All Forum Posts by: Whitney Hutten

@Jason Reschke First of all welcome!  Second, what is your specific question for the group?  Perhaps asking something pointed will get a much better response.

Team = Realtor/Deal Finder, Lender, Property Manger, Contractor etc.  Leverage others systems = who in the team already has that all in place?  Find that rockstar, don't reinvent the wheel, incentivize the heck out of them, and take your time back

@Michael Neiman You can also look for a lender that is nation wide.  Check out Aloha Capital.

@Charlie Shew Be sure to get with your CPA as I believe you will still have UBIT issues to deal with if you get a loan on the property. Also, find out what fees you will incur with your provider as you may have to run an annual legal audit for each investment your checkbook llc holds. Normally, your provider will do this if the asset was held directly, but since the provider can't "see" it, that responsibility will fall to you most likely. You can also lend through your checkbook IRA to other projects in RE. That's what I've done and it certainly is very easy and you bypass UBIT.

@David C. I personally am in MO and IN.  LOVE it as I live in CO where pricing is insane.  We have family N Chicagoland and have looked at Milwaulkee, Hammond, Merriville, and South Bend.  Some good finds there :)

@AJ Felix You don't need a certification or degree of any kind to invest.  You need a team!  I'd spend the time and energy to find the best team to help you (realtor, PM, lender, inspector, contractor).  You will learn sooo much from them in the process. AND it's a far more scalable solution to building your business.  And to take it one step further... learn to leverage other people's systems.  Cut your time to scale in HALF or more. Don't work IN the business... work ON the business :)

@Chisom Frazier To a point, yes.  Both want your business and finding deals is what they do (esp agents).   I'd flat our ask what they need to see from you.  Once you do a deal or two, then ask how you can be on their insider track.  Be very timely, responsive, decisive and do your homework.  Be someone who can execute. If you aren't timely, or responsive, or can't execute they will move on.  Be the person you need to be to win at this :)

@Parker Smith . Good for you!  That's amazing. A natural starting point might be to house-hack.  You need a place over your head.  Perhaps you could leverage the 1st time homebuyer program to get into a unit and get roommates to pay off your mortgage for you.  You live for free (or super low cost ) and can save quickly for your next investment.  Just an idea!

@Cortez Wilson One challenge with using all cash for the purchase and rehab is you have to season the title (aka wait up to 6 months) to refinance. The question is, can you afford to have your cash tied up that long before being able to refinance out (assuming you will execute that "R" of BRRRR)? Next time, maybe think about using hard or private money to fund the purchase / rehab so you have loan on the property and can refinance back out sooner. PM me if you hit a snag!

@Chisom Frazier Congrats on getting started. Are you using the MLS to find distressed properties? You may want to go a non-traditional route say like a wholesaler, driving for dollars, or pulling a list. If a property is in a good area, there is most likely investor competition (which is a great sign). Get to know those investors at meetups. Also, don't overlook property managers as a source as well. Most importantly though, if someone doesn't want to live in an area, it will be a very hard business model to maintain, and challenging to find good quality tenants.