All Forum Posts by: Caleb Brown

Why wait? I've heard the bubble was going to pop for the last few years. Run numbers, don't over pay, and buy right. Use the FHA loan to house hack with 3.5% down, I'd look into a 2-4 unit place. Speak to a lender they'll be able to help with the pre approval.

Nice work!

Jonathan and Dennis are spot on. The only difference I could see in going to other markets is price(CA has a higher bar of entry than the Midwest) but tenant classes, job growth, cap rate, etc are used the same across the country on analyzing deals. 

Some ways.... being knowledgeable on areas and upcoming ones, having a idea on rehab and costs, being able to analyze deals so you aren't sending junk out, having a list of vendors for reference(biggest is PM, lender, GC), being able to be quick on getting offers out, being a strong negotiator, using creative terms to win a deal, constantly sending deals on/off market, and taking video of properties for them. These are many ideas the list can go on.

Depends on area. What I see in my market; C areas 10/12%, B areas 8/10% and A areas 4/6%. This is a generalization because every deal is different.

I would ask the lender. If it's hard money they most likely fund flips so I would think so but every lender is different. Read the fine print.

Everyone is looking for low hanging fruit but it's not there. If you are looking for the easy path in REI to be successful then I'd look into another career. Most jobs in Real Estate require hustle, refining your skills, learning and growing. Start with listening to podcasts and interning, from there decide which path and double down.

As Karl said use a lawyer or title company(don't know how your state works). Here in KC you can go through a title company and they can provide a contract. Appraisal is usually after inspections. With a close date by March 31 you have plenty of time to appraisal after inspections. I would check with the lender on how backed up appraisals are so closing isn't delayed. 

Always look for both. Off market world is competitive since the market is so good. You have wholesalers and investors doing text/calling campaigns so owners are getting bombarded with them. Set yourself apart if you are doing those campaigns and just keep chugging along, you'll get deals through MLS or off market.

It all comes down to numbers. For multi  family I'd look off market. From my experience anything over 4 units rarely hits the market. 4 units and under are very hot which drives up the price.