All Forum Posts by: Michael Slockers

@Jesse Rodriguez congrats on your first one!

As with many questions on the forums, the answer is probably, it depends. If you are looking at doing conventional financing and purchasing off the MLS, it is going to be hard to get around some down payment. Some options for zero down would be that you bring a deal and a partner brings the money. Or you bring a deal that's enough below market it has an LTV that allows it to be financed by a local bank or hard money lender or private lender with none of your money out of pocket. Those are just two of hundreds of scenarios.

I would challenge you to make sure you aren't thinking too much about NO money down. Instead think about how you can maximize your strengths. A lot of people focus on no money down and for me if I have $10,000 in a project that is Cash flowing well and has built-in equity, I'm sleeping pretty good at night.

@Zachary Balas

There are many sources of leads!

If a LIST is what you're looking for then listsource.com is a great resource. You can filter by area, home type, etc and then if you choose to, you could exclude LLC ownerships.

If you need help help reach out!

@Ahmed Al-Absi

I'm curious if you are targeting just mom and pop owners?

As with any script or sales process, most important is to build rapport, and ensure the value you are bringing to the deal meets the true need of current owner.

For example, most off market properties I've purchased have been motivated by the seller's need to retire or they need a big chunk of money for some reason.

@Robert Godfrey

I agree with the previous comments. Either pony up for new cabinets, or just leave them and refinish if necessary.

I actually can't tell which photos are your rent house versus the used cabinets. So I don't think there is an appreciable difference.

Also consider the cabinets won't be a perfect fit

Also consider damage during removal of the cabinets

I've actually found the Lowe's cabinets (pre-painted) to be a pretty good and affordable option.

Good luck! Let us know what you decide!

@Alex U.

The main wear items on cabinets I'm my mind would be:

Door construction since the doors will get slammed shut. Soft close hinges would help.

Paint quality since you will want something cleanable and you don't want the paint to chip.

Interior durability. I find tenants seem to tolerate messy cabinets and leaks under the sink. Wet cabinet shelves don't last long and if they are unlined MDF they will be ruined quickly. If you get MDF shelves make sure to use cabinet liner to protect your investment.

In all these things I'm preaching to myself. 😉

@Christian Brown

There is some good feedback on this thread already.

I would add to what others have said: sometimes it is worth it to pay for an expedited learning process. I think some of the lead generation content and wholesale courses our there could be worth it for the sake of consolidated information, systems to help you succeed, and probably most important would be the accountability a coach offers.

Not all coaches and courses are out to steal your money guys. I'd argue that many of them are seeking to provide real value.

I recommend find a local wholesaler and ask to work with them and learn the business that way.

@James M Fario

a no money down deal sounds like a win!

I would consider putting SOME money down if you've got savings

Doing this would improve your DTI for future purposes and improve your cash flow and equity performance.

@Paul Sandhu What kind of numbers do you get on your "refinery rentals"?

Also do you have a knowledgable STR Property Management company to recommend?

Great recommendations from @David Richter

@Ben Randall

Are you bankable? Do you have a full-time job with job history and can get a loan?

I think you have some options but a lot depends on how much risk you can take on and how much savings you have to live off of in the meantime (if you don't have another job).

I'd be happy to get together and brainstorm options with you. I've got a long path ahead myself but nothing sounds more interesting to me than helping someone like yourself chart a path towards your dreams and financial victories.