All Forum Posts by: Frank Garcia

Thank for the quick responses!

@Nnabuenyi Anigbogu- No it is not, very very small correlation. I used to be in auto-upholstery, and my main business is now selling retail sewing supplies online

@Scott Trench - To your first and your last point, this is very understandable. I should have mentioned I had a 40 hour a week, (50-60 including the 2-4 hours commute each day) only paying just above minimum wage. So I didn't walk away from much, and I didn't quit for the real estate investing, but because of my business. I grew the business for a long time until I got to the point I was making a considerable amount more on the weekends/evenings then my 9-5 and the job was in the way of growth. 

I have considered this, but where I am at now in my business, rather than picking up a job and the time it would take away, I would be better off growing my own business and waiting a year and a half to invest once I have established business history. By then I may ready to invest in larger commercial property also.

Even if it is not by FHA,what are my other options to get similar funding (low down payment, 4 plex etc.)?

Hi!

You may have seen my posts from about a year ago stating I was going to get into wholesaling. I have gone another route and started a non-real-estate related business that has been doing well and growing. Thankfully it allowed me to quit my job (hallelujah) mid way through the year. 

Where I am at now is I am currently renting, and would like to purchase and do a live in investment with an fha loan on a 4 plex. I want to do this by early next year.

Issue I've had is that my business was incorporated in 05-2015, and I've talked to bank and loan officers which have all said they would need the business to be established for a minimum of 2 years. I do not want to wait another year and half before my first purchase. 

What are my options to make this happen?

Thanks ahead of time!

@Gary Parker Okay Gary, will do, thanks for the help & info! 

@JPaul Mills Podio! Thanks, that was one of the programs I have heard and couldn't remember the name! I'll sign up for that right away. Yep, as soon as I get these programs set up so I'm capable of handling the calls, bandit signs are my next step. Thanks again for reminding me of Podio, it had been on the tip of my tongue haha.

@Gary Parker   Yes, I definitely understand that, I actually hand wrote one letter aligned with the yellow letters, and scanned it and am going to print them out at home and just fill in the blanks for now. Once I get my first deal I'll have a better idea of what gives me the best response rates and work on that. Great advice, that's another one of my plans too, I will be doing it all to see what works best for me, door knocking, CL searching, yellow letters, bandit signs etc! Are you able to wholesale in any situation, I've heard about possible legal issues targeting houses where the owner is in pre-foreclosure or in the foreclosure process, is this true, or do the laws differ by location?

@Jason Fraser  Costco $9 for 9 legal pads! Have you had good response rates with things like door magnets? IFTTT.com that's another site I've heard of, but never considered Google Drive, I'll have to look into those. Good point with the accessibility.

Thanks everybody for the quick and very helpful responses, I really appreciate it!

@Jared Rogers   Thanks for the response! From my understanding here's an example of what is illegal to do with the Lonnie Deals, I buy from an owner occupied home with seller financing, say with payments of 200 a month, then I turn around and sell it to another owner-occupied with seller finance with payments at 300 a month, and cash flow 100 per month.

Correct me if I'm wrong, but from my understanding in order to make this legal, you would need to go through a mortgage broker and get the seller financing approved through them. I'm asking if there's any exceptions to this, and how have people dealt with it.

So what you're saying is me buying with owner financing from the owner (owner-occupant) is allowed, but the seller financing from me (non-owner occupied) to another (owner-occupied) is not allowed correct?

Also I work full-time, advice on making this happen while working 40 hours a week? Would you just send all callers to voice mail and call them all back at the end of the work day? Direct them to a website with page to fill out info and help filter through and only respond to the motivated sellers? Thanks for the help!

I am looking to start wholesaling, I've been driving for dollars and got some yellow letters ready to go, just want to know what are all the Tools/Programs you experienced wholesalers use, and I'd assume most the tools can be used across all types of investing. As for now I have nothing but some paper, pens and Microsoft Word on my computer, ha. So all advice is appreciated. 

Looking for tools and programs for the following:

-Finding your lists/targeted sellers

-Tracking calls/info as it comes in.

-Storing info on Motivated Seller's/ Cash Buyers

-Building and tracking my mailing list so I can hit multiple times.

-I set up a Google Voice account I was going to use for all my marketing, is there any advice on this or better programs?

-What do you use to automate your business, mailings, calls, etc?

-And what are the prices on all these that you use?

-Any I haven't mentioned?

As a beginner, I am going to be on a tight starting budget, so VA's, and the like will be down the road. Once I get my first deal I will reinvest into more tools/marketing, so advice on best tools to start with and best to upgrade to will help! Thank you!

I have seen mobile homes as a cheap way to get started in Real Estate for my first few investment properties, but have a few questions before I get started. For the most part all my questions are referring to in-park mobiles. As far as Lonnie Deals, with the new laws I'm curious as to how have other investors deal with this, where would I find mortgage brokers willing to do these, or any ways/exceptions for mortgage broker to not be necessary? If the Lonnie Deals were too much hassle to pay off, would purchasing the property out right and then selling on owner financing be any different? Last question is, how has everybody's experience been with Buy & Hold investing in parks, does the cash flow make up for the higher maintenance costs? If you're buying in a well kept park are the maintenance costs really that high?

- Any known mortgage brokers on board in Seattle area?

-Lonnie Deals vs owning property outright, any difference?

-Buy & Hold advice/experiences in-parks?

-Any other terms, or exit strategies to consider?

Thanks for any help ahead of time!

@Michele Fischer  okay thanks, good to know the small multi's are working out good for you!

@Tamar Mar  great idea, I'll be setting some similar searches on sites too!

@Detrek Jones Thanks, alright! You should check out meetup.com and you'll be able to find some REI clubs that have meetings close to you, and get you the chance to meet some experienced investors in your area!

@Mehran K. and if the seller tells me this, how do I check & verify this info, the liens, amount owed, and foreclosure date?

@Aaron Sal Your in the right place, have learned alot from BP. I went to one up in Lynnwood and one in Bellevue. Go to Meetup.com and most the REI groups are on there. Great way to meet experienced people in your area.

@Jonathan Quintanilla Exactly my thoughts. What exactly do you mean by the second part of your post? I'm not understanding the process. 

Thanks for all your replies and help!