All Forum Posts by: David Flores

@Patrice Bocci

Thats odd, you usually pay one earnest deposit at the end of attorney review in jersey. If it is common in Newark to do two installments I guess that may be a thing? If so though make sure 100000% its all going into an escrow account and not being held onto by the agent or seller. As long as its in escrow your safe.

Everyone always asks the question... especially new investors.

I think there is a huge void on this information and how to do it correctly! And safely!!! I was able to become financially free off of using no money and low money down strategies. That is why I have brought the discussion to a podcast.

BP world, you have helped me since I started this game 4 years ago. I have met a ton of people and helped a lot too on this site alone. Its crazy how fast real estate snowballs, 4 years is not a long time! Asking for your support and advice on my podcast. Its called “No Money Down Real Estate Investing” on Spotify and iTunes. I bring on guests weekly to discuss their deals and how they have become so successful using these strategies. I am very proud of it and any insight would be much valuable.

I started the podcast because I love meeting people and talking about real estate. I also wanted to help people who do not have a lot of capital but are looking for a way out of the rat race. I have been there! Working for a big 4 firm, 120k in student debt, and barely anything to save.

I am seriously looking for advice and looking to meet people with good input. Maybe I can even schedule a guest out of this!

@Jeffrey Masessa

Your going to be a wealthy my friend. When I was 17 I was no where near thinking of real estate. Your way ahead of most people on this site. Regardless if you have a deal or not.

I think your on the right path buddy. DM if you ever want to talk.

@Isamel Jean

REI pro

I have built my entire portfolio on using other peoples money, seller financing, and other creative strategies to bring in money through real estate. I actually run a podcast that dives directly into No Money and Low money down real estate. It is called "No Money Down Real Estate Investing" which is on Itunes and Spotify. 

As mentioned in this forum there are ways to find money you just need to be persistent and serious about what you are trying to do. You also need to make sure you are running your numbers correctly and you are protected. Remember if you are borrowing money for a DP the margins on the property need to be much higher than your normal investment property. Investments with seconds on them need to be above a 10% cap rate, that is usually my rule. Most of mine are in the 11-12% cap rate, these just make me a lot more comfortable. This was through negotiations, picking the right sellers the deal with, and just plain old luck. But as I said, if you are persistent enough these deals will happen. 

@Cory Iannacone had a great time too! Im glad you came on and I am really glad you had fun, thats what all of this is all about!!! 

@David Sussman

Use fiver, you can hire contractors from India to make 100 phone calls for 20 dollars.

@Bijou Diaou

I have a podcast about No Money Down investing that dives deep into real estate acquisitions using other peoples money. Second episode aired today. Its called “No Money Down Real Estate Investing” on spotify and itunes. You will get a ton of info off there! DM if you have any questions about it!

@Nathan G.

1. Property management

2. Weekly call with prop management companies.

3. Fiver!!! This must be a millennial thing but i hire contractors from India on this site to cold call, find information on properties for me, trace phone numbers for me (all you need is the owners address from REI Pro), etc. If your not using fiver yet its a must! I pay one guy to make 100 phone calls for 20 dollars. 100 traces for 10 dollars. Find info on properties for 5 dollars a property. Seriously though fiver is a game changer that many investors dont talk about.

4. Networking with agents! Have listings come to you.

@Ian Forde

This is where hard money would come in handy though. You are not losing that deposit you are just putting money down to lock in that it is yours. When you assign it to an investor you will get that money back plus more. If you need money for the deposit then look for hard money lenders or private lenders. Once you get paid you would be able to pay them back full with only about 1-3 months of holding costs.

Need to just think creatively. You have to think of it as not money lost. Its a deposit to ensure its yours. You will get it back.