All Forum Posts by: Luther Wilson III

It’s certainly helped open some doors for us!  Access to more deals, getting referrals for good contractors and exchanging knowledge about things going on in that market - all has been beneficial.  Most events will have some type of speaker or multiple ones…  So there’s the learning aspect as well - just by being around you’ll pick up tips on how to sharpen and refine your systems, what type of marketing is working well, how to improve business operations and lots more.  

A big part of it is gonna be timing.  Finding an agent or broker who’s investing themselves and still willing to assist other investors might be challenging.  As time goes on, if they’re continually investing and growing their businesses, their overall value and net worth is both very likely to continue going up as well.  If you want to work with them then you’ll need to incentivize and or compensate them better than you would a regular agent.

There’s 3 main things that come to mind when it comes to this whole situation (in regards to who might be your ideal candidate) they will be good at one or more of the following:  1. Deal Finding 2.Renovation/Project Management 3. Property Management.

If you can find an “investor- agent” who’s good at all 3 then you might want to partner with them lol.  If you find one who’s got 2 out of the 3 handled - that might just be your guy - or gal.  🙂

Hey, @Kathy Lowery.  You might try Jason Carleton with Megastar Financial.  He’s been at it for a long time and he’s solid!  

We’ve seen a lot of investors have success in the Kansas City market BRRRing single family homes.  We’re seeing decent results on C/B-class SFHs in certain areas.   

Using leverage (hard money or private money) you might need somewhere between $20k - $50k+ out of pocket for one decent deal.  With $300k I’d do this over and over again.  On some of the houses we’d do owner financing to get some extra juice out of them.  

It's been word of mouth & networking that's working pretty well for us lately.  We're plugged in with several wholesalers, agents, and other investors.  For whatever market you're investing in there's gonna be Facebook groups you can join - those have been okay too.

Bro, if you have the means to get into and maintain a quadplex for 3.5% down and the bank approves you and the property - go for it!  Sounds like you're wanting to do a house hack of sorts, is that correct?  If you're living in one unit and renting out the others then I think you'll be fine.  It'll be important to treat it like a true investment or a business - not a flip - if you hold on for the long term (5 - 10 years), utilize a sizeable amount of proceeds each month/yr to put back into the property, raise the rents periodically - you'll probably win.  Knowing the #'s is cool but rarely will they turn out the way you got 'em down on paper.  Whatever you come up with - cushion it even more, lol.

Buy & hold as much cash flow real estate as you can.  LOL.  Besides that, it's also good to - Partner up, eat your veggies, exercise regularly, read a book, travel, learn a lot, meditate a little and remember to have fun.  :)

Since 2012, I'd gone from wholesaler to leasing agent, to realtor, to property manager, to real estate broker, to business owner and all along the way tried to invest as much as I could.

There were two main things that truly helped me grow my real estate investment business (after gaining 5 - 6 years of general real estate experience):

1.  Partnering with another investor

2.   Getting access to private capital

If there’s a way to get in some sales and or communication classes - that’s what’s I’d recommend.  The finance piece would be helpful as well. It really kinda depends on what you’re wanting to accomplish. I got a bachelors degree in entrepreneurship with an emphasis in real estate from Wichita State back in 2008.  It was basically business administration with some entrepreneurial and real estate classes.  What you learn in this or that type of setting and the degree itself will only get you so far.  The #1 skill set that has helped me as a real estate investor besides focus & self-discipline has been my communication skills.

Hey @Mark Csongradi, you may need to talk to some other lenders or perhaps utilize a different strategy. Depending on the type of financing you're planning on using - you can still get a deal done. Even then, if you go at it solo, as a non-citizen the rate & terms may not be as favorable. I have a partner in Canada who's had to maneuver through this as well. He now has an ITIN now which helps but the LTV's he can get are lower the the interest rates would be higher. The BRRR strategy has worked pretty well. You may need to look into owner financing or creative financing as well.