All Forum Posts by: Michael Diggle

Hi everyone was wondering if anyone on here would be able to and willing to help me with some basic info on becoming an MLO.

I currently reached out to a few people I know in the industry and figured here would be a great place to get some much needed info, I recently had knee surgery and am looking into a career change, if anyone has a info or willing to help me out feel free to pm also.

I’m from Massachusetts and have been looking to get into real estate for years, now seems like a great time since my knee isn’t gonna allow me to do the physical labor job I have had for the last 8 years.

Thanks in advance

Michael

Hi Ezra I've actually been looking into starting wholesaling to build some equity? I've been trying to listen to as many podcasts online to learn as much about the process as I can but with as much info as I get and understand the basics I always feel like I'm still missing something in the process. Is this a process you've done successfully to build capital to help fund investments? Thanks

Charlie MacPherson thanks I would definitely like to be able to get to a meeting but with my schedule it just doesn't work for me. I watch me kids in the day time and sleep from 6-10pm then get up and go to work 11pm-7am then repeat haha it's a rough schedule and why I feel trapped in the rat race. I have plenty of time to listen and learn while I work but outside that I'm juggling kids all day and their schedules. Hopefully once the older one goes back to school I'll have some more time to check out properties and such.

Hi everyone so I think I'm just on information overload, I know I want to get into REI and I need to for my family. I wanted to get into REI 10 years ago, then after job cuts and losing my job i landed a another job but was completely side tracked, managed a nightclub and while that paid well I had never really been a kid while I was 19-23 so when I got that job I kind of became a kid and had fun 24/7 while building the business to huge heights and loving every second of it. 2 years later my girl and I found out we were gonna be parents, I had to go get a "real" job with medical benefits asap, no more play time it was daddy time. I quit drinking and going out, went and got a union job and got full time in 4 months after starting to have the medical for my family. Everything was good, now 5 years later and another child we find our selves living paycheck to paycheck and my wife and myself saying how can we get ahead?? I can't leave my job cause I have great benefits on the cheap through the union and watch my kids while my wife works to not have to pay for child care. I've read many of the bigger name books before when I wanted to originally get into REI and since finding bigger pockets have been on a audio tear every night at work, I work third shift so instead of music is podcast and audio books all night. But now what?? I'm getting the knowledge and know how to do a deal, I'm analyzing numbers and looking in areas I know. But what can I do about financing a deal? My credit is ok and being rebuilt as we speak but I have no liquid cash and no rich grandma to loan me money. Any advice would help and anyone in the Massachusetts or Rhode Island area please hit me up with anything that might help Thanks for reading Michael

Cody L. Just want to say congrats on your success, 1,000 units seems like an insane amount of property to have. Your doing things right and I'm working on getting my first deal, been doing a lot of research in my area, Listening to podcasts and reading as much as I can mostly audiobooks while I'm at work. Working on down payment money right now as I don't have the funds but I have the drive and motivation to find them. Wish I had started this years ago when I originally had started studying about RE but I was young and I guess things happen for a reason, prob wouldn't have met my wife and had my kids so I wouldn't change it. But now as a father and husband I'm looking to get things going and doing right by them. Best of luck in all your future endeavors and hopefully I'll be letting you know of my first deal soon.

Hi Casey just wanted to say I feel like I just read a post I was actually thinking of posting myself. Will definitely be following this for the input. I've been researching a ton on MFR properties and listening to a ton of the podcasts here on BP as I try to learn as much as I can about RE investing and I keep thinking that going commercial real estate just makes more since and easier to increase value in property and is actually less risk in long term with the more tenants and ability to have a vacancy and not have it break the numbers. I listened to the grant cardone podcast and then listened to some of his stuff on YouTube and saw him break down the numbers saying to start with at least 16 units minimum to make it worth it for yourself and a property manager to want to actually invest effort into taking care of the property. I'm in the same boat as you as I don't have the money to invest in a deal of this size but it is my goal to get to the commercial real estate size deals. I'm a father of 2 and my wife and I both work full time to support our family and it's a grind and feels like we just can't get a head. I wish you the best and hope we both get to we're we want to be.

Thank you Ann for the input, I haven't done a title search yet but will do. I owe 109,000 on original mortgage I took out but have no equity since the units took a five years ago, it's now listed at 63,000 on zillow and 2 units short sold for 37000 within the last 6 months. I was hoping a modification which would offered as an option to me would save it because I do actually feel bad about the situation. They also afford to short sale it or a dead in lieu option. If modifying the mortgage is just gonna restart all the negative stuff on my credit then it would prob not be worth it plus all the expenses to pay back hoa and taxes I'm sure I'll owe. I'm just trying to fix the situation the best way I can and move forward. I'm not the same 22 year old kid anymore and want to focus on doing what I can for my family. To do so I have to get this handled and am just looking for input on my best option. Appreciate the help with this and input was very helpful to show me how to look at the option better and see that modification prob wouldn't be the best option with all costs considered

John Leavelle thanks for the help I'll definitely bring that up in negotiations about interest only unless he is gonna drop the price enough. The rents are in line with the area, been looking at about 6 properties on sale and the surrounding area rentals to compare, I also lived in the area for 4 years. I was definitely approaching this as a brrr property to refinance and be able to pay off private loan if I need one to cover rehab of first unit and to get a better rate on property going forward after that.

Jieh Larson thanks I've set up a time to go look at the property and will request the profit loss docs and maintenance history, my credit is low so I saw this as an option I start but I know I could only offer 220 after running numbers mowing I have to fix the larger unit, might be too much for first prop, I have found a few more in same area and will be seeing some of those on the same day so just gonna keep looking to find the deal that numbers make sense and I'm shooting o get first prop before end of the year of all goes well

Hey everyone first time Investor in multi family property. I found property with seller financing. Asking 245,900 for the property, I live about an hour away but would prob still use a property manager. I know a private money lender that Is a long time friend of my dads and has talked to me in past about future deals together if I needed it. I was thinking for rehab costs I could borrow from him depending on how much work is needed which I don't know yet. If there are more numbers needed just ask. I'be already inquired about info on how much work is needed. fixer upper 4 unit 4 units total: $3650/mo Unit 1 = 2 bed 1 bath $775 Unit 2 = 2 bed 1 bath $750 Unit 3 = 2 bed 1 bath $725 Unit 4 = 5 bed 1.5 bath $1400 - Vacant and needs work *Off street parking for 8 cars Financing Terms: 15%-20% down 9 - 12% interest 10 year AM. $2,500 - $2,665 /mo ( Includes PITI ) Seller will Hold for 5 years I've played with some numbers and would prob have to offer 225 or less because I have to account for private loan to cover any rehab for vacant unit depending on what is needed. Right now it doesn't meet 50% rule as is listed