All Forum Posts by: Chris Kendrick
Chris Kendrick has started 32 posts and replied 191 times.
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Ok so for first time new investors, i went to multiple of banks and there is no such thing as no money down or 3 or 5 percent low down payments, its normal 20 or 25 percent down, so only way i see to profit from rental or investment properties is either flip or do the brrrr method , cause you cant put a down payment of 20k,30k or 40 or 50k, cause it will take you forever to get that money back if your only cash flowing around $300 or $400 a month, you cant buy a property every 7 or 10 years doing the conventional method of buying a house, so you almost got to rehab the house and either flip or get it appraised for more and cash refi to get your money back and rent it out, i dont know how everyone making money, please dont say seller finace, cause that dont exist
Seems like you are telling us there is no way. Give up. Do not ask questions and educate. It’s impossible. RE is not for you.
RE has many different strategies. Seller financing does not exist? I guess that is one less property that I own. Buy direct from seller, 4 less properties. Good brrrr/value add, 8 less.
As has already been stated owner occupied is an easy way to enter with minimal down. Naca is full of hurdles and has a learning curve. Have you looked into it. How about traditional FHA? High LTV combined with house hacking including by room, STE/mtr, or traditional LTR.
Non-owner occupied there are value adds, BRRRR, Partnering, arbitrage to name a few. Any of which could result in none of your investment being trapped in the investment. Same rent options as house hacking.
This really is just the Beginning of RE strategies as I concentrated on one that does not commit significant funds long.
There are numerous passive options that trap funds but have produced great returns: syndication, mineral rights (We timed our acquisition perfect and had ~40% return on investment on year 1), NNN, Notes, REITS, etc.
You need to educate on possibilities rather than it is not possible (pessimism is not your ally. It is possible. Many people on this site are proof it is possible.
Good luck
I think like the posts above say, you need to be more open-minded. It also can take a lot of time to find the right property to start with. I have 3 multifamily deals on the go right now, all of which are seller-financed for the entire down payment. It's 560 doors in total.
Be open-minded. Don't just think that the 2 realtors you've talked to know what they're talking about. You've come to a forum to ask questions, and people are going to give you their honest feedback and experience.
My issue is he is not asking questions. He already knows seller financing is impossible. He has not asked about how to find it because why would you ask when it is impossible?
He also seems fixated on seller financing as though that is the only low/no Money option. The book by Brandon must be full of empty pages. I have never read this book but interesting a book with nothing on its pages could sell any copies. hmmm!
That's a VERY good point. To be honest, I'm not sure why someone would come on a site like this if they already know so much more than the rest of the members. Good point Dan, good point. I listened to that book as an audiobook. I thought there were words in it, but maybe I was just listening to white noise for 10 hours. I'll have to go double-check! haha.
Basically , let use numbers, if i got 40k cash on hand , how can i scale to buy multiple properties, like 1 or 2 or more a year, and dont use house hacking or these fha loans cause most people have a family and own a house and cant do that and dont use seller financing cause no one going to do this on a small single family home, So can any one answer this, i can only see is to do the brrrr method or just flip the house to get your money back
Ok thats what i thought, so anyone with not much money, you have to brrrr or flip, boom case closed, lets go home
I can show you millions in examples of seller-financing, across numerous asset classes and states. It is a massive industry and I can point to a Storage Facility in FL (one of many that were seller-financed) that was done with seller financing. I also a member of one of the largest Mastermind groups that focuses on off-market acquisitions, and countless members have done seller-financing on SFRs. You have a very limited mindset and are drawing universal conclusions from anecdotal evidence. Realtors are rarely well-versed in creative financing, let alone REI. I encourage you to get around different people, as you are limiting your mindset and listening to the ignorant. I wish you the best of luck, just know from my experience and many others, that 0% down and no interest are real things and I can show you real examples. Level up your associations and experiential knowledge, then you'll realize every avenue that is truly possible in REI.
Also i am.just saying its alot hard to get seller financing on SFH, dont use commercial or multiple family properties
Quote from @Steve Vaughan:
Quote from @Chris Kendrick:
Quote from @Dan H.:
Quote from @Chris Kendrick:
Quote from @Nicholas Jackson:
Quote from @Chris Kendrick:
Quote from @Matt Calnan:
Quote from @Dan H.:
Quote from @Matt Calnan:
Quote from @Chris Kendrick:
Quote from @Dan H.:
Seems like you are telling us there is no way. Give up. Do not ask questions and educate. It’s impossible. RE is not for you.
That's a VERY good point. To be honest, I'm not sure why someone would come on a site like this if they already know so much more than the rest of the members. , So can any one answer this, i can only see is to But it shows seller financing is available.
