All Forum Posts by: JJ Conway

@Sheldon Alex I know people who do this all the time and it seems to work out ok for them. I have a better comfort level with eyes-on so while I do work in areas outside my local town, they are areas where I have friends who can go take a look, take pics for me. 

@William Whillock Welcome!  I'm moving to Shreveport soon and will be going back and forth to Little Rock quite a bit.  Wish you the best!

@Ulrich Faircloth this has got to be frustrating for you to be so close and yet have all these complications.

One of my first mentors told me "the deal of the century comes along once a month." What he meant was, don't stress over getting an awesome deal that just doesn't seem to be working.  Keep your marketing/prospecting in place and another awesome deal should come along soon.

Am I reading right that you're going to live there?  And you can't qualify for the loan all on your own, even as a personal residence?  If that's the case then maybe the numbers are too tight. Even if you guys got approved for the 160K it sounds like you won't have much wiggle room for the kinds of issues that pop up.

What happened when you put an offer in for the price you can qualify for (130K)?

Whoo hoo!  Congrats!

Hi @Rashauna Hunter it depends on what you ultimately want to do. Are you ultimately wanting to flip?  As in buy the house, fix it, then sell it? or are you wanting to be the company that does the renovation? 

Under the education tab is a link to "guides" which is more like a series of articles to help you get started in each of the categories. The only other thing I would say is see if you can find a local real estate investment group or association to connect with like-minded investors. 

Wish you the best!

Really enjoyed the Wed webinar, but missed a few parts due to nursing an infant. Will someone tell me how to fast forward / rewind / jump to what I missed on the replay?  I don't see any controls on the webinar replay itself.

Thanks in advance,

JJ

I know some folks calculate ROI as a percentage of their funds in the deal-I'm talking about overall (no points paid, interest, etc).

And when I talk about stress/pressure I mean how I've had to hang on to money-pit properties that are so far upside down I can't unload, and there's that stress of having to find a tenant to keep making loan payments. I don't have that stress with my two cash properties. And I can't wait until values return (or I raise enough capital) that I can unload the other two!

At most REIAs I've attended, many experienced investors try to dissuade new investors from doing cash deals.I understand the mathematical concepts around leverage, and I get that most of the time newcomers can't jump into real estate investing with all-cash deals. I also understand that, in many cases, the advanced investor makes money from mentoring, providing HMLs, etc. I just think you get better ROI (and much less pressure/stress) doing cash deals (if you can afford it).

So tell me, from your perspective: if you could do cash deals (meaning paid for property and repairs in full-no loans), would you?Why or why not?

Welcome @Frank G. Congratulations on your first rental property being a success!

I love your method - in my Real Estate Investing 101 class I call it "Leapfrogging" and I have several friends who leapfrogged their way to financial independence - basically buying a fixer-upper and living in it until fixed up.  Buy another, rinse and repeat.  Doesn't sound like you're going to take it that far (smile) but you're well on your way!

I echo what everyone else is saying- find a good group and build relationships. I'm a member of several groups that meet throughout the DMV and Baltimore (including my own) and the relationships formed through those have been personally rewarding and financially profitable.

@Scott Harper how awesome you are passing down the legacy that was passed to you.  Yes, buy and hold comes with headaches - but so does any other form of investing!

I am a big fan of doing most of your own labor. Like you said, you save money. Also, I discover more issues that need to be addressed than when I pay someone else to clean, prep, etc.