All Forum Posts by: Cody Dover

@Mark Allen @Tony Nguyen Thanks for providing such value to hungry investors, if it's not too late, I'd like to get one of your copies. Thanks

Leah Bonner thanks for commenting, it's amazing seeing younger, like minded entrepreneurs who have a vision for the future. And yes we have variety of sources to find deals. One is the MLS, but majority of them come from networking with others who getting ready to sell or just simply gazing at the sites like Zillow, realtor etc throughout the week. (Also have a really good agent) Why didn't you stop doing deals after your first one?

Thanks everyone, I was definitely inspired by others reading their post back before starting. Appreciate your comments

I'm here to say anything is possible when you set your mind to whatever you want done. All this comes with the necessary actions required and is key ingredient a lot miss out on and that's simply taking action.

For several months, we analyzed deals, ran comps, numbers etc. Dream of becoming a landlord but never really took action. Analysis Paralysis at its finest talking our way out from certain deals because of our "thoughts". We soon realized we aren't going anywhere but questioning ourselves.

After months of dreaming and envisioning our path, we finally got from out of the office (my downstairs living room) and reached out to connect and network with individuals who was doing what we were looking to do. Went to meetups, the local Real Estate Investors Association, etc and came in contact with the right people. That fueled us even more to keep pushing through.

We finally started playing ball in January taking swings rather than just showing up for "practice". Offering like crazy (remember its a numbers game) the more we offered, the more accepted contracts came in. We figured we didn't have funds for the down payment and closing cost, we simply just wanted to "say yes" now and figure out the rest later. And certainly did we, lifted under every rock, call people we knew until we came across financing for the 15% down payment at closing. Always come to play and figure out a solution later.

Hope I can inspire other new investors that's getting involved, it just takes one to get things going, then from there just keep excelling!

Yes, but would like to factor in him taking part of the cash flow it brings in. The properties are well managed by a trusted management company. So essentially we wouldn't be doing anything with it but letting it sit there and pay for the expenses as they come up.

This is the challenging question that we have come to is coming up with a professional 3 offers to present while making them satisfied.

@Christopher Phillips We can put in around 20-30% perhaps more if it comes down to it but we would really be scrapping up everything in the account to do so. And that's why we want to bring him in. We have several credit lines to tap into for the unexpected cost for the expenses. just didn't want to use that for a downpayment.

@Will Barnard We are using a commercial loan we used for our last rental that requires 15% down. There are no other expenses required from day one. Both properties are completely turn key and remodeled on the inside.

My partner and I are seeking out a creative way to offer a 3rd partner we are trying to bring on board for these 2 rentals. We need to come up with about $20k total for closing cost and down payment combined to get in these two cash flowing properties.

Originally it would have just been my partner and I, but couldn't come up with $20k right away. So we searched for help with the cost associated up front. Trying to decide 3 options to give him that would include him on the equity interest of the rentals as well. At this point while running the numbers on these two properties, no way does he just want to be the "bank" for $20k when he can earn a 1/3 of the cash flow and equitable interest.

So bp community, I could use a little coaching here. Trying to come up with a sophisticated menu of options considering we are cash strapped and can only pitch in about 20-30% of the total cost. What option would be a viable one?

My partner and I are seeking out a creative way to offer a 3rd partner we are trying to bring on board for these 2 rentals. We need to come up with about $20k total for closing cost and down payment combined to get in these two cash flowing properties.

Originally it would have just been my partner and I, but couldn't come up with $20k right away. So we searched for help with the cost associated up front. Trying to decide 3 options to give him that would include him on the equity interest of the rentals as well. At this point while running the numbers on these two properties, no way does he just want to be the "bank" for $20k when he can earn a 1/3 of the cash flow and equitable interest.

So bp community, I could use a little coaching here. Trying to come up with a sophisticated menu of options considering we are cash strapped and can only pitch in about 20-30% of the total cost. What option would be a viable one?

My partner and I are seeking out a creative way to offer a 3rd partner we are trying to bring on board for these 2 rentals. We need to come up with about $20k total for closing cost and down payment combined to get in these two cash flowing properties.

Originally it would have just been my partner and I, but couldn't come up with $20k right away. So we searched for help with the cost associated up front. Trying to decide 3 options to give him that would include him on the equity interest of the rentals as well. At this point while running the numbers on these two properties, no way does he just want to be the "bank" for $20k when he can earn a 1/3 of the cash flow and equitable interest.

So bp community, I could use a little coaching here. Trying to come up with a sophisticated menu of options considering we are cash strapped and can only pitch in about 20-30% of the total cost. What option would be a viable one?

@William Brown I posted earlier above like I said, really just a combination of many things of course it's obvious Rich Dad, Poor Dad helped comfort me a little more. Also I know how to manage my money so I'm not depending on a paycheck to come in every 2 weeks from my W-2 job. When you attend the REI meetings, don't just show up to say you are doing something. Get involved, network, and never cheat yourself. I listened to several podcast, I cant just single one out but just wanted to get different a prospective from the people I want to be like. I don't have like a "mentor" but I have people I can go to and ask away with questions. @Paul Thompson has taught me a lot just from the conversations we've had at the meetings and has opened my eyes to the possibilities out there.