All Forum Posts by: Brant Richardson

Depending on whether you are buying in good areas, I say keep on going. Are your from Maryland? If you know your market then don't listen to the naysayers. Your numbers look like solid positive cash flow to me.

I invest out of state, friends and family think I'm nuts but I'm confident in what I am doing. My goal happens to be the same as yours, 20 properties in 10 years. You won't get there by sitting on the sidelines. I also happen to have the same debt to income ratio problem as you due to the 2 years of landlording experience needed to count your rental income, pretty ridiculous when you use a professional property manager.

I'm thinking I figured out your Cali guy's %. He probably wanted you to figure out an actual estimate for the repairs and then add on several percent as a safety margin.

"in nh is there a way to find repair value?" There is no different way to find ARV - After Repair Value, in any state. You need to compare the sale price of comparable properties in comparable areas of town - Comps.

"some people from cali say to just add on 3% repair value" You know California, land of the fruits and nuts.

"is there anything in NH?" Yes comps. And contractor Bids. Depending what this question is asking.

"do i send in a contractor to find repair value? at which point do i do that?" If you do not have the skills to come up with a somewhat accurate estimate yourself then you will need to have a contractor tell you how much they are willing to do the job for - a Bid. You will do that when you feel pretty confident that you have a good deal and want to market it to your buyers with a fairly accurate cost of rehab estimate. With no experience doing this yourself there will be a large gray area where you are not sure if it is a good deal or not. You don't want to waste the contractors time bidding on deals which will never work out because they will stop working with you.

This looks like a workable Sub2 per podcast 70, I've never done one so I really dont know. You sell to someone who is willing to pay more because it is owner financed, so sale price 125k, collect 10k. The wrap loan adds another 2% of interest to the original loan, collect that every month. Yes the buyer is paying more than market value and higher rate than somebody who qualifies for a loan, but they don't qualify and are willing to pay the extra in order to be a homeowner.

You should try running the units yourself for a while. You can get all the advice you need here or from your friend. This will dramatically increase your cash flow. It is not that hard if you get good tenants. In my experience, the older the better. If it proves to be too much for you then you can always hand it over to your friend. First hand landlording experience is useful even if you end up having a property manager. Smart move using the FHA to get into a 4 plex.

Not to trust. There's no way I would invest in Croatia unless I had somebody there that I absolutely trusted. Contracts mean a lot but there are so many ways to rip a person off that a contract couldn't cover. It scares me to invest just a few states away much less another country. I have people I trust now but getting started was scary, I felt very vulnerable.

That makes sense now. I was thinking that sounded like an awfully thin deal.

Another BP win/win, you just connected the dots, very cool.

Check out podcast #70 for an awesome no money down strategy. It is fairly advanced, listen to it a couple times. Listen to all the podcasts as a matter of fact and read the beginners guide.

"The neighbors didn't realize I was in the process of buying the house and decided to do some landscaping on the property"

That's the kind of thing people in California would sue over. Add another 20k to their flip profit because the neighbor did them a favor. Very cool to have some neighborly love on the property, invite them over to do some painting to spruce it up.

Nice job marketing to what they want. Give us the details when you get one contracted.