All Forum Posts by: Jon Schoeller

Hello Colin! Build as big of a list as possible of potential investors. Go to wherever you will be looking for a weekend or two and go to some networking events. Shake as many hands as possible. As an investor I get emails all the time from random wholesalers and I have no idea who they are. It helps to put a face with an email. 

Stay at home as long as you can....but not too long. I have 0 problems with this. I think if your mom charged you a nominal amount of rent as well as made you split the utilities you could both learn the responsibility of owning your own home as well as save a ton of money. I don't have a problem with kids staying at home a bit longer as long as they are free loading. But that also doesn't mean stay until you are 26 either. 

Hello Faruq! None of these are bad ideas. I do question you giving the 20k to an investor for 20% return. What is that investment involve? You didn't say where you are from. Are houses appreciating quickly where you are at? If so you have to consider that before selling as well. You are only going to have about 50k left over after giving the other investor 20k. How/where are you going to be flipping with 50k? These are all answers I would need to know before giving my opinion. 

Hello Olga! How are you planning on buying the estate before the rehab? 

It's awesome that your dad owns a construction company. Why not partner with him? Let him do the rehab out of his pocket. At the end of the rehab, refinance and give him a percentage on top of what he would have charged. This is only going to work if he has his on capital as of course he would have to cover all the material and overhead in the mean time. But it is an option. 

A 203k is not a bad option either. Just be prepared for somewhat slow draws that can slow the project down depending on the bank inspection process. 

If you are super confident in the deal, don't be scared of hard money. That extra 4-6% shouldn't matter if you are in and out fast enough and your numbers are correct. Just my opinion. I wish you luck either way. 

Hello Brandon! This will be just like finding a good mechanic or doctor. Start by asking friends and family who they might suggest. Then move on to reviews and references. Nowadays almost every legit realtor has a place where you leave them reviews. Lastly, you could interview them in person. Do they show up on time? Are the personable? How much experience do they have with what you are looking for? 

I hope that helps and good luck on your search! 

Welcome to the community Adonis! 

If you really want it and the job position is that competitive. Offer to work for free at first. Show them your value. If you show up early, work hard, show you are motivated, and go above and beyond what you are asked to do, they would be dumb not to give you a chance. That doesn't guarantee they will. But it's better than giving up. Try it out. 

If the judge gave them a date to be out and they are past that date and no longer living there I would change the locks. Just because they left some stuff behind doesn't matter. I would put it all in boxes and tell them through email/text/phone that they have 24 hours to pick them up before they are discarded.  

That sounds like my wife's dream. She wants to find a bunch of land to open an animal rescue. Sounds like it is working out well for you. Good job. 

Hello Kim! Welcome to the community. May I ask why you chose those states? How are you going manage your investment remotely? 

I don't think there is a right or wrong answer between picking flip or rental. It really depends on your individual goals. I think most start with flipping to build capital or to get their business off the ground. Then they move towards buy and hold. That is not always the case but that is my experience with investors in my area. I wish you the best of luck either way.