All Forum Posts by: Ernesto Hernandez

NP.

That wholesaler did 125 deals last year. So it must be a pretty good system .

Reimarketpro and Datazapp. There's a 3rd that isn't coming to me. 

A wholesaler I know uses all 3 to get the most accurate info possible per lead.

Find another buyer. 

Cash for keys.

Wait for lease to expire and don't renew. 

Crazy that @Alexander Felice responded while I typed to include him. 

@Nick Wilson my advice would be that you get a line item bid prior to closing. You can get a property under contract with inspection contingencies from a realtor and then send in a GC or handyman to give you a bid. 

Do not buy anything from a wholesaler without a bid or an inspection. They sometimes have great deals but there is little to no inspection contingencies with those guys. 

Initially you'll likely pay about $100 or so per bid and ask to have that credited back if you follow through with the project but when you start, you'll have to earn your stripes. I know a GC who did 16 bids for a Realtor and was only picked up for 1 and they won't do it for new people anymore. Do some deals with them however and they may even float the cost of the project for you until completion. 

I STRONGLY suggest you read J Scott's book primarily so you can speak the language. If you don't know the language, the numbers will be Chinese to you anyway and you won't know if they are fair or not. 

Conversely, if you know you need about 10 feet of cabinets, 10 squares of roofing replaced, 20 linear feet of aluminum gutters and about 1150 square feet of vinyl plank flooring you can then call around for estimates and get a feel for what market rate is. 

Always forecast higher on rehab and lower on your appraisal as banks are less generous with cash out refi estimates when compared to comps for actual sales. 

If you want to do a TRUE BRRRR where you get ALL of your cash back you may want to set your criteria as 70% to ARV all in so you have some buffer.

In the end however, even if you BRRRR and leave a few grand in the deal, it's much better than 25% down.

Find a lender ahead of time so they know what you want to do and get pre qualified so there are no surprises. Specifically, read brokeisachoice.com and click property #6. See if your bank can do delayed financing that way. They may be able to and not know it because nobody else has asked.

All of this took me many months and real experience to learn so please don't repeat my mistakes.

Good luck. 

I know Cincinnati is a good market for Cash Flow. 

Be cautious but not scared. 

There is a price a price to pay for mistakes along the way but there's an even bigger price to pay for never getting started. 

Indianapolis hits all your boxes. 

I'm active there and live in Walnut Creek if I can ever be of service.

I disagree with the assertion that 90% of renter's want/need 2 bathrooms. 

3/1 is THE most common floorplan in America. 

Ask her.

There's something she wants to do with that money and she may not need it in one lump sum. 

Not sure what city you live in.

Sub Lease a few AirBnb's and furnish them. 

$60k should absolutely get you to $1k net a month if you're in a halfway decent market.

Nice job George.