All Forum Posts by: Garett H.

What extremely large outstanding debt do you have?.. You said you purchased those 2 properties for cash, so I take this as you don’t have a mortgage on them, correct?

If this is the case, why don’t you look into pulling some equity out of them if you want to acquire more properties.

As a rule of thumb a lot of investors use the “1% rule”

Basically you take your purchase (plus rehab) price - so in your case $200,000 and multiply it by 1% to get $2,000. If your monthly gross rent is greater than $2000 it is something to look deeper into. If not, it’s usually a pass. In this case you’re at 0.9% so it’s probably safe to assume there are better deals out there. 

Getting out to the local REIA meeting is a great step forward. As you said, just soak up as much as you can. Going to a REIA meeting in a new city is sort of like going out to a bar alone. It's kind of awkward for you since you don't know anyone, but once you break the ice you see it's not nearly as intimidating as you imagined.

Understand growing your circle will take some time, but just as you mentioned getting your name/face out there is starting out on the right foot.

Hey Leah,

As Mindy mentioned J. Scotts book is a great resource as well as his website: http://www.123flip.com/results-to-date/ he has a ton of detailed analysis's on there which are very insightful.

Apmex.com is one of the largest commercial sites that is pretty decent.

Bullionstacker.com is a forum where people buy and sell on, and I've never had an issue dealing on there. If you're interested let me know.

Thanks Mike, now do these contracts need to be specific for the state you're dealing in?

As you can see I'm new to all of this, I've been reading as much as possible on here and went to a local REIA meeting last week.

One thing I am always hearing about is getting a property "under contract". I understand what this means, but I haven't found much information regarding the actual contract. I've checked the resources link on this site and it seems as if the only wholesaling contract is for Texas.

Are these contracts for wholesaling a standard form available from a state website, or do you have to get your own contract created through a lawyer tailored to each specific deal?

Thank you very much for your help!

-Garett