the Land Trust, but in reality the Land Trust owns the property.  

Then on a separate piece of paper make an assignment of beneficiary from the homeowner to you/your business.  The original Land Trust will need someone to act as the "Trustee" who manages the trust.  You don't want to be the "Trustee" for asset protection purposes, so you make someone you know and trust the "Trustee."  Since you've been assigned the beneficiary of the Trust you can always fire the Trustee, but the Trustee can never fire you as the beneficiary.  If need be you can give your "Trustee" a few hundred bucks a year for any work that pops up.  Usually it's just receiving/reviewing any mail that comes, and protecting the land trust paperwork in a safe place. 

Then on another contract you sign a "homeowners agreement" which is just a piece of paper that lays out any "subject to" clauses you want to put in, plus any terms/conditions your seller whats to put in and that you agree to so you can get the deal.  This piece of paper doesn't get recorded, but stays with you guys so you can get the deal completed.

Then you record the Land Trust with the county, and your Trustee holds the assignment of beneficiary paperwork (never record with county), and now you're in a position where you can take over the property "subject to", take over the payments, and do whatever you want with the property since you now own the property through the Land Trust.  

Great deal for the Denver, Colorado market!

$25,000 Down - SELLER FINANCED - CASHFLOWING BRRRR

This is a seller financed property that is also currently cash-flowing.  This property is literally paying for itself and for $25,000 it can be yours!

Call me at (720) 903-3600 Ext. 102

Just got a property under contract from a man with health issues that's going into Foreclosure.  He's declared bankruptcy so he's stalled the foreclosure sale date, but he wants out!  The $25,000 down will cover all back payments and bring the loan current allowing you to take over the monthly payments at:  $935/m (1st) at 2% HAMP and $88/m (2nd).  

The homeowner has some major "temporary" health issues, and couldn't work so he fell behind on his mortgage.  As such he's been renting out the rooms in his house month to month at $450/m x 3 tenants = $1,350.  

The property does have some cosmetic issues like interior paint, carpet, new windows.  The wood floors could use sanding.  The kitchen is outdated and could use some new tile flooring.  The major stuff like roof, structure, etc is fine according to the homeowner, and I didn't see anything that popped out.  The property is in livable condition as-is hence the 3 tenants, but if you really wanted you could put another $20,000 - $30,000 into it, but just to spruce it up maybe $5,000 - $10,000.

Because of his health issues he can't move out yet, but has agreed to move out at the end of 1 year.  So whoever takes this deal would have to agree to those terms, and in all honesty that's what would be best for the homeowner because he needs to get his health up some more before moving his stuff out. During that 1 year period the property would be paying for itself via the tenants, and paying down the principal of the house....and that's where the real FUN begins!

The property can be turned into a great BRRRR and according to Rentometer the property could be rented out at $1,875. But if you know the Denver market you know this property could actually rent for $2,000+ easily. If you then take this and turn it into a wrap-around mortgage for someone you could make even more money via interest.

Call me at (720) 903-3600 Ext. 102

Thanks,

Austin-