All Forum Posts by: Luka Milicevic

What typee of land contract deal would you work out? 

I wouldn't want to do that, I'd want to own the whole thing...

What about him carrying back the down payment at say 20% for 5 years and you getting a bank loan for the rest? 

That way you won't be out anything besides maybe closing costs. 

@Joan Garcia Hernandez

No comps might not be the correct term. You said there are other houses around it but this one is just bigger? 

You would just need to adjust for that then.

I will say that I personally stay away from houses that are difficult to value for this exact reason. When you go to sell the house you are basically guessing the price. You might have a "guess" that is way different than what people are willing to pay.

I agree with all the above that has been said. 

It doesn't seem like this thread is helping hahaha!

So much info out there!

For me personally, I "grew up" on the BP podcast. Josh and Brandon episodes. I started on episode 1 and made it through about 350 episodes. Listened to them for hours each day. Brandon became the narrator for my dreams when I slept. 

I read tons of books. Networked like crazy.

At the end of the day, the most important thing you can do is PUT DOWN THE BOOKS, stop listening and start doing. That is KEY. TAKE ACTION!

I haven't read RE books in a while and I don't listen to hours of podcasts a day. My time is now better spent looking for and analyzing deals. 

Not to say I have learned everything there is to learn, bc I never will but my time is better spent doing vs learning how to do.

It's hard work when starting out, but everyone has to start out.

GO TAKE ACTION!

I've done this many times. All I've ever had to do was tell my title co to prepare a quit claim deed. I come in sign, done. Less than 2 mins. 

Usually costs me just the recording fees for the transaction which are very low.

Good job on getting your lender's blessing. That is a MUST!

In addition, if you are doing some sort of a short term rental or other rental that requires a permit. Make sure you can continue to do so in an LLC.

You can lose a permit if ownership transfers....ask me how I know!

I use the NAR contract for my purchases.

I don't know who told you as an agent you can't get a "deal" Who regulates how much you are or aren't allowed to pay for a house? 

In TN we have to have sellers sign a "working with an agent" form that explains I'm a licensed agent and I "know the market and have an upper hand on you" 

I've never had an issue buying a deeply discounted property as an agent. 

Slow down compared to what? 

You can't compare it to the covid revenge boom after everyone ran to the first vacation they could take.

It's like comparing zoom usage at the height of the pandemic vs now and saying there's a drop in usage. 

If we're talking $5m to invest....

At this point, I'd put it in a high yield savings account and earn 4%/year.

Maybe mix it up with some treasury bills. 

Making $200k/year with very little risk and no work is plenty for me. 

I did not after a few successes. 2 good deals is not proof of concept. Maybe you got lucky, I don't know.

Lenders like W2 income and if your job is not getting in the way of your investing then you should keep it until it gets in the way.

I'd also recommend 3 years of returns showing your RE income before quitting your job. 

Having a job is not the worst thing in the world like Robert Kiyosaki makes it out to be. It's a stable form of income that lenders like to see. 

@Sarah Jordan

Welcome to the forums!!! 

Rental arbitrage for STR is not much of a viable strategy anymore. I had a friend who was doing a ton of it back in the good ole days of not needing permits. Landlords were also very open to it.

If someone has an STR permit in an eligible property, they are going to run the deal themselves.

If you are looking for a low capital investment, my suggestion would be to house hack a property that is a personal residence with some sort of separate living space. Either a duplex, or a house that has a basement, ADU, DADU, etc.

You could always partner with someone to learn how it's done. That just requires you to bring some sort of value to the transaction, typically finding the deal. 

Let me know if you have any market specific questions. 

I set up my LLCs before purchasing properties. 

Personally, I did not use an attorney to set one up. It took me maybe 5 minutes on the city website to set it up and get it registered.