All Forum Posts by: David Roberts

We have some great ones in the metro Detroit area.  We have bought 3 off market houses.  I think the key is to understand what you are doing so that it is irrelevant what the wholesaler does.

Good wholesalers add alot of value. 

What would the excel sheet look like if you started all cash, but did a cash out refinance after 1 year and cashed all money out?

I have a hard time with this concept also.

Lend your money short term to people with deals at 10-20%, instead of paying down rental property debt.  Lend it, keep some in case you find a deal, or keep enough to acquire one and borrow from private money the rehab at a rate...pay down personal debt maybe if you're going to pay down anything (personal home, student loans, stuff like that).  Student loans in my opinion, is the most dangerous debt you can have.  It's worse than credit card debt because it's not going to ever go away until you pay it off.

Just some suggestions, and my hatred for student loan debt reared its ugly head.  Sorry. lol.

I'm watching for financial"engineering" to take place.   I haven't really seen much yet although credit bureaus are changing the way they score buyers (loosening) which will inflate scores.  That's one way to qualify more people with bad credit. 

My fear, even several deals in, is that I'm going to lose money so I have to analyze a deal and rethink it 50 times, even though it changes nothing.  I'm focused on breaking that now, but nothing is perfect, it WILL NOT go the way you plan it in your head.  There's too many moving pieces, unknowns, crap contractors, etc.  You will screw up, you will cost yourself a bunch of grief, time, money, etc, but damnit you will LEARN and get better.  That's what I have learned.  So don't take it as a failure, take it as "well that didn't work, so I can cross that off the list of what I can do" and just move forward.  Nothing replaces experience.

i ran into this also.  I didnt know about 1099s until i had a roofer do 2 roofs for me in 4 months time.  He came word of mouth.  Did great, reasonable pricing(not crackhesd pricing, low end of the range for licensed guys).  I learned that i should 1099 him.   So i did.  He called me when he recieved it in the mail piiiisssed and told me to lose his number.   Im not sure he fully understood the law about me requiring it, and neither did i unto then. But i take it as my responsibilty to have told him up front...even though i idnt know.

Now i have the discussion.with contractors up front.  Many dont want to get 1099d for reasons mentioned.  Welfare, food stamps, govt assistance, whatever.  

have you ever lost money on a flip? 

look on youtube for hud bidding strategies.  

gotta love realtors with bank hours.   Real estate never sleeps! 

You have to draw the line somewhere and say no.   3x rent is minimum. 2.98 is a no. We turned down a tenant that was just under with his full time job and over with overtime.   Overtime is taken away very easily,  couldn't accept him.