All Forum Posts by: Eliott Elias

If your property is free and clear (paid off), you may be able to use that equity and borrow against it with a Hard Money Lender. 

Rehabbing a property long distance is a nightmare. Rehabbing a property in your backyard is even a nightmare. Vet your contractor like no one’s business. They will make or break your business. 

Vinyl is going to be more expensive initially, in the long run, it’s going to save you a lot of money. Avoiding replacing the carpet every time a tenant moves out.

Most mortgage companies will not allow you to transfer the loan or deed into the LLC. A due on sale clause is one of the main risks.

Furnishing it will require a lot more capital. To justify it, you need to see what you can rent it for furnished. Otherwise, keep it un furnished. 

Look up possible relatives and call them. You can do this if you look the owner up on true people search and scroll down to “possible relatives”. 

Start by seeing how far that money can take you. Look at price ranges for deals in your area. Get put on realtor and wholesaler lists. Network your butt off to be that person people send deals to.

In terms of mistakes, you are bound to make them, just accept it.

Unfortunately, there are landlords like this. Racist and ethically backwards who take every step to bend the rules. 

I don’t know if this is something I would involve myself in. Maybe have an honest conversation with the landlord.

Inspections can be used to give you leverage on your negotiations. Yes, it is expensive, but can you knock off more than that on the total purchase price after the report comes in?

You are competing with hundreds of other investors and wholesalers who are doing the same thing as you. What makes you different?
Deals take time to nurture and put under contract. Make sure you have a strong follow up process. Make sure that when these leads are talking to you or your cold caller, they know they are talking to the real deal.