All Forum Posts by: Mark Scott

Thanks @P.J. Hankins for posting this letter and everyone's comments. I have found a few properties in my area by driving around neighborhoods in the price range I would like to own rentals and have been looking for a good letter. This will be a great starting point. 

@Kristopher Williams Do you have a website, so we can review your terms, conditions and see in what states you lend?

Rance Brown one problem many new investor have starting out is finding lenders that will lend below 50k. They may be able to put up the 20% as a down payment and have a reserve to cover holding cost, but the deals they seek are in the 20k to 35k range plus rehab cost of 20k to 30k. Do you lend in other states?

@Nathan Bell check out the Hard Money Lenders on this site there is a link up top. I have spoken to some who will lend under 50k and will cover up to 80% of purchase and rehab. 

@Thomas Franklin Outstanding advice! You sound like you speak from experience on the asset protection comments. I could not agree more. I will only close in some type of structured entity, which is an LLC at the moment. I plan on using Land Trust when I decide to buy and hold some of the rehabs I will be doing.

@Porsche Thompson make sure you put some distance between yourself and your tenant. Do not tell them you own the property. You should have them send the payment to PO Box or tell them you represent the owner.

I love this conversation. Thanks Nick B. And J Beard! You guys really provided some incredible information for those of us looking to get into MFH. I have heard about price inflation in many markets and I do know real estate is definitely regional and even has smaller pockets within them. Based on some of the things you all posted, what is your opinion of the overall rental market for SFH vs MFH?

I just finished listening to the audio book in my car for the second time in the last couple of weeks. I read the book years ago, but it really sunk in this time. I have noticed how I am already more observant of what others say and do and how it relates to where they are in life and their expectations for the future. Just yesterday I was listening to a friend talk about their retirement situation. She explained how her husband was about to retire from the military after 27 years, her disability and their ssn would be enough to cover all there bills. I thought to myself, "How sad is that?" That is not what my family deserves and I will do whatever necessary to make sure we are not in that situation. 

We experienced the crash of 07/08 first hand and my wife is finally willing to support me getting back in the game. I believe she has seen the excitement and conviction on my part to ensure the past does not dictate the results of the future. This site has done wonders for me and I have been sharing much of what I have learned in the podcast and forums with her on a consistent basis. She is even listening to Rich Dad, Poor Dad and yesterday we listened to ZIg Zigler in the car.

Ashley Jenkins I second what Paul Timmins wrote. You need to put your goals on paper. Do you have the 20% down payment Hard Money Lenders want or do you know a private investor that will loan you the funds for rehabbing? Through the REI clubs you should be able to put together a good team. The books and this site will help explain who should be on that team. Attend as many webinars as you can relating to your goals and mindset. The podcast are also a valuable resource. Once you decide and commit to your goals, don't let anyone or anything hold you back. Have fun!

Jack Britt is one of the top school districts in the state. There are a couple others that are good and I doubt the worst schools in Raliegh are better than the best in Fayetteville. 

As long as the numbers work, we can make money on the deal irregardless of the school's ratings. 

I think it depends on the state. I moved a couple personally owned properties into an LLC and the state of Florida required me to pay doc stamps and taxes. The lender did not invoke the due on sale clause.