All Forum Posts by: Jackson Pontsler

@Cherie Orellana do you know a good hard money lender or banks that do comercial loans for flips?

@Jake Clarkson I would follow with what @Caleb Rigby said for Odgen area.  If you are looking at the SLC area your prices are going to be a bit more.  Its all dependant on the neighborhood and quality of the materials and fixtures i.e. park city house vs odgen rental.

For us in the east side of SLC 30k can cover a light rehab for 1500 sqft, 50-60k for moderate and 80+ for a full gut.  A full gut for a 3000+ sqft (including adding structural beams to open up the house) is 120+ Its best to spend some money and get additional resource into looking more for an item base than a sqft.

@Sarah Thibodeau you will hear alot of gurus say no money down real estate investing however most of these gurus are not preaching sound advise.  In this world you need money to make money the goal to get the most leverage of what you can get out of your small money.

Here are some examples:

• Wholesaling you need to put money in escrow (not alot but you still need to put money in there, plus it can be refundable if you put it that way in your conract), and also you need money to market and find properties.
• Buying a rental, you have costs for the loan (downpayment and closing costs)
• Subject to deal, you will still have closing costs at least with the title company, might be able to get ride of downpayment.
• Hardmoney lenders and private money lenders, the requirements vary but you need an insane deal and high interest rate to get zero downpayment but you still have to payclosing cost with the title company.

I don't mean to be discouraging quite the contrary I want you to see reality so you can make an actionable plan.  Choose a route you want to invest and find the way you can get the most leverage with your limited funds as possible.  Good luck down there in florida.

@Daniel Zamora once again BP is your best resource.  Go and click on my name and it will take you to my profile and answer your questions about me.  As for the pros and cons.  To be simple

Pro:  You own a small buisness

Con: You are running a small buisness

Hey @Daniel Zamora there is a wealth of knowledge that you haven't tapped into here.  If you are interested in a reading a book there are article and articles in here about the best books and recommendations for newbies that want to get into Real Estate Investing.  

Great post/email from you @Steve Theobald. This is why REI is similar to fishing you need to have many lines in the water till you find a deal that makes sense. I imagine I know which house you were talking about cause I recently saw a house and once i saw number of Investors and knew some of their philophies knew that it would be bidded up beyond my acceptable risk.

I personally feel that education is the key to success no matter where you get it BP, Local REIA, or even gurus like Renatus. I attended a meeting but felt it was more like a prymid scheme with we will pay you to get your friends to sign up for classes. Overall I have some buddies that are members and they seem to understand some basics but they would have learned the same by just going and doing. I will say there is one thing I strong ly disagree with Renatus teaching which is to offer what ever price you can to get the property under contract and then nickle and time during the due dilligence to get to the price they want (good luck trying to shave off 50k). In my opinion it just gives investors a bad name when people follow such tactics.

@Jasmineka Caldwell as @Ryan Blake said you should go local however I do want to basically state that if you are asking someone to give up their time to help you then you need to make it worth their while.  I'm not talking about paying but I've been approached by people asking for help and when I ask them to meet me at a job site they don't do it.  If you want a mentor/coach you need to work for it.  You need to show them you're different from everyone else that you are worth their time.   You need to reach out and give them value before you should expect them to give you value.

It would be best to talk with @Jaiden Olsen or any structural engineer.  The prices to repair can vary greatly so much that its the difference between a quick 6k fix or basically having to tear down the whole house.  I wish I could answer that more clearly but without the ability to look at the area there are too many possibilities i.e. (are there corners that are shrinking? Foundation Cracked? Is there a well under the property?)

Troublesome is a broad term. Perhaps they need to sell their house fast (thats troublesome), perhaps the house is in bad condition (thats troublesome), perhaps its an inherited property that the owner doesn't want (thats troublesome). If you are trying to buy houses below marketvalue you need to explain how selling with you is better than selling on the MLS, where an agent will probably be able to sell the house for more than if they sold it to you.

Does that help?