All Forum Posts by: Brian Geiger

Hello All,

I posed this question a couple of months ago but I haven't gotten any answers. I'm in the process of choosing a platform for my RE business and I wanted to hear feedback from those who used either one of these three platforms (Propstream, REIpro and Flipster). Please let me know your thoughts or opinions on each.

Hi there,

I am contemplating on going to Rod's virtual conference. I'm looking to hear from people who went and tell me what they got out of it. Is it worth the time and money? How much of it is focused on substance rather than fluff?

Any thoughts???

@Erickson Sainval Nailed it. There so many opportunities to make money in RE and you can truly replace your 9-to-5 income with RE.

@Joshua Loh

Lease Options are one of my investment strategies. People often misunderstand them so you have to educate motivated sellers on what this actually entails. I typically use three strategies when investing in Lease Options.

1. Control the Deed: What I typically do is take control of the deed of the house from a motivated seller. Usually the seller is on the verge of pre-foreclosure, moving out of State or possibly a stressed out investor and want out. So I make up the late payments and take over the deed of the house. Therefore I control the asset and continue making monthly payments (the tenant will make monthly payments). 

2. The Sandwich Lease Option: You probably heard about this. This is when you as the investor will agree to take control of the property from the seller. The seller wants out and you will take over monthly payments and make sure the seller is paid when you sell (Depends on the terms and conditions of the contract). You would then find a tenant-buyer who can buy the property from you after lets say 2 years. You will manage the property for the owner while enjoying a nice cash flow.

3. The tenant-first Option: This is the option where you will have a tenant that is interested in leasing the property with the possibility of owning but you have no properties that fit the tenant's criteria. So you will tour the neighborhood and find the type of property the tenant likes provided that they can afford to buy it from you once the lease contract expires. Once the property is found, you can either purchase this or get an investor to come in and purchase the property. You will do all the managing and deliver returns to the investor. 

Overall you need to find motivated sellers who are trying to sell. Once you have a motivated seller, you want to agree to buy the property below market because you want to leave some equity for you to make a profit and then you want to also allow for your tenant-buyer to build up equity by paying down on the principle. You as the investor will make money through a option fee, monthly cash flow and the upside (subtract the option fee from the total upside).

Please reach out for further explanations on this.

@Simon Obas

Zillow can give you a snapshot of what home values are going in the market but ultimately the bank is going to go with what an appraiser predicts. If you are serious about the market, you may want to ask brokers that is not apart of the deal what the home value is. Another good resource is property managers and other investors (again they may give you a snap shot). I think this may work.

Propstream is a system that can help but they charge after seven days, $97 a month. If you can afford this then go forward it but remember there is a way to find this info out with out paying a bunch of money for it. 

@Matt Bailey,

Sounds like you are looking for a debt investor.  You have to find a debt investor and set up fixed rate of return. You may want to use a Promissory Note however this is something you need to consult with an attorney about because what works in my State may not work in your State.

The terms and the fixed rate is typically negotiable between you and the debt investor.

@Bryan Taylor,

You have to pull the trigger. One of the main reasons why people are on Analysis Paralysis is because of fear. I always remind myself of a quote that Former U.S. President Franklin Roosevelt said: "There is nothing to Fear but Fear itself."

Now here are some ways you want to get out of this fear:

1. Hire a Coach: If you have the investment, this may work well for you. Your coach will hold your feet to the fire and hold you accountable. It seems to me that you are looking for someone to hold you accountable and I think a coach can help. Now you want to research different coaches in terms of experience and content. There are a lot of junk out there so be careful.

2. Create a business plan: Believe or not, this can help you get into action because you are seeing the plan in black and white. A lot of people are stuck because they have nothing written down on paper and so this adds to the fear of getting started. Have a business plan that will walk you through how to get your first property.

3. Understand your market: Market research can help with breaking your fear. Start off by talking to brokers in your market as well as other investors. Find out where are the good submarkets and what areas are growing in your market. Join a meetup and get out there and network with people in your market. 

@Sam Patel,

It depends on your investing strategy. If you are trying to get a SFH and use as a rental, it will be very tough because investors are competing with actual dwellers. This is due to interest rates being very low and people are competing with each other to win over properties aka bidding wars. Unless you have a large sum of money to put down on a property, you may want to sit out until the market change. While you sit out, you should be saving your cash because the party may blow over soon.

@Justus Schaefer

Jay Hinrichs is right. You want a lender that knows your market. It can be either national or local. In addition, there are HMLs who lend based on the asset and there are some that will take your credit into consideration.

Either way you will need reserves and big downpayment (depending on experience) and closing cost to be able to close.

You should speak with a mortgage broker or call up some hard money lenders to see what they offer. Bigger Pockets have a list of hard money lenders. 

To me:

Location doesn't matter as much as terms. I've seen the best terms from out of state lenders as well as in state lenders. It mostly depends on the lender