All Forum Posts by: Matthew G.

@Bryce Spraggins Most of these top agents have huge marketing budgets, so it's not something you can emulate right off the bat unless you have that kind of money. You are also at different points in your business and trying to emulate a larger business when you are still small won't be useful. Maybe a top agent tweets 50 times a day, so you think you will try to do the same, but that agent might have thousands of followers so it makes sense. The advantage that you have being new is that you can easily try new platforms for marketing that top agents might not use yet because it is still unproven. Ten years ago agents probably didn't care about social media, but now they take it more seriously. Today, voice controlled devices are in may peoples homes. How can you take advantage of that fact when other agents aren't?  At the end of the day networking will build yourself a strong foundation, but if you want to hack your way to growth, you will need to do something different than what every other agent is doing. You have to build your own system that other people will be envious of and want to copy one day.

I see a lot of questions that could benefit with a poll rather than having readers scroll through all the responses. Is this something that is on the feature list for BP? If not how can we request it?

@Joshua Gutierrez You should make sure you get a lawyer to draft a partnership agreement and make sure your partner understands that 50% ownership split means splitting the profits 50% but also the losses. If he knows he can lose money if he doesn't provide you with enough guidance he will be more involved in the whole process to make sure you succeed.

@Jonathan Freeman For you investment property you can look at doing a cash out refi and for the property you live in you can look at getting a HELOC. You'll have to run the numbers to see how your DTI looks once you refi, but if you are looking at more rentals, then you should be able to add the income of those units to lower your DTI. If you are looking for something to fix up, then you can use the cash for rehab/down payment and get a HML. If you decide you want to keep the fixer and rent it out, then you can refi out of the HML to a traditional mortgage after you finish rehab.

@Lashon Ene If you purchased the property with your own cash and own the property free and clear you are just getting a new loan. If you used a hard money lender then they have a first position on the deed of trust, and you would do a cash out refi to replace the current financing (HML) while also pulling out money.

@Lashon Ene You want to look for hard money lenders. They will give you a loan on distressed properties. After you fix it up you can refinance it with a traditional mortgage and rent it out.

@Michael McDonald I wouldn't be too concerned. It just means they can't grow exponentially now since their expenses for marketing and engineering is too expensive to keep. They will probably maintain all of their essential employees that manage the properties but get rid of the divisions that build and market their platform. Instead of them being a crowd funding platform, they pivot into a property management company until they liquidate the assets.

@Krystal Yeats, If you are looking some free and paid software options for real estate, take a look at https://reinvestor.tools. It categorizes a lot of different software useful to investors.

@Louis Van Der Westhuizen There are a lot of hard money lenders in Southern California. They usually will loan 70% of ARV, so depending on the deal you get, they could definitely cover most of the purchase price. PM an I can share with you some of the lenders I've worked with.

@Benjamin Chadwick See what you can buy for $38k in todays market and run the numbers to see if you will be making a net cash flow that can make up for the $345 loss. If it makes more and it is worth all the effort, then go for it. Before you refi make sure your DTI will allow you to qualify for another loan otherwise you might have refi'd without the ability to get another property.