All Forum Posts by: Taylor Dasch

Very nice. The complete guts are typically the best deals! There is a huge value in being able to complete something like that. Great job!

Depends on the price difference - I have had big box stores quote me significantly more than individual contractors. Then on the other hand you have the uncertainty of the contractor not being professional. I'd weigh the risk vs reward but my top priority would be finding a good contractor who works at a fair price. 

Depending on the demand for STR/MTR in the market, you could try one of those and rent the room out. If it were me, I'd be patient and see if I could get a MFH but I have been in your shoes in the past and ended up just getting a SFH.

Even if it is a gap of -$100 I think it would be best to sell, holding properties that have negative cash flow is too much risk and appreciation is never guaranteed.

I think Jay Hurst has a product for 15% down - he is on BP.

There is never a bad time to pull the trigger in my opinion. Ask the apartment if there is a way to get out of the lease. I'm not sure of all of the rules on FHA but I think you have to occupy it within 30-60 days. If you do an FHA 203K loan it may be different because obviously the house needs work so they shouldnt expect you to be able to move in immediately.

I was going to say just put the 30k into great deals and it will keep growing and you should be able to recycle it, however your plan is exponentially better. The best thing to do is invest in yourself and your own business in my opinion. Especially if you are in it for the long run. If you have the bandwidth for it, I recommend learning about investing in to RE while you are scaling your companies - mainly: deciding on a market and getting familiar with it, how to structure deals, finding someone in that market to assist you when you are ready! Good luck!

You can get the property under contract and put the closing date contingent on sellers moving in to the facility. 

If you want to be respectful, I'd offer them 75% - repairs or whatever you need to have 0 money in the deal. Most wholesalers do 75% - inflated repairs - an inflated wholesale fee. 

As far as questions to ask, I'd ask if they had a number in mind that would make them happy and if that # is below your offer, offer them that. What are their motivations, is there anything aside from price that would make the offer better, etc. 

Good luck!

Congrats on getting started! I would definitely recommend house hacking but would want to make sure the property will cash flow when I move out. I have invested with family friends and I think it is easier, but the potential to ruin the friendship is much greater - nothing goes as planned in my experience, especially when you are just starting out. 

I used market leader when I first started - I still have the site just not paying for leads at the moment- and it paid for itself plus about one transaction. I believe that if I kept paying for the leads I would have gotten a better return on it.