I am going to try to restrain from further posts in this thread. Some people cannot easily be helped. They know the answers. They do not read the answers they are provided.
My brrrr deals have often started as seller-financed because the properties were rough and not bankable. I've also sold 35 unite with seller-financing for tax mitigation, That's why most of us do it.
All of mine have brrrs and SF buys have been from tired landlords, off-market, no realtors. Most have been plexes since they have such a higher probability of being absentee/ landlord-owned so that's where I focused.
I have received every dollar back I've ever invested in RE, but it took time. If you don't want to expend time to source off-market RE or take time for your investment to season, speculate in something else entirely.
To consistently be 'confidently wrong' over and over about this or that not existing (because 2 realtors said so or whatever) is just that. Jack and Jill on market home seller are a waste of time for a good deal or anything creative.
Yes easier for multi-family property for seller financing but small single family is alot harder, cause no wants to do that,
Quote from @Dan H.:
Quote from @Chris Kendrick:
Quote from @Nicholas Jackson:
Quote from @Chris Kendrick:
Quote from @Matt Calnan:
Quote from @Dan H.:
Quote from @Matt Calnan:
Quote from @Chris Kendrick:
Quote from @Dan H.:
Quote from @Chris Kendrick:
Ok so for first time new investors, i went to multiple of banks and there is no such thing as no money down or 3 or 5 percent low down payments, its normal 20 or 25 percent down, so only way i see to profit from rental or investment properties is either flip or do the brrrr method , cause you cant put a down payment of 20k,30k or 40 or 50k, cause it will take you forever to get that money back if your only cash flowing around $300 or $400 a month, you cant buy a property every 7 or 10 years doing the conventional method of buying a house, so you almost got to rehab the house and either flip or get it appraised for more and cash refi to get your money back and rent it out, i dont know how everyone making money, please dont say seller finace, cause that dont exist
Seems like you are telling us there is no way. Give up. Do not ask questions and educate. It’s impossible. RE is not for you.
RE has many different strategies. Seller financing does not exist? I guess that is one less property that I own. Buy direct from seller, 4 less properties. Good brrrr/value add, 8 less.
As has already been stated owner occupied is an easy way to enter with minimal down. Naca is full of hurdles and has a learning curve. Have you looked into it. How about traditional FHA? High LTV combined with house hacking including by room, STE/mtr, or traditional LTR.
Non-owner occupied there are value adds, BRRRR, Partnering, arbitrage to name a few. Any of which could result in none of your investment being trapped in the investment. Same rent options as house hacking.
This really is just the Beginning of RE strategies as I concentrated on one that does not commit significant funds long.
There are numerous passive options that trap funds but have produced great returns: syndication, mineral rights (We timed our acquisition perfect and had ~40% return on investment on year 1), NNN, Notes, REITS, etc.
You need to educate on possibilities rather than it is not possible (pessimism is not your ally. It is possible. Many people on this site are proof it is possible.
Good luck
I think like the posts above say, you need to be more open-minded. It also can take a lot of time to find the right property to start with. I have 3 multifamily deals on the go right now, all of which are seller-financed for the entire down payment. It's 560 doors in total.
Be open-minded. Don't just think that the 2 realtors you've talked to know what they're talking about. You've come to a forum to ask questions, and people are going to give you their honest feedback and experience.
My issue is he is not asking questions. He already knows seller financing is impossible. He has not asked about how to find it because why would you ask when it is impossible?
He also seems fixated on seller financing as though that is the only low/no Money option. The book by Brandon must be full of empty pages. I have never read this book but interesting a book with nothing on its pages could sell any copies. hmmm!
That's a VERY good point. To be honest, I'm not sure why someone would come on a site like this if they already know so much more than the rest of the members. Good point Dan, good point. I listened to that book as an audiobook. I thought there were words in it, but maybe I was just listening to white noise for 10 hours. I'll have to go double-check! haha.
Basically , let use numbers, if i got 40k cash on hand , how can i scale to buy multiple properties, like 1 or 2 or more a year, and dont use house hacking or these fha loans cause most people have a family and own a house and cant do that and dont use seller financing cause no one going to do this on a small single family home, So can any one answer this, i can only see is to do the brrrr method or just flip the house to get your money back
Ok thats what i thought, so anyone with not much money, you have to brrrr or flip, boom case closed, lets go home
You are not reading the answers you are provided as I listed non-owner occupied options other than flip and brrrr.
This is an investor local to me (@doug spence). We have somehow not met in person but suspect we will at some point soon. He used very little of his own money on this BRRRR.
https://www.biggerpockets.com/...
Also I checked my inboxes. I have 5 seller financed options in my inbox from the last month (one from yesterday). Reality is none of these 5 meet your need as they are not low money down. But it shows seller financing is available.
