All Forum Posts by: John McDonald

 Hi Robert, are you referring to the "build to rent" approach? I agree, this is working in Texas too. 

You have to be willing to fix up the properties but they can still be found.

We consider properties nationwide and would love to connect on any deals you have. 

Cheers,

If your parents have good credit, you could ask to be added as an authorized user on one of their credit cards. This can help your score, as long as the primary user maintains good credit habits. You do not have to have a copy of the card or use it, so your parents will be more likely to say yes.

While there are several cities across the U.S. where the BRRRR method can be effective, it's often best to start investing in your local area, especially as a new investor. The fact that you are asking the question speaks to my first point. Becoming familiar with your local market is much easier.

It's easier to manage the property-especially if you hire someone else to do it. You can't drive by to see it with your own eyes. 

You also need to build relationships and that's much harder by phone and e-mail. 

Whether it's your first, tenth, or thirtieth investment, keep an open mind about the types of properties you consider. There's a world of possibilities out there, and each one offers unique benefits.

You might find that single-family homes are readily available and could be easier to manage or sell if the need arises. It's about balancing your portfolio and not putting all your eggs in one basket. 

Being young will present challenges in a field where experience is highly valued not just with lenders. You will need a team of people to work with, including contractors. How will you know when one is trying to rip you off, is lying to you, or what to do if a squatter moves in? 

It's wise to be cautious and aware. Many players will not have your best interests at heart. This isn't to discourage you but to prepare you for the journey ahead. Consider teaming up with a mentor or a partner who has the experience and is willing to guide you. This collaboration could be a powerful learning experience and a stepping stone to success.

Podcasts can be an incredibly useful resource to learn the ropes. Here are a few that cover wholesaling.

They often tackle real-life situations, providing actionable advice. Wholesale Hotline on Apple Podcasts

This host shares his journey from fix-and-flip investing to virtual wholesaling. Flipping Out on Property Leads

This is a great resource for new real estate investors and wholesalers, with extensive experience in real estate. Wholesaling Out of the Box on Property Leads

This is dedicated to teaching wholesalers how to consistently close deals. They share strategies for completing large deals and making a sustainable income. Send More Offers Real Estate Show on Property Leads

Focused on real estate wholesaling techniques. It’s great for learning the nuts and bolts of the wholesaling process. School Of Wholesaling on Property Leads

Provides practical insights for real estate wholesaling, including finding properties and negotiating deals. Wholesaling Inc with Brent Daniels on Apple Podcasts

Valuable insights on sales and marketing in the context of real estate wholesaling, emphasizing the importance of action and learning through experience. Real Estate Wholesaling Syndicate on Apple Podcasts

Happy listening and best of luck.

Texas has a lot of great investment opportunities across the board and they're landlord friendly. But we see opportunity in nearly every market, you just have to know how to find it. However, as others have mentioned, that might not made sense for you if you're planning to just purchase a single SFR or start flipping. Then, you're likely better to stay as close to home as possible until you get your feet wet.

Good luck.

> I want to do a refi immediately to get back the 245k. Would that work?
What's the appraisal say on the property. The bank will only loan you 80% of the appraised value. You will likely need to complete the work and have it reappraised before you can refi.

However, if you can get it appraised for $330, you may be able to refi for $264k and use that capital for your next flip property.

Good luck and let us know how it turns out.

Cheers,