All Forum Posts by: Michael Moikeha

Google REI groups for your area. Attend the meetings and network with the local investors. This will be the best route to find a local mentor. By attending meeting and showing your excitement, they will be more willing to invest their time in working with you.

make some phone calls to local banks and credit unions. They may be able to work with you.

I have a CU that is offering 2.99% with 5% down 5/1arm. We don't plan on holding it for long, so it's a great option for us.

if you are getting $200, you have a good deal. Anything more than that just sweetens the pot.

welcome to BP!

I would also suggest that you seak out a local REI group in the area you are investing in as they will understand the market, and can offer the best advice. Network and find yourself a great mentor that way.

@Tim Davids Oh yea, it sucks. ha ha

@Timothy C. Give it a shot and see for yourself. Some of these groups are just looking to get money from people to fund their deals, but there are good groups out there.

@Doug Scarano It is income for you, but when it comes to calculating numbers as the buyer, you want to account for every penny you would spend if this place was running at full efficiency without you being involved in it at all.

Welcome to BP. I would say you are living in a pretty difficult market right now, but gain as much information as you can! This is a great place.

Best luck with your studies!

@Timothy C. The same thing can be said about the 100s of people on this site who have commented over a thousand times.

On another note, what may not work for you may work for me, and visa versa. I may have found a deal that didn't work with my current cash flow, but after talking with you, I figured it could fit into your plans

Much of the information that people will be able to share will not hurt their margins. Sure there are people who are afraid to share info, but you may be surprised how much information people will pass along to help others out!

Either that or the group that I have found is one of a kind! NWREIA is a great group!

Owner carry contract.

Conventional loan plus either a second lender, or a private investor to pay the downpayment.

These are the 2 easiest options to go with. besides the VA which include very strict guidelines.

I haven't listened to that podcast yet, but my impression on this subject was that you are not looking for a downloadable market package, but you are making a personalized marketing package based on the niche you plan on filling.

If that niche is apt complexes in the 50 - 100 unit range, then you want to pull comps for recently sold, and on the market deals. Plug all the numbers in for the initial purchase, then how you will increase the value of the home, and what the numbers will be on resale.

Use real numbers for the first part, but note adjustments that you make to the numbers. Show the potential investor what you are looking for, why you are looking for that specifically, and how you will capitalize on it.