All Forum Posts by: Anthony Gayden

Ryan Rodriguez Great job. So where did you get the $120,000 down payment and the $40,000 repair budget? While your story is a nice example of a deal in a very expensive market, it still leaves me wondering how those who don't have large sums of cash laying around can get started there.

Originally posted by @Anthony Gayden:

Bernard Hendricks

If you refinance your FHA into a conventional mortgage, you can get another FHA.

 I like this advice.....lol

Anyway, if you have some equity gain in your property, then it may be possible to refinance it into a conventional mortgage without using any cash out of pocket. After the refinance, you will be able to obtain another FHA mortgage using 3.5% down.

Keep in mind that the grand majority of landlords do not come to these forums. The grand majority of landlords are accidental landlords and own one property. Many of them hate being a landlord.

These are the people who tell the horror stories of fixing a leaky toilet at 2AM on Christmas Day or the horror stories about a tenant who didn't pay rent for six months and trashed the place costing them thousands. These people are begging someone to take away their problem. The first ambitious person who calls them and presents a reasonable solution could get a great deal.

I will never criticize anyone for taking action. I get mailings from wholesalers and I have had people knock on the door at my house asking if I want to sell. I have received phone calls. I tell them that I am an investor too and that maybe we could team up and do some deals and give them my business card. Very few have ever followed up (their loss).

I personally plan on taking a much more aggressive approach in the near future.

@Josh Calcanis

I am not a genius, but I am pretty sure I already know where this whole thing is going.

These rust belt cities (including my hometown of Kansas City) who think they have a chance at snagging Amazon are fooling themselves. Amazon is going to look at a high growth business friendly area with a large tech presence already.

I would be willing to bet that Amazon has already decided on Austin, Texas.

@Bryan Mitchell

No problem, I travel overseas for work and there is no internet on those long flights, so I had to come up with the solution.

@Ryan Tanel

I don't know if you have ever looked at Vistaprint, but you can design custom postcards and send them out on the site. You can provide the mailing list.

Originally posted by @Jim D.:

Sure, it's a numbers game, like any kind of cold contacting. The call takes 60 seconds, and even if only 1 in 50 is interested in selling, you would do well.

Even though it only takes 15 seconds to say "no thanks" and hang up, it is irritating to receive calls like this. Something about it just feels disingenuous.

 It does not irritate me. In fact it is quite inspirational to think that there are people out there who are so motivated to get a deal that they are willing to do it.

Instead of making fun of these ambitious investors, maybe we should look at the thousands who are paralyzed with fear and never do anything.

@Bryan Mitchell

If you want to download the podcast to your phone, do not use the app. Open biggerpockets.com in the web browser on your phone. Go to the podcast link. There will be an audio play button, and on the other side of the screen there is an arrow that points down with a line under it. Click on it and the podcast will download to your phone.

Dominic Balconi I have never heard about an entrepreneur who worked 20 hours a week when getting started. That sounds like a fantasy created by tv. Maybe after years of working their butts off they are able to step back a little. As for the advice to work OT, it is great advice when getting started to save money to invest. I use that method myself. I can make more money working more at my job than the grand majority of side hustles can pay.

@Bryan Mitchell

On your desktop computer, go to the podcast page, click the play arrow icon for the podcast you want to hear. After it loads and you start to hear the podcast right click with your mouse over the audio controls. There will be an option for 'Save audio as...'

The audio will save in mp3 format.