All Forum Posts by: Nicholas Zumwalt

Hello and welcome to this site Nicholas!  Other possibles for your team is a CPA or Tax Consultant and maybe a General Contractor. A lender that might do more than one of your loans and he should give you a pre-qualification letter and give a copy of that to the seller with your offers.  I would never invest out of driving distance (about an hour) unless it was a Turnkey provider like Memphis Invest or Maverick Investment Group.

All good areas are harder to find a deal.  You just need to be available to move anytime to get in the area away from your current living place.  Have an Inspector who you will work with regularly.  There are a few reasons why I would invest out of my state.  One of them is having a relative that lives there and you know that they will help you.  Another reason is I do that is it is in some city you regularly travel to for other business-related things.

Try to keep your traveling expenses to a minimum.  If you intend on a Buy and Hold deals I would consider apartments over houses.  Not only is it #1 right now you have several units at one address.  Not knowing your age and any family that you are responsible to effects my ability to give you thorough answers.

I agree that real estate is a Team business. It's also a numbers game which means to make many offers on a regular basis. I tend to think that SFH's bought as rentals is very risky. You do not need any experience to buy apartments. That is a myth. The only way to purchase a SFH in this economy is Fix and Flip or Quick Flip. Another way I will support purchasing SFH's is to have a General Contractor that lives where you are buying out of state and you feel they are trustworthy, experienced and communicates well.

Be careful when paying for work done except for maybe an upfront fee for materials.  Do not make their final payment until all punch-out work is done and make them sign a full Lien Waiver before making that final payment.  Be clear up-front  on your method of payments and know that they understand it as well as the scope of work.  The more units you own will make the dis-occupancy less painful.

The best way to get owner-financing, is to show then how much more the'll make as well as spreading out their income and how the possible income tax liability would probably be less which can be delayed as long as the loan has a balance.  The worst you can get from them is "no".  Get use to hearing that and do not take a "no" personally.

Good luck to you!  Do not be afraid to ask for that option.  If they need the cash like on the down payment you can please them with  a second note that satisfies their needs and goes away sooner for you.

Good luck to you!