All Forum Posts by: Michael Dumler

@Chris Lawlor condos are tricky, most have HOA rental restrictions and outrageous HOA fees that kill the deal. Personally, I don't see the advantage of buying a condo as an invesment in ATL unless you are house hacking. Maybe check out Landmark and Peachtree tower in downtown for a potential STR. I can shoot you a PM of lenders I work with. Hope this helps!

@Account Closed if you've breached the contract and have no set forth contingencies to cover your back, then the seller will receive your earnest money deposit. To be honest, this all should have been avoided from the start. I somewhat blame your real estate agent for not recognizing this, but at the end of the day you're held accountable. The only advice I can really give is to seek guidance from a lawyer. Sorry this happened. 

@Derick Hanna I would just verify your numbers with other local investors in your market. I assume all of your expenses inlcude your mortgage, CapEx, vacancy rate, maintenance cost, property management fee (if you're not self managing), insurance, HOA, etc...? Are the water meters separated for each unit? If not, then you'll either have to fix that or account for utilities in your expense column. Overall, -955 per month is fine if the long term plan is to turn the triplex into a rental after a year. With all that said, have you put an offer on the property? Depending on your market, you could potentially be up against other competitve investors that are willing to put in all cash offers. Best of luck!

@Chandler Butler couldn't agree more with @Don Konipol a perfect analysis of expectations. I'll simply add, if you're seeking to get into the wholesale space you need to become an expert at analyzing deals. Wholesalers get a bad rep because the majority of deals they get under contract are not actually deals. Before jumping right into the industry and spending your capital, I would network with wholesalers in your area and offer your time to work for free as a means to pick up knowledge. At the end of the day, wholesaling is a sales job. Hope this helps! 

@Paul Deliso your cosigner should not have to bring any capital/downpayment to the closing table. The lender will account for their credit and income as well, thus allowing you to get pre-approved and hopefully granted better underwriting terms. If you're looking to house hack, I would simply structure the deal so that you are paying your cosigner on a monthly basis. Think about it as if you're paying them rent each month. For your benefit, I would not let them have equity in the property. Essentially, I agree with your B plan, but modified. Obviously, this will require you to find a solid house hack deal that will allow you to break even, so that your only monthly expense is paying your partner. Hope this makes sense and helps! 

@Nico Alianiello a online course called Aceable Agent. I believe they are in a select few states, Florida may or may not be one of them. In addition to watching Prep Agent vids, I would simply recommend that you constantly review flash cards for vocabulary and take as many practice exams as you can. Sounds like you're off to a great start! 

@Caitlynd Fawn Born-Dohm unfortunately you're in a tight situation. Yes, I don't recommend going down the hard money route unless you have a partner that is well versed to help you. Do you potentially have someone that could be a cosigner for a loan? The lender will account for their credit and income as well, therefore, granting pre-approval. If you bring a good deal to the table, you can structure a partnership so that your cosigner has equity in the deal and receives monthly cash flow. Win-win situation if an opportunity comes about. 

@Nico Alianiello if you're planning on getting your real estate license I highly recommend that you use Prep Agent on YouTube to help when studying content. Depending on your school's course, I found the material to be extremely dry and boring. The instructor for Prep Agent teaches the material in an applicable manner and helps you memorize concepts much easier. Best of luck! 

@Abigail Robertson given you're new to wholesaling, I would definitely recommend that you do indeed find a mentor in your local market. I know it's awkward trying to find someone that will teach you the ropes, but offer your time to them and work for free if you must. In the meantime, simply listen to wholesale podcasts and watch YouTube vids to absorb additional information. Believe it or not, you'll pick up on the process quick. Hope this helps! 

@Caitlynd Fawn Born-Dohm private lending is going to be hard to come by if you have no prior investments or real estate investment experience. Are you currently pre-approved with a lender? If not, an additional step you can take is to start networking with different lenders and see which vendor is the best fit for you and the investment. Awesome to hear that you have found a REI group near you, definitely take advantage and try to soak up as much knowledge as you can from those who have grown a real estate portfolio. Best of luck!