All Forum Posts by: Cody Dover

Sultan Maawali yeah man great seeing you taking action! That was a big thing for me was stepping foot in the arena and following through with it rather than analyze deals all day! Good luck let me know how everything pans out

Thanks to all, enjoy reading the replies!

@Aaron Jernigan

Aaron,

Thanks for reaching out! It was a combination of many things. Books, the BP podcast, and what by far helped me the most was networking. Any event that goes on at our local monthly REIA meeting I'm there and putting myself in front of as many people as I can. Gained a lot of connections and advice from people who are in the direction I'm trying to head.

I ended up spending about $16k on a course from Rich Dad, Poor Dad but looking back that was a mistake. (Now it did kickstart us and got us in gear) However, I learned more by networking and reading different real estate books.

I found a commercial lender that required 15% down. That came through connections from the bank I work at. My note is only $215 a month and rent rolls in at $600. Pretty good first investment I believe barring any risk. (And yes we are prepared for the unexpected).

As for advice, I'm no expert at all, but staying persistent and give your 100% in whatever you start you finish. I cant stress about networking enough. You will not get where you want to be alone. Also have a few bank accounts which money is automatically transferred come every payday. More specifically accounts you are not going to touch.

Hopes this helps and it will come to you if you don't give up.

Good luck!

I'm ecstatic to finally say my partner and I overcame the analysis paralysis and signed off on our first investment property. Signing day couldn't have come at a better time. Trump gets inaugurated as president of the United States and we sign off at an early age for a rental that cash flows on day 1, what a coincidence!

This goes to show and maybe enlighten others who are on the ropes about getting started is just doing it. Taking action can become a  powerful thing when done correctly. Age isn't involved when it comes to investing, just wish I started a few years earlier.  I wanted to let the other new people on here know this is all doable and it feels amazing to get one under your belt after only been in the "game" for 3 months.

Hope nothing but the success of others and glad to be playing the game now with all the other investors.

Cheers!!

Help the community

Came across some gold a realtor sent me, seeking advice on how to creatively finance 85% of the purchase price of a 26 unit apt complex. My partner and I can scrape up the other 15% or $110k. How would one go about presenting the other $550k to an investor who has the funds. The annual gross rents pull in around $94k per year after expenses. How could we structure something that will be long term and not quick turn around?

A.) Give them a certain rate of return percentage so much a month but them be out longer on the note

B.) Or pull out equity after 1-2 years and give it back in a lump sum?

Came across some gold a realtor sent me, seeking advice on how to creatively finance 85% of the purchase price of a 26 unit apt complex. My partner and I can scrape up the other 15% or $110k. How would one go about presenting the other $550k to an investor who has the funds. The annual gross rents pull in around $94k per year after expenses. How could we structure something that will be long term and not quick turn around?

A.) Give them a certain rate of return percentage so much a month but them be out longer on the note

B.) Or pull out equity after 1-2 years and give it back in a lump sum?

@Steve Bauer Can very much relate to your success. Finally took action and got my first rental unit cash flowing day 1 only after 3 months of turning my car into a classroom and attending the local REI. Feels good to get one under your belt because you can only go up from there! Great story man keep it up.

@Travis Colsen

Good to see you taking a step forward after being in the dugout for a little gaining knowledge, now it's time to play ball. You will first want to connect with others in your local area and talk with all the rehabbers and see if you can pick up from them. Have to get yourself out there and network.

One thing I wish I didn't do starting out is spending thousands for Rich Dad, Poor Dad. Although it did light a match under us and kick started us, but have found more success by interacting on here and local REI groups and simply taking ACTION! The best teacher is your last mistake. Get out there and do do do.

For rentals, the better route to go would be a commercial loan (lower down payment) than a traditional mortgage. A lot refer to hard $ lenders, but for a long term hold you can have a cheaper note payment and amortize it longer than going through HML. Now the creative part comes to play when trying to finance the down payment is when you talk to others about coming up with $5-15k for closing cost and down payments. Hopes this help, just got through doing the exact scenario and seems to be working @Elsa Viramonted