I am going to try to restrain from further posts in this thread. Some people cannot easily be helped. They know the answers. They do not read the answers they are provided.
Good luck
Yes brrrr is the way to go for new investors with not much money, well seller financing around here your not going to get, thats what most realtors are saying and i believe them cause why would they even want to do that
Quote from @Luka Milicevic:
Quote from @Chris Kendrick:
Quote from @Luka Milicevic:
Quote from @Chris Kendrick:
Quote from @Luka Milicevic:
Quote from @Chris Kendrick:
Ok so for first time new investors, i went to multiple of banks and there is no such thing as no money down or 3 or 5 percent low down payments, its normal 20 or 25 percent down, so only way i see to profit from rental or investment properties is either flip or do the brrrr method , cause you cant put a down payment of 20k,30k or 40 or 50k, cause it will take you forever to get that money back if your only cash flowing around $300 or $400 a month, you cant buy a property every 7 or 10 years doing the conventional method of buying a house, so you almost got to rehab the house and either flip or get it appraised for more and cash refi to get your money back and rent it out, i dont know how everyone making money, please dont say seller finace, cause that dont exist
This post comes as a shock to me. Not sure how I, alongside many of my partners and fellow investors managed to do everything you said can't be done. We must be a special breed I guess.
Seller financing doesn't exist, except for the seller financing deals I've done....
Were they on small single family homes, and I would like someone tell me some numbers to run, on some examples, meaning like, i bought an 120k house, use this loan, etc...
Both single fam and multi fam
Here's some numbers:
My most recent deal-I bought a single fam house cash for 330 with a line of credit, needed 3 rooms painted. Cost me $975 total in renovation costs. Appraised for 420k. Cash out refi to get my money back and pay off line of credit.
A few years ago I bought an apt complex for $1.2m. Bank financed 80%. Seller carried back 10% financing for 2 years. I got a passive partner in for the remaining downpayment needed.
The value was 420k before I painted. I bought it off market. I don't really care if you believe it or not.
The example doesn't change if you are a new investor with little money. If you read the post I said I used a line of credit. I was out of pocket zero dollars.
It looks like you are here to complain and not to learn. I recommend going to the non real estate related facebook groups to do so. You will get TONS of validation in those groups on how investing is not possible and is reserved for the mega wealthy.
Well yeah brrrr method, so you rehab it for how much, cause for 420k refi its like 75 or 80 back out, so you couldn't have done much work to it
Quote from @Luka Milicevic:
Quote from @Chris Kendrick:
Quote from @Luka Milicevic:
Quote from @Chris Kendrick:
Ok so for first time new investors, i went to multiple of banks and there is no such thing as no money down or 3 or 5 percent low down payments, its normal 20 or 25 percent down, so only way i see to profit from rental or investment properties is either flip or do the brrrr method , cause you cant put a down payment of 20k,30k or 40 or 50k, cause it will take you forever to get that money back if your only cash flowing around $300 or $400 a month, you cant buy a property every 7 or 10 years doing the conventional method of buying a house, so you almost got to rehab the house and either flip or get it appraised for more and cash refi to get your money back and rent it out, i dont know how everyone making money, please dont say seller finace, cause that dont exist
This post comes as a shock to me. Not sure how I, alongside many of my partners and fellow investors managed to do everything you said can't be done. We must be a special breed I guess.
Seller financing doesn't exist, except for the seller financing deals I've done....
Were they on small single family homes, and I would like someone tell me some numbers to run, on some examples, meaning like, i bought an 120k house, use this loan, etc...
Both single fam and multi fam
Here's some numbers:
My most recent deal-I bought a single fam house cash for 330 with a line of credit, needed 3 rooms painted. Cost me $975 total in renovation costs. Appraised for 420k. Cash out refi to get my money back and pay off line of credit.
A few years ago I bought an apt complex for $1.2m. Bank financed 80%. Seller carried back 10% financing for 2 years. I got a passive partner in for the remaining downpayment needed.
Quote from @Luka Milicevic:
Quote from @Chris Kendrick:
Ok so for first time new investors, i went to multiple of banks and there is no such thing as no money down or 3 or 5 percent low down payments, its normal 20 or 25 percent down, so only way i see to profit from rental or investment properties is either flip or do the brrrr method , cause you cant put a down payment of 20k,30k or 40 or 50k, cause it will take you forever to get that money back if your only cash flowing around $300 or $400 a month, you cant buy a property every 7 or 10 years doing the conventional method of buying a house, so you almost got to rehab the house and either flip or get it appraised for more and cash refi to get your money back and rent it out, i dont know how everyone making money, please dont say seller finace, cause that dont exist
This post comes as a shock to me. Not sure how I, alongside many of my partners and fellow investors managed to do everything you said can't be done. We must be a special breed I guess.
