All Forum Posts by: Ian Tudor

@Anthony White - Ask for suggestions in your specific market on this forum. People are from all over the country and there will most likely be someone who has invested in your market. 

@Austin Fruechting - Good work brother. 

Are you staying put or going for more? 

@Danny N. - It really depends on the county and what they really they would require. Some counties will not zone a new mobile home park. 

In a county in NC, I've heard estimates of $20K-$25K per pad (not including land costs), but the Midwest is probably cheaper. On Park Street Partners podcast, I believe they mentioned around $15K per pad (not including land costs). 

@Diane G. - Not sure I understand what you are suggesting. The more leverage you put on a property the higher the potential return usually. The situation where it hurts you is if your loan constant is higher than cap rate. This is negative leverage. It works both ways. 

If the deal is good in multi-family, it isn't uncommon to only put 25% down or 75% loan to value. If you have to put 70% down in order to cash flow, you are looking at properties that are extremely highly priced and compressed cap rates. 

@Aaron Ryan - Entegra Bank. Talk to Josh Owens. Tell him I sent you. 25% down and 20 ammo; 3, 5, 7 year term

@Ryan DeWitt - Depends on what you want. The beauty of real estate is that you can leverage other people's money. 

If you don't have money, find deals. Deals are harder to find these days than money. Understand how to value real estate and generate leads. Dig up a few deals and wholesale them for a fee or a portion of equity. You will have to pay with your time.  

Starting with buy and hold with little capital, lots of monthly expenses, and hourly wages is going to take a long time. Real estate is a patience game. There is another way. I've noticed a lot of brokers get into the industry by selling properties and then using that money to purchase properties. Find alternative ways to make money in real estate. There are a lot. 

Currently, you have too little income and too many expenses. Increase income by wholesaling deals or some other avenue to build capital to invest in deals later down the road. Also, sell off one of your cars and get a beater that gets you from place to place. It depends on how much you want to sacrifice. 

Real example - I got into commercial real estate with no financial backing from my parents. I found deals off-market and contacted investors. Some I made a fee. Others, I invested along side the investor. The same can work for residential. It took me over a year and a half to get where I am today, but I now work for myself. 

@Will Gaston - Ed Newton in Ballantyne is good. They are on the pricier side, but they have a great level of service. If you contact them, they have a policy to get back within 24 hours. 

Ed is around $265/hour to consult with.

His other CPAs are closer to $150/hour. 

LLC tax returns are around $750 per year.

Personal tax returns start about $400. 

@Gabriel Benavidez - I'll give a little different perspective. I struggle with this myself. Social media especially Facebook and Instagram is used for social comparison. I personally think people who flaunt their wealth on social media are usually looking for validation. People usually only show the good parts of their life. This doesn't mean that you shouldn't use the platforms. 

At the end of the day, what is your purpose? 

If you think it is a good way to bring in more deals, then that is a perfectly legit reason. If you are bringing value to your followers on how to invest, then tell the world. However, if you are doing it for some other personal reason, maybe it needs to be addressed in another way. 

Anyways, to your success. 

@Preston Dahl - It sounds like you enjoy doing the work. If that is true, then there is no reason to refrain from doing what you enjoy. 

What are your goals with real estate? Do you want to build a large real estate fund worth millions of dollars? Or are you looking for income replacement of your job? Both require different time demands. 

If you personally want $10Ms of real estate then your time is better spent sourcing deals. But again, it is all what you want out of this. 

Just be sure to value your time appropriately. 

@Ryan Johnston - You're in the prime of your life. You can take a risk and be alright in the long run. I don't think you should take the conservative road at this stage in life. At the same time, this isn't an invitation to be reckless. 

$78,000 is a considerable amount of debt. This shouldn't be ignored. Continue to pay down your debt. But if you feel like you can make make more than 6.7% on your money, go for it. It's a capital allocation decision. My business partner has over $60,000 in student loans and we've done over $2M in deals in the past year. Don't let it be an excuse. Several of those deals, we were able to make money without putting any into a deal. 

Instead of potentially putting yourself in more debt with a failed flip, look into wholesaling or other ways to make money in real estate. Another way is to look into commercial properties and flip a property under contract for a finder's fee. There are a lot of options. But if you want it, don't shy away.