All Forum Posts by: Neil Aggarwal

That is a good problem.  I vote for having mailbox money.  You can always sell it later.

Why are you looking so far away from you in an area you are not familiar with?  There should be deals close to you in areas you understand.

A simple starting point is to check the county value for the land.  Its not accurate but will give you a ballpark.

Like others are saying, if the land is so much more valuable than the house, ignore the house and concentrate on it as a land deal.

Start looking at investor networking groups.  You can ask other investors in your area and they will help you find them.

In my area, wholesalers want so much for the properties that they make it very hard to make a profit. Don't use the wholesaler's numbers.  Use your own and make sure the deal works for you.

Try to find a private lender in your area.  They will give loans where many banks will not.  Their rates are higher but it might work for you if your numbers are right.

Brokers are licensed by the state so most focus on the one in which they live.  You might have to find one in each state you are considering.

I also think financing is best done local to the property.  Find a property you want and then look for financing in that area.  It seems to work best going through a local branch even if you are working with a national bank.

Collections is always a headache.  You can hand the properties to a management company but they will take a large cut.

A good real estate agent is your best resource for selling properties. They will do the work of getting you a buyer.  If they are good, they will also work with you until the property closes.

I think a heloc requires you to live in the property.  You are saying you will get the heloc first, do the reno, and then move in.  Seems out of order.

Get a loan at the purchase so you will save some of your money to do the reno.

Are you saying someone (Or multiple people) are going to hand you a pile of money?
Most of the time private money lenders send funds to a title company to close a transaction.  They do not just hand over money and tell you to go use it for real estate.