All Forum Posts by: Daniel Methven
Daniel Methven has started 5 posts and replied 27 times.
Post: Help me figure this out
- Investor
- roseville, MI
- Posts 29
- Votes 2
A family member of mine owns a house, she owes 94k on the mortgage and it is worth 70k currently. She doesn't want to be a landlord so she is letting other family members rent the property for 1/2 her mortgage payment. ($500) She pays 1000 for everything each month. Her plan is to pay it down until she can sell it. Remind you she is losing $500 each month. I talked to her about fixing up the property and getting a property mgt company To take care of the land lording part. That way she could get $800 - 850 for rent. I don't think she liked that idea because she didn't want to put more money in the property and deal with something she didn't understand. She cant do a short sale because she can afford the house. My main focus is to help her out but if there is a way I can get a rental property out of this it would be a win win. Could she maybe refinance to get the payments lower then lease option it to me, then in turn I lease it to someone else ? She has bad credit btw. Can anyone help?
Figures
Mortgage 94k
Interest 7%
18 year left on loan
Pni/taxes/ins 1000 month
Rent receiving each month $500
Rental rate about $950
Estimated repair costs 4 or 5k to get it rented just a quick guess here
Post: How are YOU finding deals?
- Investor
- roseville, MI
- Posts 29
- Votes 2
I found a tired landlord at church who wanted to off some property's .
Post: 21 years old, 30 000$ to start with, advice?
- Investor
- roseville, MI
- Posts 29
- Votes 2
Hey Kevin check out the bigger pockets podcast show 83 , in the show notes there is a link to A slow boring but awesome strategy to building wealth through real estate article. Its a great read and probably a good business model for you to follow. Good luck!
Post: 21 years old, 30 000$ to start with, advice?
- Investor
- roseville, MI
- Posts 29
- Votes 2
Originally posted by @Kevin Bellavance:
Hi all!
I'm a new member and I've been listening to BP podcasts for 2 months now. I just love it. I'm from a french province (Quebec) which is close to Montreal in Canada, my english might not be perfect (and i'm sorry for that) but here it is :
I am a full time student but I'll most likely get a full time job by the end of the year. I have about 30 000$ sleeping in a trust fund. I've been waiting to start in real estate for a while now (almost 3 years) and it is time to get started. I would like your advice on these two choices I consider :
Option 1: Getting a first SFH below market (under 150K) which would consume almost all my cash, rehab it, rent it and refinance it (we don't have seasoning period here) and repeat. Problem is, the market is quite tight in my area and homes are an average of 120 days on the market. There aren't many ''deals'' and only a few foreclosures (under 5). Next taxes sales is only in September. Therefore, I am scared of not finding great enough deals to do BRRR. Plus, I don't wanted to get involved with private lenders yet since I have no experience.
Option 2: Waiting for a couple months because one of my family member will most likely be able to loan me (interest free) another 25K then I could get into a bigger building and buy my first MF building (5-6 units) around 400K.
Do you think it is better to get started now with, let's say a 150K SFH and perharps not being able to buy another property before getting another 20-30K for a down payment (which could take me 2 years) OR wait a bit and get into a 400K MF building. The 400K would be financed 75% bank, 12.5% seller financing, 12.5% me. The SFH would be financed 80% bank, 20% me.
I'm currently setting up a Real Estate Investments company and looking for an optimal growth strategy.
Any ideas ideas or thoughts or experiences would be very appreciated.
Ho, also if you can rate my ''english writing'' on a scale of 1 to 10, 1 being awful (ah ah). I'm trying to improve.
Thank you,
Kevin
Hey Kevin i would go with MF. Go on the bigger pockets podcast show 83 and look in the show notes for a link to a sow
Post: Petition for BP to Discontinue Wholesaling Discussions...
- Investor
- roseville, MI
- Posts 29
- Votes 2
Originally posted by @Jesse T.:
Originally posted by @Daniel Methven:
Originally posted by @Jesse T.:
Originally posted by @Daniel Methven:
I would like to learn every aspect of real estate which includes wholesaling. This site is about knowledge. There are probably many investors who have started out their careers wholesale. Don't rob the future of this technique. .,
It would be interesting to see of a BP poll of active investors how many started out as wholesalers.
I think that would solve this debate real quick. Even if just a few investors started out this way, think of how it probably helped shape their careers or helped them get the cash for their first few deals. They say knowledge is power!
I would suspect beginning as a wholesaler is actually a pretty rare entry point into Real Estate investing.
Off the top of my head these would be more common:
Real Estate Agent
Diversification/Re-investment(e.g. sold a business or stock portfolio)
General Contractor/Trades
Inherited property(ies)
"Accidental landlord"
Yeah I don't think its going to be a huge count ; your right on that. You never know though. Wholesalers are a part of real estate nonetheless. Well in my eyes at least.
Post: Petition for BP to Discontinue Wholesaling Discussions...
- Investor
- roseville, MI
- Posts 29
- Votes 2
Originally posted by @Jesse T.:
Originally posted by @Daniel Methven:
I would like to learn every aspect of real estate which includes wholesaling. This site is about knowledge. There are probably many investors who have started out their careers wholesale. Don't rob the future of this technique. .,
It would be interesting to see of a BP poll of active investors how many started out as wholesalers.
I think that would solve this debate real quick. Even if just a few investors started out this way, think of how it probably helped shape their careers or helped them get the cash for their first few deals. They say knowledge is power!
Post: Petition for BP to Discontinue Wholesaling Discussions...
- Investor
- roseville, MI
- Posts 29
- Votes 2
I would like to learn every aspect of real estate which includes wholesaling. This site is about knowledge. There are probably many investors who have started out their careers wholesale. Don't rob the future of this technique. .,
Ok thanks for tall the helpful posts!! Im going to look into it a little more and talk with her about her options. You guys rock!!
Hey bigger pockets family!
I have a quick question about short sales. Here's the situation, my aunt has a house in mi she bought way back when house prices were high. The market since then has crashed and started its rise again. My aunt has a good job but needs to move in with my other aunt because she(other aunt) is having medical problems. She also has bad credit if that info helps. What my question is, do you think she could short sale the property even if she has a good job? The house is not worth what she bought it for and I think she wants out. Do you think the bank would let her short sale it for a good enough price that an investor would want to buy it? Lmk thx
Post: Detroit, is this a good place to invest?
- Investor
- roseville, MI
- Posts 29
- Votes 2
Thx ned for the link i will def check it out. I am currently trying to attend some investor groups maybe i can meet some people there.