All Forum Posts by: Blaine Alger

Only thing I would advise is be careful purchasing a property and allowing pst possession.

Sometimes they can have time to rethink their decision and decide they no longer want to move.

If you do want to buy it soon though, I would encourage you to impose some type of holdback of the money that they won't get until they are officially moved out. Title might be able to hold this for you. 

Congrats on the potential of a big pay day. It sounds like you are in a good position.

I would do 2 things with the cash:

#1

Go out and buy a commercial property with cash and at a conservative cap rate of 6% that would be 72k a year. This does not seem like much but that would be passive income and would be plenty money to live on in your early retirement.

#2

You can use the 1.2m and use leverage to go out and buy more property. A 100k down payment would let you go out and buy a 400k property assuming a 75% LTV. If you used this strategy with the entire pay out, you could buy and control over 4.8m of RE. It would depend what type of rates you could get on your financing but it is easy to see that 4.8m is a lot more valuable than 1.2m. The 4.8m would most likely produce a return that is equal or greater to the 72k generated in scenario #1.

You can go out and find a mentor if you want but you don't have to.

I believe the first deal is what holds a lot of beginners up. I would suggest to take the jump and learn as you go. Of course you want to make sure it is not an absolute terrible deal but for the most part RE is fairly forgiving. 

Once you get the confidence from getting the first deal under your belt, the rest will be easy.

Sorry to hear your struggles Stephanie, but it sounds you are determined and I am sure you will succeed. 

 I would suggest that if you are looking for a mentor, this is not the way to do it. I think the best way to go about this is to approach someone in your market who will be able to help you better. Approach them with value and they will return the favor.

Wholesaling is a tough business to make it in, a lot of beginners look at it as a great way to get started.

You can do it and there a great online resources to get started but most of the youtube and gurus are just trying to sell you something.

My best advice for you would to find a local investor or wholesaler and see what you can do to bring value to them and help them in their business. This will be a great way to learn the business and get a behind scenes look.

You have the right idea. The first step is education and you are definitely in the right place.

I would suggest to message every person on BP that is in your market and tell them who you are, what you are trying to and if there is anyway you can bring value to their business. 

In terms of getting started in College, I would not advise going out and buying some cheap property because that has the potential to turn into a money pit and could haunt you for years to come. But at the same time the value you get from taking action and actually doing something is so much more valuable than education. You just have to make sure it is the right opportunity.

Stay in school, say no to drugs and feel free to message me if you have any other questions.

-BA

Don't know of any firms in the area that might be able to help. I would give the good ole google a shot.

Where is the development at?

There are title companies on every other street corner. 

You should't have any problem finding one in your area unless it is special circumstance.

Ideally you want to use one that is convenient to you, the seller and the end buyer because there will need to be wet signatures required  in order  to close. I don't know if there are nay rules stating on where title needs to be located in relation to the transaction.

Be cautious of using hard money and make sure the deal is rock solid. 

What's your exit strategy? You don't want to get stuck with the HML

Go listen to the most recent BP podcast.

They interviewed a commercial investor who is absolutely killing it and it was very helpful.

I think you could pull a lot of value out of it.