Seller financing doesn't exist, except for the seller financing deals I've done....
Were they on small single family homes, and I would like someone tell me some numbers to run, on some examples, meaning like, i bought an 120k house, use this loan, etc...
Quote from @Eric Gerakos:
I recommend an FHA loan or house hacking.
How about not doing those cause most people own there own home with a family and cant house hack
Quote from @Nicholas Jackson:
Quote from @Chris Kendrick:
Quote from @Matt Calnan:
Quote from @Dan H.:
Quote from @Matt Calnan:
Quote from @Chris Kendrick:
Quote from @Dan H.:
Quote from @Chris Kendrick:
Ok so for first time new investors, i went to multiple of banks and there is no such thing as no money down or 3 or 5 percent low down payments, its normal 20 or 25 percent down, so only way i see to profit from rental or investment properties is either flip or do the brrrr method , cause you cant put a down payment of 20k,30k or 40 or 50k, cause it will take you forever to get that money back if your only cash flowing around $300 or $400 a month, you cant buy a property every 7 or 10 years doing the conventional method of buying a house, so you almost got to rehab the house and either flip or get it appraised for more and cash refi to get your money back and rent it out, i dont know how everyone making money, please dont say seller finace, cause that dont exist
Seems like you are telling us there is no way. Give up. Do not ask questions and educate. It’s impossible. RE is not for you.
RE has many different strategies. Seller financing does not exist? I guess that is one less property that I own. Buy direct from seller, 4 less properties. Good brrrr/value add, 8 less.
As has already been stated owner occupied is an easy way to enter with minimal down. Naca is full of hurdles and has a learning curve. Have you looked into it. How about traditional FHA? High LTV combined with house hacking including by room, STE/mtr, or traditional LTR.
Non-owner occupied there are value adds, BRRRR, Partnering, arbitrage to name a few. Any of which could result in none of your investment being trapped in the investment. Same rent options as house hacking.
This really is just the Beginning of RE strategies as I concentrated on one that does not commit significant funds long.
There are numerous passive options that trap funds but have produced great returns: syndication, mineral rights (We timed our acquisition perfect and had ~40% return on investment on year 1), NNN, Notes, REITS, etc.
You need to educate on possibilities rather than it is not possible (pessimism is not your ally. It is possible. Many people on this site are proof it is possible.
Good luck
I think like the posts above say, you need to be more open-minded. It also can take a lot of time to find the right property to start with. I have 3 multifamily deals on the go right now, all of which are seller-financed for the entire down payment. It's 560 doors in total.
Be open-minded. Don't just think that the 2 realtors you've talked to know what they're talking about. You've come to a forum to ask questions, and people are going to give you their honest feedback and experience.
My issue is he is not asking questions. He already knows seller financing is impossible. He has not asked about how to find it because why would you ask when it is impossible?
He also seems fixated on seller financing as though that is the only low/no Money option. The book by Brandon must be full of empty pages. I have never read this book but interesting a book with nothing on its pages could sell any copies. hmmm!
That's a VERY good point. To be honest, I'm not sure why someone would come on a site like this if they already know so much more than the rest of the members. Good point Dan, good point. I listened to that book as an audiobook. I thought there were words in it, but maybe I was just listening to white noise for 10 hours. I'll have to go double-check! haha.
Basically , let use numbers, if i got 40k cash on hand , how can i scale to buy multiple properties, like 1 or 2 or more a year, and dont use house hacking or these fha loans cause most people have a family and own a house and cant do that and dont use seller financing cause no one going to do this on a small single family home, So can any one answer this, i can only see is to do the brrrr method or just flip the house to get your money back
Ok thats what i thought, so anyone with not much money, you have to brrrr or flip, boom case closed, lets go home
Quote from @Brock Mogensen:
3.5% down is FHA financing. It definitely does exist. Likely need to work through a mortgage broker for it. No money down through the banks, does not exist, correct. Seller financing does exist, but that is something you work out with the seller, not the banks. Most sellers are not willing to do seller financing though. A conventional loan is generally 25% down. You need to look at deals from a cash on cash return perspective and not simply how long is it going to take to get my money back..
Thank you someone who gets it, but yeah I did look at deals from COC perspective and alot of deals will cash flow but problem is ,how am i going to fund my next deal, if my money is tied up in another deal, thats the issue
Quote from @Kai Kopsch:
For most people to build wealth, there is only one option Real Estate. For example, I helped a BP member buy a living flip this January taking advantage of the market shift. The home was appraised at 100K above the offer, and with the right upgrades in the next 24 months, this will sell for a nice profit. You can finance something like that with just 3.5% down and finance the renovations with a home-style loan.