All Forum Posts by: Elliot Young

Two almost side by side single fams in PA. Like title says no mortgage and vacant. Renovating both simultaneously. Need 105K to reno both ($50k and $55k) 60/90 day max @7% no prepay penalty no fico minimums asset based. ARV $125k-$135k each. Straight fix refi and return. If all goes well run it again with a single fam and 2 unit. If that goes well have a larger 2 property deal. Owner looking for a long-term business. Serious inquiries only must have 5+ yrs experience. Appreciate your time.

I concur with a few of you, this will do nothing. We are talking about the best asset known to man. A car and a home is not an asset by the way. People have to live somewhere and no one is buying homes because these generations are too lazy to maintain one, they know social security isn't there for them and they don't want it anyway, and there is a rise in renting one place to three tenants to start businesses right out of college. Kids also move in together earlier married or not. Nationwide, the migration continues to be down and to the right with 1000 people moving to Texas daily and 900+ to Florida. Slows it down in terms of human interaction but stops nothing. It will wreak havoc on the rest of the world through Deon Krantz said it in 1981 in his book The Eyes of Darkness. Also, my mantra is "Never sell". Nothing can do anything to the real estate market really. The lies the media spews are astronomical even when the market tanks rent is still being paid. Owning enough units is another crucial point though. Grant says 16 or 32 I say 50 to make sure under that you might be in play for someone else to buy if you don't know how to pivot. It's called REAL ESTATE for a reason and that means something. Renters will always suffer because they won't buy. Listening to parents or their friends who own nothing but their opinion. They won't ask the question, they think they have to deal with tenants, termites, and toilets knocking on doors collecting rent. The longer people think that the better for everyone else to buy and cash out tax-free every month on cash flow. Buyers will never suffer unless they aren't savvy enough to know how to weather a storm. Do right by tenants and make it easier to stay and your golden. Understanding force appreciation and many other things help. Buying in means, you have to know how to get out, before your in. Buying is 10% of the equation and if that's all you do and know then your property will be up for sale. People that are really into real estate will take advantage of the asset. You can't have all your money in equity also because the value of money goes down by the second it must go into an asset class. Preferably one that pays you and there is only one income you don't pay taxes on and that's cash flow. It's the same with everything knowledge is power evidenced by the question. I know people in real estate for 30yrs and have never heard of things like "Allodial Title", cross-collateralization, or even CMO's. Know your business, especially this one because this is the most important one to eliminate generational poverty. They don't teach real estate agents anything to prep the buyer way above a checklist of paperwork to submit. Very few even know what or how to do a rapid rescore or how to find PAR online even after all the changes to explain to the buyer so they know what to expect even at that point. Or a good ole school "Cash T" CPA trick IRS Agents use to sniff out people who try to pass information that doesn't meet the scrutiny of a basic truth income formula you can do in 2 minutes on a napkin. It's like a 2-minute audit. Also DCR, or why to look at the 10yr treasure when you sign an LOI to buy and right before closing because the trailing 12 looked like swiss cheese after shredding the proforma without looking at it. That goes for everyone up to the underwriter. No disrespect but everyone in-between agents push paper until you get to the underwriter and they bring with them guidelines from their last gig. They say yes or no based on a profile that changes every 20 points being a different loan. That profile should be resolved at the face of real estate, that's the agent, and then everyone along the way, everyone would prosper. Do you see what Zillow is doing to agents these days? Brutal! You have to blame everything on us. We have to keep reading after college and stop thinking it's a chore because learning never stops. #Audiobooks lol If you are into real estate follow the loan from the beginning until the end. Look into everyone and everything that's involved and you will get the education that no school will every offer. By the way, I am not an agent, CPA, lawyer, in banking, etc never have never will. I don't desire to be but the information I need. I have the Blacks Law Dictionary collection, books like Creditors and their Bonds, etc. I'm in the Business Development sector, reorganization, strategy, building apps and websites for small businesses so they can buy assets to secure their business forever. Passing that asset over with a business that still exists. An agent is good if the agent is also flipping homes, getting your foot in the door I guess, and other situations but for the most part. There are no real companies that feed you the information you need. When you learn asset classes and trusts because they have everything to do with real estate you will appreciate what I am saying. Also, nothing here was explained to me, I read it, researched it, called, mailed, emailed or asked. Then 25yrs later DM'd, Googled, and YouTubed still reading throughout. The "Cash T" though Mom taught me. Thanks, Mom! (Mrs. One book a day). People are confused, it's not about what you earn, who cares. It's what you keep..........and David was right. Own nothing control everything. He was talking about cash-flowing assets like real estate. The mind is the only thing we really own, see the light.