All Forum Posts by: Chris Webb

I just spoke with a lender who does this and the highlights are .25-.5 above the going rate, 20% down with proof of DP funds, and prepayment penalty for 3 years. 

Hi @Angelo Pana, MSG me if you are still looking, I know an excellent lender who is the lender that lenders go to when they cannot get the deal done. Often times my guy can get a deal done that others cannot. Let me know and I will pass his name along. 

House hack a multi family - use the 4,3,2,1 strategy and you will eventually have a great portfolio. Learn more from Mike Zuber and Dion Talk on YouTube -

https://youtu.be/esjtyO0-4Lc

Hi @Nicholas Adam Cramer, you could look into Fund & Grow, they might be able to get you some business credit. I know that was something they offered me that as an option when I looked at creative financing. I will be honest and say I was not happy with my experience with them, but they did what they promised and I was able to get several thousand dollars for financing. 

Hi @Cameron Fowler, I would first ask if you have any sales skills. Have you made cold calls? Have you developed a database? If not I would suggest getting a W2 job and start house hacking your way into investments. You could either get a duplex or more and live in one unit and rent out the rest. This way you limit your housing expenses which can go towards down-payments on other investment homes. If you move a few times over the next few years, you can get up to 10 plus units in no time.

To answer your questions:

Q1: I was an agent and worked for a lender for a few years. Lending was much better, however it still was based on sales. Think about this, how many agents are in your local area and how many lenders are in the same area. Often times there are 10X agents in the same area. Now, how many transactions are there? Given there are less lenders with the same number of transactions, I would look at lending before getting into real estate as an agent. I am now an investor and sales is not even on my radar. Also, I would note - look at the transaction history and trend line. I would not get into the real estate industry as a whole right now as the transactions are falling off a cliff (this depends on your area of course, but look at 2019 TX and 2022 TX, are they up or down?).

Q2: Cold calling and setting appointments was an everyday activity. I had a list of phone numbers to call and worked my database. It was okay work, but I just didn't really like it. \

Q3: I have 3 degrees, 2 in economics and any degree will not hurt you, but most of real estate is about sales and pipeline growth. 

You will learn the math portion, I would recommend learning cash on cash first and developing strategy around that. Something they do not touch very much in any business courses is that cash flow is the blood that flows through the business body. Without it, it will die.

Try listening to Dion Talk or Mike Zuber to get started on YouTube. They have slightly different stories and Zuber has millionaires on his channel every day.

Here is a video from Dion: www.youtube.com/watch?v=H0AjiR...

These are my opinions, I hope this helps! Good Luck! 

Hi @Taylor Hosick, Mike Zuber's second book about 15 millionaires might be a good book for you. You can get a flavor for what he teaches on his YouTube channel One Rental at a Time. Take a look and take care. 

I just use Rentometer.com for quick analysis, I always verify with a local property manager after the initial review. 

@Casey Decker it might help to get really good at identifying certain numbers right away when looking at a property. Check out the "Invest LYH" YouTube channel for some videos showing quick, back of the envelope cash-on-cash analysis. I have gotten so good at this, I can evaluate a property as soon as I see it on Zillow. It is not the final step, but it can help give you a quick filter to know what properties you should look at further. Good luck. 

The math looks correct, you may have to expand your search beyond the city limits. I have heard some people literally draw circles around their city and look in several areas to determine positive cash flow. Good luck. 

Talk with a local title company and see if they might have a way to get a list for you. When I was in Tucson they would send them to us all the time.