All Forum Posts by: Luther Wilson III

Uhh, yeah, bruh, I'm gonna need that first month's rent, deposit, AND a lease signed before they get the keys.  :)

Let's reverse the saying in the BTC/Crypto world - "NO CHESSE, NO KEYS!  LOL

In the future I'm considering having them give me the confirmation #'s - as well - to prove that they've gotten the utilities transferred to their name beforehand.  Just sayin'...  This answer would be Not "NO" but "Hell NO".  Cheers, and best of luck to ya!  :)

Hey, @Clinton Bolton, what market are you wanting to invest in?

New Western usually has decent product but I’m not sure how many states they cover…  Good thing you’re doing your HW..

Depending on your market you may want to dig a lil deeper and connect with the good ones in that specific location. 

A lil' BRRR action mixed with some creative financing and you're Golden. :)

Besides that you might consider looking at some good multifamily or commercial operators to venture with or invest alongside of with a portion of those proceeds...  

The Midwest has been pretty solid historically.  You know we favor Kansas City all day, so there’s that too lol.  Check it sometime, there’s good product out here! 

Cheers, and happy investing, @Antonio Coa!

One of the best ways I can think of to scale faster is to utilize the BRRR method. I'm working with a buyer now who used part of a HELOC to do his first BRRR here in Kansas City! Along with that BRRR strategy - we'd recommend using creative financing whenever you can as well.

I’d look at getting the hard money and or private money lender lined up and ready first.  Then go hunting…

Hey, @Vidal Gonzales, welcome aboard!  I second Kansas City all day.  Cheers!  

1. Get a list (or multiple lists)

2. Market to that list (repeatedly) 

3. Follow up, follow up, follow up 

4. Negotiate 

5. Get property under contract w/seller

6. Send the deal out to buyers 

7. Negotiate 

8. Go under contract with end buyer 

9. Close the deal 

Cheers!  🙂

You can use hard money or private money on the front end for the acquisition and the renovation. Then you can refinance into a long-term, DSCR loan. This is basically a BRRR on a multifamily deal - kinda similar to how it'd be on a SFH. This could work out if the property is a value add type of deal. If you're looking to get into turnkey property or something that doesn't need as much in the way of repairs and such - you could look at going the traditional financing route. In that case you might need more than you would if you went the BRRR route.

Anyway you go you’re gonna need access to some type of additional capital… Probably more than what you have on hand now.  Have you considered partnering with someone on it? That might be a reasonable option if you have some solid contacts - and, of course, if the deal is sweet enough!

Yes.  That’s the short answer…  Establish your standards as soon as you can.  

You oughta consider doing new leases.   Depending on what you took over, if they’re month to month, when the leases end, etc.  

There something called "gap" funding... I didn't even know it was called this up until a couple years ago. I'm sure it's got some different names as well... Essentially, it's the capital needed to be brought in to purchase & close a leveraged or non-leveraged acquisition of sorts. Most hard money lenders or private lenders will loan up to 70% of the ARV on a deal. What about the other 30%, though, right? Who covers that part? Well, if you can mange to get some OPM then this is where it could go to work! Or if you don't want to use leverage on the front end and you have access to enough liquid capital to purchase & renovate all cash - well you can just use that as you transition through a BRRR or a fix & flip. Positioning is a key part of all this too - the lender or financier may be in first lien or 2nd lien position or they may have other arrangements with the borrower. It depends on the type of capital you have access to and what you can work out with the financiers or partners.