All Forum Posts by: Christopher Leon

@Aaron Hoak a sale can be boiled down to three major components 1) location 2) condition 3) and price. A buyer can choose any two, the market will choose the third for you. Because location is static here, you either have an issue with price or condition. Price fixes everything - no question about it. To have 54 showings and no offers is not much of an anomaly.

@Parmer Cherry You should be able to get the address in advance. Go check the property out yourself. Pay a handy guy to ride with you and scout the property (just a thought) otherwise, the best use of your time will be to verify if your buying a first lien position, knowing your market well enough to know what your buying and what your exit is, and underwriting the prospective deal so you anticipate worse case. If you can’t see it - it’s a gamble plain and simple. All you can do is making the best educated guess and be a good enough problem solver once you have it to turn a profit.

@Nichole Landow Rather than looking at the equation like your losing something, focus on the positive. You guys are in position to buy a house! That’s awesome! The fact your considering/willing to buy a dupe or even bigger is great in itself and in the long run your going to win as long as you are able to manage and maintain the asset. I’m all about doing whatever it takes to acquire as many doors as possible, provided my wife will allow it. For example, she would not live in that multi either - there’s just no way. If I can convince her to do the dupe then that’s best move I can make. While yoir frIends are buying liabilities, you’ll be actually buying an asset - even more so 2-3 yrs out when both sides rent. Just do it!

@Josh Fuller excuse the brevity but the bottom line is do whatever you have to do to get your next unit, as long as you are able to manage and maintain both homes, that means keep them rented with good tenants and maintain repairs cost effectively. Your right, don’t thin yourself out like a lot of other people do and leverage yourself into a position you could regret. At the end of the day it’s all about you - how resilient you are, what your willing to do to succeed, to acquire the next unit, how risky (or not) etc. just go out there and get it!

@Aaron Edmondson why not just get the house liveable (functional and safe) and rent it out for a little below market because it’s not perfect, and let the tenant pay down the mortgage as the value rises. When your ready to sell, get in there and do the work or hire and make the numbers work significantly better than sitting on all that vacancy.

@Omar Khan You’re right! My network consists of zero wealth advisors/financial planners. However I do know many very successful high net worth individuals in the real estate business. Because my business is real estate I listen to them over somebody who owns zero real estate telling me how I should put my money somewhere. If anybody has a higher net worth than me I will pretty much listen to them as they must be doing something right. The funny thing is to I’ve also never met an individual who became a high net worth individual by taking the advice of a wealth planner. It’s in my experience that your level of expertise in whatever field you are in coupled with good personal finance habits and sound investing yields the higher net worth.  Lastly, for the record I’m not against wealth planners or financial planners. Send me one who has an actual net worth and I just might listen to them. 😀 Thanks for chiming in 

@Suzanne A. Your initial assumption is what you must go for. Turnover will bury you. Start marketing the home for rent oct 1. Ideally get a lease signed prior to current tenants leaving, and get the lease signed with an open commencement date. Meaning, expect them to be able to move in on the third, but if it’s got to be the fourth then so be it. It sounds like there is no way you can deliver occupancy on Nov 1, so don’t even try for that. Once you got lease signed, seenif you can get the tenant out sooner than end of their lease, worse case they leave the 31st, your in there that evening turning over and getting home ready for new tenants. All those other questions, don’t worry about that stuff. Your business is finding a new tenant, getting the old ones out and new ones In - thats It. Best of luck

@Steven Coppola no

@Douglas Ellis this is truly difficult to answer without knowing your whole position, experience, goals, etc. you can make an argument for each method. 20% down minimum exposure, rent as-is, won’t cash flow as high, but if you can manage and maintain, the product will hopefully run itself with the occasional maintenance call and such. Pay all cash, you can do the same aforementioned and realize a better cash flow. Or, you can rehab it and get top dollar for rent, and/or refi it and pull all your money out or whatever and do another deal. I don’t know, just pull the trigger and buy the damn thing.

@Donald Coleman depends on your learning style but I’d highly suggest in-class at your local organization of realtors office. Keep in mind, this is a sales job - through and through. If you expect to eat, expect to hit the ground running, be a self starter, and ****ing close! None of this aw, shucks ****. You gotta get intentional and be convicted in your speech.