All Forum Posts by: Erickson Sainval

Cover your back and do it all as if the the contract had ended.

Brandon has a guide to wholesaling. There are many others as well. Definitely take the time to go through and read them. Wholesaling can be inexpensive when done right.

Link: https://www.biggerpockets.com/...

I have not, or heard of this approach. Could be a untapped lead source. I would go ahead and try it to see how it works out.

A similar question was asked that I answered so I'll copy and paste it.

"Make sure your team is ready to go, lenders, contractors, and so on. If you have all your ducks in a row and can knock out the rehab, your lender to refinance is updated, and you have a potential renter, your good to go.

Working with hard money can be scary, talk to a few of them. Also talk to others who have used them. Ask them questions and fully understand their terms and how they operate. Once you have that done, have a plan set with your contractors on what you will need to get done. Learn the contractors schedule and what other projects they have going on. Make sure the contract between you and them is clear and concise.

Halfway through rehab you should start getting at lenders to refinance to get rid of the hot potato that is hard money."

As for money from family, friends, or other investors- I like to do a note. That way no matter what they get their money. 

Make sure your team is ready to go, lenders, contractors, and so on. If you have all your ducks in a row and can knock out the rehab, your lender to refinance is updated, and you have a potential renter, your good to go.

Working with hard money can be scary, talk to a few of them. Also talk to others who have used them. Ask them questions and fully understand their terms and how they operate. Once you have that done, have a plan set with your contractors on what you will need to get done. Learn the contractors schedule and what other projects they have going on. Make sure the contract between you and them is clear and concise.

Halfway through rehab you should start getting at lenders to refinance to get rid of the hot potato that is hard money.

Nicely done and pretty creative.

Not sure what you mean by wholesale estate but if your looking to wholesale, Brandon has a good article.

Link: https://www.biggerpockets.com/...

I still invest and I think it always makes sense to invest if the market is good and the numbers make sense. Remember that it is always a negotiation. Asking price is what it is, an asking price. The asking does not have to be set in stone and you can make your offer and provide your reasoning. If they do not like your offer you can always kindly acknowledge and ask them to keep you in mind. The best way to follow through is to reach back every week to see if they are interested to negotiate again.

1. I use brokers, agents, trulia, BP, realtor, redfin, loopnet, and just driving around your neighborhood

2. at least 8% or more cash on cash, and  internal rate of return

3. Proper tenant screening will make or break you. A good handy person will save you hundreds.

4. BP is probably one of the biggest hubs to connect. Other resources are books, seminars, webinars, and meetups. Find them, join them, learn, and grow. 

For only spending that much and getting a triplex, that is a win.