All Forum Posts by: Christopher Janney

What issues are you having?  I haven't had any issues, yet.  I am also very transparent with everyone.

like @Luke Anderson said, finding a partner is the #1 way to solve the lack of down payment.  #2 is find owners of rental properties who are willing to do seller finance, where they carry the note.  For some, it's better to be getting a monthly payment from you, with no expenses than from a renter, and still having property tax, cap-ex, etc deducted from said payment.

Where are you looking for your deals? You are not going to find a no-money-down type deal on the MLS or loopnet. You will need to invest in some list sources, (propStream, listsource, foreclosuresdaily to name a few) to look for out of state owners with high equity.

Another avenue is start wholesaling to build up the capital to start funding your deals.  I haven't put any money, even down into any of my wholesale deals, but that's because I have a buyers list that responds quickly, and takes over right away to put the down in escrow.

If you are looking at rehab, know the down is not the only money you need to come up with.  You will have monthly holding costs too, which included things like utilities, property tax, insurance, maintenance (lawn care and pool, if there is one). Most, if not all of these are covered in the calculator.  You should run a couple deals a day through that calculator so you get used to the numbers.  You can submit your calculator for people to comment on as well, learn what you missed, over estimated, under estimated.  Buying right is the most important, followed by making sure you budgeted the project correctly.

Good luck.

Inspiring and well documented. $1600 left in the deal for not only first BRRRR, but first out of state BRRRR, well done.

Looking forward to hearing about your future successes.

I'm not seeing the issue with working with multiple agents on multiple properties.  I do this frequently, and I'm in CA.  I don't have an exclusivity contract with any of them (and nor should you, even if they ask for one...if they do, ask them for an exclusivity contract as their only client and see how that goes).  Now, if you had agent B make another offer on your behalf on the same property you were working on with agent A, that's a no, no.  If you couldn't pursue opportunities brought to you buy multiple agents, you're real estate investing would be greatly limited.

Not sure if this would solve your problem, but putting the property in a trust, then you make the beneficiary anyone you like.  Again, like @Brian Larson said, talk to a good CPA that understands real estate.  This is important, because not all CPAs are versed in the legal and tax issues with real estate, just as not all doctors are podiatrists.

I would tear the roof off.  20 years is a long time for a roof.  Look at your market.  What is the competition doing in your area?  Did you do a full rehab on this house?  If it's a turnkey house, in my area, a 20 year old roof is a no-brainer.  Rip and replace, because the rehabbed, turn-key homes I'm competing with in this market have a new roof.

Not yet.  I was hoping to do so end of this month.  We'll see how that cookie crumbles. 

@Scott Johnson You're vary welcome. 

@Benjamin Tighe that second paragraph is the point here, and you hit the nail on the head. If you need to carry a weapon to make money, maybe re-evaluate your choices. Well said.

@Travis Moe, that's a great story on a great deal.  I'm really glad that turned out well for you.  Congratulations.