All Forum Posts by: Michael Caro

@Ryan McKimm

Thx Ryan for the input. I am definitely being generous on the numbers but it does make sense. We are also not using agents for our close the first closing costs won't be as high. I didn't think about that as far as if you sell one, you're selling it for cash so thx for that. But at the same time, he has a HML on the property so it's not crazy to think he will do anything to cover his monthly payments as well as make a small profit.

Thanks again

Hey guys so I'm trying to work on my first deal. I don't have much money so I'm trying to get as creative as possible. I have an off market property in Las Vegas that is being sold for 155k. I may be able to lower to 150k but as of right now it's 155k. The rehab is going to be 30k and the ARV is 210k. The seller is an investor who took on too many projects and needs to get rid of this one because his contractors are too busy. I offered a sellers financing and he said he would do that for 15% down, up to 6 months, and then 1% each month which is 1,500.

The issue I'm running into know is that I was planning on using a HML fund it but I don't have to now. The issue is that I don't have the money for the 30k rehab.

I tried asking HML but they need to be in first position lien and can't if it's a seller financing and I tried construction loans but I don't have a business and my income is low so I won't qualify? Any recommendations/tips/advise you guys give me would greatly appreciate that

Hey BP community I need some help. I'm a 20 year old new investor who is trying to complete his first deal. I have a solid wholesaler in Philadelphia and I also have a HML who will cover 90% of the deal. I was planning on using a PLOC to fund the initial 10%. I just went to my bank(longest account with them) and I didn't get qualified. While making 2k per month it seems like my best option is to wait until I either make more money or until I have that 10% saved.

Really got a lot of work/information put into this industry and while I have almost every other part, I don’t have the 10%. Really bumped out because I recently had a great amount of success with systems I have breaking down deals, networking to build team members, etc and don’t really know what do to do.

The properties range from 50k-150k so the 10% will obviously change. Any tips or things to help me stay motivated would be great.

Hey guys, I need to know if I am missing anything when I first look at new market. I want to master breaking down new markets so I can invest anywhere. These are the questions I have when I look at a new market so far:

3. How much are average homes selling for?

4. How much are bank REOs selling for?

5. How fast are properties selling?

6. What areas seem to be selling the fastest?

7. 5 national Factors:

8. 1. Interest Rates

2. Inflation

3. Flow of Investment Funds

4. Business cycle

5. Cataclysmic Events

9. Market Indicators and Trends :

1. Population Trend

2. Path of Development

3. Overbuilding

4. Social economic Trend

5. Employment Trend

Price ratio from distressed properties and retail sales

 Are there buyers in the Area?

How much real estate supply does the area have?

Any other REI in the area?

Feel of Location

 Schools/Crime/ Property Taxes

Let know what you think and if I should replace/get rid of/add/ anything.

Thank you again,

@Michael Caro thought I added it but doing a quick flip with hard-money with distressed,REO,Short sales

1. Hey guys, I need to know if I am missing anything when I first look at new market. I want to master breaking down new markets so I can invest anywhere. These are the questions I have when I look at a new market so far:
2. How much are average homes selling for?
3. How much are bank REOs selling for?
4. How fast are properties selling?
5. What areas seem to be selling the fastest?
6. 5 national Factors:
7. 1. Interest Rates
   2. Inflation
   3. Flow of Investment Funds
   4. Business cycle
   5. Cataclysmic Events

8. Market Indicators and Trends :

   1. Population Trend
   2. Path of Development
   3. Overbuilding
   4. Social economic Trend
   5. Employment Trend
   
   

   Price ratio from distressed properties and retail sales

    Are there buyers in the Area?

   How much real estate supply does the area have?

9.  Any other REI in the area?

   Feel of Location

    Schools/Crime/ Property Taxes

   
   

   Let know what you think and if I should replace/get rid of/add/ anything.

10. Thank you again,
    

@Michael Ealy

Thanks for all the help and support Michael. I think what I’m going to do it get personal line of credit(maybe two) to get the 20% and invest out-of-state. I live in California so the prices are so much higher here. Thanks to David Greene I feel more confident doing it

@Michael Ealy

Thx for the tip mike. Will definitely think about that. A couple things I can ask you if you don’t mind

1.) after you found a property and did comps and it’s a good deal, what platform or site did you use to find investors who wanted to buy it?

2.) did you target a specific type of property?

3.) what was your biggest challenge when doing this?

If you don’t answer no worries thx for the help

Ok so I need some of your opinions guys plz!

I’m just turned 20, I have been studying for the last 4 months on real estate investing and I’m now at the stage where I’m trying to systemize everything to make the process faster. But now I’m having trouble with the funds part.

Originally, I was gonna get a 100% funded investor which turned out to be a MLM company. My credit is around a 660 and I make about 2k per month. I have zero of my own money to put into a deal.

So I tried hard money loans and private investors but they all want at least 20%. Credit unions won’t give me enough for the 20% and I do not really have family with money. I’m having trouble finding joint ventures because there are not too many out looking for workers who can’t bring money into the deal

What should I do? It looks like I need to save up more money before I can flip which is the last thing I want to do if I’m being honest. I have put so much work into this and prolonging the process is driving me insane.

So any thoughts or tips will help thx!!!!

@Alexander Felice

Thx you so much this definitely helped me. Saw you on the podcast and thought you were great. Getting help/information from people like you will definitely help me get better faster