All Forum Posts by: Nathan Patterson

I have not hired a mentor for help.  But I'd like to ask, why do expect to gain from hiring one?  What are your goals with or w/o a mentor?  Is it just blanket accountability or do you need help figuring out how to achieve your goals? 

I agree, I think finding deals right now is the better skill.  They money is out there & would be easier to source from your network or from a lender.  But finding something that works is definitely a harder task, at least it is from my experience. 

You could look into freelance work as well.  Maybe upwork or taskrabbit, you could also look into mortgage investing whatever cash you can spare in Groundfloor or something similar.  It isn't freelance but it can help grow the money you have while you are looking for your next property.  

Keep looking and look at everything to really get your ball bearings under you. A month & a half isn't that long, I've been looking for 7 months now w/o much luck.  Partially due to my market being smaller but it will take time.  Analyze a lot & really think about what you are willing to take on when it comes to work.  If you are willing to do a little more work on a property then that might open up a few more deals for you. 

Check with your local laws but yes you should be able to get them onto a lease.  If you want to keep them that is.  Since they are on month to month, the end of each month is essentially the end of the contract.  Draft up a new lease with new dates & rates & present it to them.  I'd recommend doing a background/credit check on them though with that new lease.  Who knows what the previous owners did to get tenants into the property. 

Spend it buy a Ferrari...joking.  

Seriously though, have you spoken with a lender in regards to the differences of % down?  

For instance, for myself putting down 25% is better than 20%. Primarily because it allows me to have a lower point charge by my lender. So instead of me paying an additional $1,700 in points at 20%. I can put down 25% & only have to spend $600 in points. Gives me better equity, better PITI & puts more of my money to work instead of it going out the window. I think your best bet is to speak with a lender to get some info on the different possibilities out there for you.

I found mine via a networking event.  We ended up getting coffee after the meetup to discuss our businesses(lending and contractor).  

Currently not in the market to get a new lender, I like this one.  He is quick to respond, is licensed in all the states I invest in & keeps in touch with me to see how I am doing & what he can do to help me get a property.  He is actually in the Denver Tech Center area if you are interested.  

How hard is it to find.  It depends.  It comes down to one, what market are you in.  What kind of financing are you doing.  What are you willing to deal with in a property(full gut rehab or just a touch up etc.) 

Personally I invest in the Southeast, I analyze about 3-5 deals a week.  Out of those, I can put in about 1 - 2 offers a month.  Now I invest in cities that are less than 30,000 people so there aren't as many properties out there.  Can I find deals that work, it is difficult but yes I can.  Again, just depends on where and what you are looking for.  

Working on my first one, having difficulty finding a property that works with the higher interest rates.  Because of that I have been spending some time thinking of ways to generate additional income with properties or find ones that are under valued.  

Welcome to BP!  I think we can all relate to the drinking from a water hose feeling.  

First off, get active in the community. Attend meetups or visit BP more often. I know know there is Badass REI in Denver that has multiple meetups a month. I attend a few of them myself. While there, talk to people & if something comes up that you don't understand. Ask questions in regards to it. That will get you around the information & start putting it in practice.

Come up with a vision for yourself & your investing. Such as long distance, local, STR, mid-term rentals, syndications, peer to peer lending or note investing. There are many ways to be in real estate & and your vision will help guide you on where to go.

While doing all this, take a deep dive into your finances, if you don't already, & track everything & see where you can pay off debts or save money to help build capital.  

Lastly, DON'T RUSH!  Set realistic goals for this journey.  Yes you will need to jump in at some point & you won't know everything at that point but don't go out & buy a property tomorrow when you have no idea where you want to go.  You are more likely to lose money that way.  

If you have any questions, reach out to any of us or search the BP website.  It has most likely been asked before.