All Forum Posts by: Dustin Olverson

Hi! 

Welcome! And nice to meet you. I develop and flip Multifamily in the Richmond area if you need any assistance or advice.

Hi! 

Most of my investor friends do not invest in the stock market. But they all have self-directed IRAs. 

We buy properties together all the time. There are a few requirements with accounting. They also have to charge a reasonable interest rate for lending the money to our different entities.

They rolled their Roth-IRAs over to self directed IRAs. They did not have to pay taxes on the roll over. And they don't pay taxes on the money they lend or profits until they reach the age of cashing out their self directed IRA.

They are very happy with the control over their money and the returns they have seen over the years. 

Hope this help.

The majority of really great off market deals go direct to well networked investors that have a great history of closing deals with wholesalers.

Facebook is the number 1 social media platform for real estate. Search for wholesale network groups and pages within your town. Join, follow, and sign up to everyone’s buyers list. 
the leads will start to flow before you know it. 

Just remember if your get a off market deal from a wholsaler or website. A savvy investor has already turned it down. This does not mean you can’t make money.

Just understand you probably have not hit a goldmine. Every now and then a new wholsaler who does not have a good buyers list will post something that is a six figure profit. 

If you have not done this before. I recommend you find a realtor/mentor that does this for a living and have them guide you through the contracts, negotiations, and closing. Pay them a little commission and save yourself from some costly mistakes.

Multi family deal can be challenging to find off market if your new as well. They go for a premium off market. And unless they’re overpriced they never get seen by the public.

Just written contracts from one investors inbox to another’s. 

Also, try to learn how to find motivated sellers from these groups. My best deal have come directly from the seller. 

Zillow can have a slight delay with on market deals. A lot of investors have real estate licenses and/or a Realtor to search for rare on market deals. 

Happy Hunting!

1. You can get creative and do a Joint Venture will another investor. They bring the money down you share the profit.

2. Ask friends and family to invest $10,000-$5,000 each. With a small return for their contribution.

3. Home Line of Credit and take some of the equity out of your home.

4. Ask the lender to put less money down.

5. Take out a personal loan.

6. Now you have learned the capital requirements for hard money. Stop the process, save money, don’t give up, and try again.

7. If you have a 401K/Roth/TSP see if you can pull a short term personal loan.

Hope this helps and I have done each one of these except the HLOC.

I separated my flips from Materials and Labor in the beginning. So I purchased all the materials and the contractor gave me his labor price. After about the 10th flip your estimates just become the average of what it cost to do a job. For example, My appliance package cost $2,500 and labor to install is $200. On average my appliances will cost me $2,700.

On average 100 sheets of drywall cost me $1,100. The labor for the hanging and finish is about $30 a sheet. My average for paint ready is $40 a sheet. So my estimate would be about $4,100 for Drywall and $2,700 for my appliance package.  

After awhile as you walkthrough the property you just run the numbers in your head. I am usually plus or minus $5,000 with this strategy. However, I see at least 5-10 properties a week and I this is my full time occupation. Any new Investors I start to coach, I teach them to see and run the numbers on about 30 properties a month.

When I first started out I also use to walkthrough the Home Depot isles and remember key material pricing. I have plenty of Apps and programs. But, in the field you have to make decision fast and accurate. I no longer need an APP or GC to help me determine if a project is good. 

Good luck!! 
 

Exactly, I actually have about 20 agents and a strong construction team. Just started my 2nd title company as well. 

Having control brings more opportunities. But the biggest part of my success has been creating relationships with lenders, lawyers, and investors.

Thank you for reading my post and the support.

Thank you!

I have been following and learning from Bigger Pockets for years. I never had the opportunity to really apply myself to real estate because of the military. About three years ago I decided to retire after 25 years in the Army and it was one of the hardest things I had to do in my life. 

Over the last three years I have done nothing accept real estate. No vacations, 80 hours a week, rain, snow, and Covid could not stop me from buying, selling, flipping, are learning about real estate. I made and lost a lot of friends during this journey and I am a different person now. 

Currently I am in position to flip 30 properties this year with a forecast of 8 properties hitting the market during the first quarter. I own a title, construction, flipping, real estate, transaction coordination company, and purchased 5 Buy and holds last year. 

What I would like to share from my experience is that you can't give up! but also, you cannot passively pursue a high level endeavor. It take a lot of action, persistency, and perseverance. I was so focused, I actually had a mentor stop me to take a minute to look up from all the houses and take a minute to admire my accomplishments.  

I will also have to say if you have poor spending habits or in debt to work on those areas. Each houses is its own financial liability. And if you're worried about your own personal house hold. Most Likely a scarcity mindset will set-in and it will impact your decision making processes on your investments. 

You only need 3 things to really flip a house and most people only have two of them: (1.Property 2.Money 3.Contractors) I hope who ever reads this accomplish their Real Estate goals!! 

My next stop is new construction and Commercial, and it seems to be more challenging than the last endeavor.