All Forum Posts by: Greg Potter

Welcome to BP Michael Shults, I can't help but think when you are doing work for these old folks that own rental property that there is a golden opportunity to strike up a conversation about their experience. Mention you are interested in investing yourself and ask for pointers. I wouldn't be surprised if you found yourself some potential mentors right in your own back yard.

Hello Shequann Burrwell, if your city has a land bank (a city agency in charge of taking over properties with delinquent taxes) then I would contact them. If your city doesn't have an official agency like a land bank then I would go to the town hall and start asking around. I'd expect it to take some time to find the right person and most likely lots of red tape to complete the purchase once you do.

Good luck!

Hello and welcome to BP Robert Edgin. My suggestions are to stay involved in the BP forums and also check out any local REIAs in your area. If you are out there talking to people and asking questions and displaying a genuine interest in learning my bet is a mentor will end up finding you.

As for investing in a college town and renting to college students that is somewhat a niche market that carries with it its own set of interesting challenges (aka risks) as well as some interesting rewards.

Make sure you do lots of reading, ask lots of questions, and talk to lots of people. Best of luck in whatever strategy you undertake.

Welcome to BP Joseph Seays! With all the booming RE investing activity taking place in your city I'd suggest making acquaintances with some local investors with plenty of experience and picking their brains for extra knowledge.

The one time I visited Atlanta was a few years back to attend a Prog-Power festival. For the select few of us in the states who love this style of music that was really a top notch concert event. I'd love the opportunity to visit again sometime. The aquarium and yields on single family rentals are quite nice too!

Happy day after Brandon, I hope you've recovered... from you knee pain that is. I can't imagine what else whipper snappers would need to recover from post birthday.

Hello Jose Flores, what would this property rent for after repairs? Would you anticipate flipping to another investor or sell on the retail market?

It is certainly nice to be able to negotiate flexible terms but it seems to me your purchase price plus repairs compared to the ARV is a little tight so I'm not sure the numbers work as a flip. Then again I've never done a flip myself so you can take my advice with a grain of salt, if at all.

Brian Mathews - Sounds like you are a listener of Dave Ramsey's radio show. Funny how we both are listeners and yet neither of us gave the answer Dave would. He'd say the same thing about Thanksgiving dinner and the borrower being a slave, then he'd also say how much he loves real estate and that he wouldn't borrow from momma or the bank to buy a rental, he would save up and pay all cash.

I assumed Rick was thinking of multifamily property with his $400k price range. Brian is right implying that $300k is a little rich for a single family investment in just about any market.

In summary Rick you can 1) borrow from mom if you understand the possible consequences and risks of that arrangement 2) borrow from the bank as you appear to have the resources to do so without assistance 3) find a property you can buy all cash with your own funds now or save up and buy a larger property all cash later or 4) continue to seek input from other investors on alternative strategies.

Andrew Vogt I think this decision really isn't that difficult. In your post you stated you don't love the engineering job but you do love rental real estate. You have the choice between the two and the compensation is equal. Quit the engineering gig and do what you enjoy.

As for the future job prospects I say continue to build your personal real estate portfolio and eventually you won't need to worry about job prospects.

Hello Rick Wheeler it sounds to me like you are complicating the issue. If mom has equity she can simply take out a home equity loan, she shouldn't need to specify to the bank what she intends to do with the money. That loan is between her and her bank. You then write up a loan agreement with her and she loans her money to you. Make sure you agree to a repayment plan and an interest rate that is somewhere near market rates (the IRS doesn't tend to like zero interest loans between family members, they can call them gifts and tax them). When you go to purchase your investment property you are now a cash buyer as you have both mom's cash and your own in your bank account. Your credit rating doesn't come into play at all in this scenario and you don't need a secondary loan from the bank.

With any business dealing, especially one with family, you should consider and discuss with the parties involved what happens if things don't work out as well as projected. You also will want to define what the expectations of each party are to be. If mom is loaning you the money and not acting as an equity partner you probably don't want her telling you what color to paint the walls or hiring out the yard work or picking out tenants for you.

Best of luck to you in your endeavor.

Welcome to BP Michael Holmes! I say put the kids to work, builds character! Perhaps a nice yard service catering to the properties of the many investors you'll find in the community here.

Kidding aside best of luck getting your wholesaling business off the ground.