All Forum Posts by: Bjorik Mutize

@Michael Spindler

Don’t be shy and be genuine in everyone’s story.

@CJ M.

Maybe I’m going to get kicked for this. But the more cash reserves you can budget out the better! Especially budgeting out without jeopardizing your property operations/business growth.

I know the recommend minimum thresholds, but I personally do not think there is too much.

@Nicholas Blaylock

You do not want to chose anywhere where you cash value can fluctuate. Stocks, bonds, etc it’s not a good idea. They are do volatile and market dependent. Even worse is that you will spend time trying to pay attention to this instead of learning about real estate.

I’d simplify it, get a good budget month by month on how much you want to save. Get the highest yield savings account you can and don’t touch it. Figure out ways to generate a stable second stream of income perhaps.

@John Thomson

Metrics you could look at may include you markets vacancy rate, DOM’s, and market trends with rent increase or declines. Usually just by these metrics, you can get a high level overview of where demand may be going.

Also, you could speak to surrounding brokers and property management companies to get secondhand opinions.

@Chance Brookins

Think you got your answers above. Not only begin to streamline your criteria, begin interviewing agents now and explain your goals.

Also start preparing your financial situation for your new deal.

Update on speaker, @Jordan Moorhead high performing realtor with Keller Williams and Multi-Family investor comes to share his story. 

Please continue to RSVP and also connect with Jordan on here while you are at it!

@Samkied Vertus

You could always partner with someone that has that W-2 track record. You being licensed, you already have something that may add-value to the partnership.

Also, it’s not that your income doesn’t count, however usually lenders want to see a certain amount of time, like 2 years or so, before they consider anything. Some lenders less, some more etc so I’d reach out to a few and see what they say.

What brought you to starting with foreclosures?

@James Wise above are all essentially the basis of it.

No money down for new investors tends to translate into I don’t need any money at all.

I'm assuming these are Single Family Homes. First off look at comps. Your property vs comparable properties. Research on this forum how to do a comp analysis and figure out if the After Repair Value of $50k is achievable based on other similar properties in the market.

Then figure out what type of add-value improvements you need to do to get to that ARV. Again looking at amenities and features of other properties in the market.

I think also you hit it on the head with being patient and wait. While you wait you continue to learn your markets and continue to scout deals daily. Let your network know what you are looking for so you can get outside leads. Stay close to your broker working with you and ensure they are aware of your specific criteria.

I mean you can definitely do all of the other marketing methods you mentioned for sure, no harm, but I think you are doing everything correctly especially for your first deal. If numbers and properties fail to add up for an extensive amount of time maybe find another backyard to play in.

But most importantly remember your first property does not have to be perfect.