All Forum Posts by: Devan Mcclish

Depending on your area and how expensive real estate is, use that 50k and set up a marketing campaign for 6 months, I suggest targeting multifamily, cash flow is the way to wealth, whether it be $500 a month or $1000 a month, take the remaining money and use that as a down payment on a multifamily property, I would shoot for a 4plex. Again that depends on your area and how expensive real estate is. That marketing campaign should bring in multiple deals. Obviously with only 50k you won't be able to do them all, so wholesale the rest of them to other investors giving you more money to invest in multifamily. Rinse, repeat

@Paulina Purnama I've got a guy that I just started using and another investor / mentor that I know uses the same guy. His name is Keith Ridley. He's an investor and property manager. I like him because every Friday, I get a spreadsheet on my property (repairs that need to be done, late rent etc). He's also great about maximizing rent but still get high quality tenants. He also doesn't get paid unless there is a tenant in the property. If you want his contact pm me

@Darrie W. Bennett

1. You don't need an attorney write an assignment contract, it's a fairly simple document

2. Buyer usually pays but you can negotiate it with the seller 

3. End buyer pays earnest money, or you pay it with the buyer refunding you at the closing table

4. Only way to keep it private is a double close. You close on the property with the seller then close again with the end buyer 

5. You open it when the contract is signed

@Tim Jones you absolutely go under contract even if you don't have the money. You should know that it's a deal. If it's a deal you can easily find a buyer or obtain financing for the deal. This is where knowing how to analyze a deal is vital. You can make a cash offer with an inspection contingency and just use the inspection clause if you can't find a buyer, but like I said you should know it's a deal and someone will buy it

@Account Closed I found it from a wholesaler I met 2 years ago, I've always stayed in touch with her and she brought me a deal in an area I like and just went from there. It was a cash purchase for 105k. I'm refinancing with a bank that is refinancing 80% of the 105 plus carrying all repairs which are 20k. So in total the bank is refinancing 105k.

@Micah Copeland I think you should aim for a 10% cap for that area. You should give her an offer reflecting an 11 or 12 cap and see how she takes it 

@Michael Noto no. The refinance is simply hinging off how we bought it so 80% purchase price + repairs to the property. 

@Diana Luna why don't you house hack. Find a duplex or triplex or quad and live in one and rent out the other units that way you live for free, potentially have an additional source of income, get experience as a landlord, and you can say your $900 a month for something else, like a down payment for another home 

@Steven Lacy

LOCs are great because it's basically cash. Idk what your strategy is, but if you are buying and holding, use it to buy rental property and then refinance it out asap. Find a banker that will work with you on this. The banker I use refinances rental properties right after I close with the line of credit! If it's a flip, then it is still short term and you can eat the APR and still be okay

@Tom Shepard those are some staggering statistics. I think it's more crucial now than ever to buy deals at good prices with enough equity to hedge against a crash or a downturn