All Forum Posts by: Don Scott

For those that have become full time investors (landlords & flippers, not wholesalers); how much starting capital did you begin with and what strategy did you use as continuing to raise capital once the W-2 income went away?

Chris Barron I agree with Rich Nickel ; Noble Mortgage is pretty good... Very friendly and knowledgable and I've used them on multiple transactions. I've been told that Capital Concepts are pretty good as well.

If you buy a property correctly (not retail/market price), you can use a hard money lender to buy and rehab the house, then refinance into a traditional 30 year mortgage. I have done it a couple of times and it works for me. Now what you mentioned with the six months in reserves... It doesn't have to be in cash, it can include things like 401k's or IRA. (I'm sure some lenders or BP veterans can speak more in depth on the things I'm saying).

I understand the concept of owner financing... and I see the benefit for the selling investor (receiving 10-15k in some cases up front). Other than not having to get your own financing, what are the benefits of purchasing a buy and hold property with owner financing?

Originally posted by @Lyall Storandt:

@Don Scott Using hard money, it's not unrealistic to buy rentals in Houston for between $15k and $25k "out-of-pocket." Keeping in mind that most hard money lenders will escrow your rehab funds so you'll need cash on hand (or another means) of funding your rehab until you're reimbursed for that expense.

 @Lyall Storandt I've done a couple of deals before using hard money. I meant the end result is about 15k oop.

Welcome to Houston Sheena Cooper . I agree with the post above. You'll get a lot from the podcasts. Feel free to add me to your buyers list once you start wholesaling, I'm looking to get a few more properties this year 😏.

I would say it doesn't look bad, but... Looks like $$$. Keep us posted!

Yeah I figured it was too broad right after I hit post lol. I've mostly invested in buy-rehab&hold using hard money in the greater Houston area (as long as the numbers worked). I don't have a specific area as far as the question is concerned. I suppose I was wondering what people are seeing in whatever they are investing in, and if it is different than I listed, feel free to say so. Thanks

I'm wanting to get opinions from other investors... I am looking to do at least 5 transactions this year. For the people that are inventing in he Houston market, what are you all seeing as far as out of pocket costs on your buy and holds on 3/2/2's?

That's awesome! Thanks for sharing.