All Forum Posts by: Aaron Yates

Again my point exactly. Its your opinion. I stated fact.

Its not being defensive its being truthful. People are successful many different ways in real estate. There are no specific rules to follow. No magic numbers.

Sure you need a plan. I never said you didnt. But with time, things change with change comes new opportunities. You need to be open minded and able to adapt to change to succeed.

If no one ever adapted to change or figured out new technology or techniques we would all still be cavemen!

And as i stated in the end of my initial response... im sure my technique will make many cringe. And it did. But my way works for ne as well as many others in my market that have done a hell if alot better thsn i have already.

So again... i ask... who are you referring to in regards to the greats??? Are they here in my market, metro detroit, today??? Id love to meet them.

Ahhhhh... gotcha.... good idea... but it cant be lunch. I still have a day job unfortunately. Unless we do it on a weekend.

Sorry but you just confused me abour the whole 8 mile thing... my mind is stuck on all the stupid things ive read on here tonight and reminded me why i have cut back on my involvement on BP in regards to sharing my experiences.

And who exactly would that be you are referring to? You should recheck your information... I may not be the next J D Rockafeller whom was BIG on people creating their own wealth by NOT following the ACCEPTED path for success.... but I have accomplished alot and dont need to explain myself to anyone. Im here to help people so they dont have to struggle like i did in the beginning.

Everyone is entitled to their own opinions...

.. but opinions are NOT fact and should not be pushed on others. I speak only of real experiences and NOT of what OTHER people claim to be true!

But thank you for your response. It just proves my point i have mentioned many times on here about people speaking about things that they dont know anything about!

Thats why I share my experiences. I want other people to not give up!!

I read your profile before posting this. One thing I will share that I have not mentioned on here before...

I initially was obsessed with flipping. I only invested in rentals because I couldnt get funding and had to do what I financially was capable of.

After the second property and seeing people so happy with the housing i provide i was hooked. I rehab my properties better than many landlords and have my reasons for doing so.

But it is awesome to be able to help people when others wont. I have had a hard life prior to entering the auto industry. Most would NOT help me in any way and I did what i needed To survive.

Literally lived in basementa and on living room floors. So to be able to help others now is completely amazing.

But most people dont see that side of me. They see an investor who must be rich and heartless or crazy to invest in because there is no money in real estate right now.

Too bad thats not the truth. Thats ok though because the few that i make happy and building a strong future for my family is what matters.

Dont tell too many people this though. They will just think u are crazy... not to mention me...

If this is your dream, dont give up. Whether its one property or 100. Do what you can and get rid of the negative people in your life.

I do know of two banks that will. One requires a higher credit score than the other but there essentially is no minimum. They dont sell thier mortgages and this is how they are able to do this. One specifically for fha requires a minimum of a 640 credit score. Conventional is 670.

Closing costs will be the same as if it were an $80,000 mortgage but you have to weigh all the options.

So it is possible for those who are interested in financing. I have spent hundreds of hours the past 1 1/2 years. I have spoken with well over 20 lenders in and out of state. Banks, credit unions, mortgage comapnies, hard money lenders, so called private money lenders, and business lenders.

Had my credit run over 30 times all in the pursuit of financing. I now know the ins and outs of essentially ALL financing.

The people getting easy financing are those with over 800 score. But there are opportunities for 620 and higher as long as you have no bankruptcy or foreclosure.

Many may see me as new but the difference is that i do the footwork. I dont rely on other peoples experinces to determine my future in investing. So take my information as you will but if i had someone give me the knowledge i learned BEFORE i had to leqrn ot myself it would have save me a lot of time.

Ha ha ha.... apparently none of us wpuld want to live in a house you rehabbed... lol

I actually would rather live in a house i rehabbed because they are nicer than the house i live in..

My wife ALWAYS asks me... why dont you fix our house... i respond "because our house COSTS us money and the rentals MAKE us money

If you say so.

I have done this footwork for over a year now... otherwise i wouldnt have responded. Unfortunately i am in a rare situation credit wise and what most investors experience with ease of financing, i do not have. So if you want an investor frindly lender i have that contact.

I havent been very active on bp due to the negativity here on bp but a bug bit me tonight and i decided to stir the pot to that negativity.

Anyways... good post John. Its nice to see that others do know the reality of financing and footwork involved.

This is before rehab... all-in-costs are avg $25K. I assumed he meant he was looking for distressed and going to rehab them.

If i misunderstood and he meant move-in-ready then its a pipe-dream.