All Forum Posts by: Owen Thornton

I’m planning on purchasing a property when I am 18 in a few months, and I have a few properties that I have been looking at.

I haven’t been able to establish credit yet, I will once I get a credit card.

I was wondering if there are online lenders who give out loans based on cash flow, as opposed to using credit scores or income.

I saw CashCallmortgage and it seemed to advertise this. But I’m not sure how likely it is to get a loan with no established history.

Is there a way I can use a co-signer or guarantor?

Thanks!

Owen.

@Genny Li

Thank you so much for going through these properties. I love your feedback, extremely helpful.

In the “aaaaaah” one:

What was it that you were not fond of? Was it the interior repairs, or the unspecified “see details” in the hearing. Or the lack of laundry.

@Robert Tinker

Out in the country, so I have learned though that these duplexes are probably a chaotic mess.

@Randall Alan

Love your approach. I’m about to start investing when I turn 18, and scaling is my goal.

So you think single family is easier to go with, even despite all the competition of home buyers?

In buying many units, do you ever go for the head ache properties? Is there any strategy in doing so… say C class buildings etc… mobile parks… ? (Of course small enough that no companies are your competition) think 5-10 units max.

The time has nearly come, I’ve been on bigger pockets and researching and reading about real estate rentals for 3 years now, making little side huddles along the way…

But I turn 18 in January, still a bit away, but close enough to start getting excited.

I was curious if anyone has any recommendations as to what I can do to prepare for the start of my real estate investing career. Networking? Specifically with whom? Get a better understanding of surrounding markets? Particularly what areas?

Anyways,

I have familiarized myself quite well with the area and my goals, now I’m just refreshing on some older books that originally got me into this.

I’d love to hear about networking and securing financing creatively… such as co-signs or using a guarantor ?

Would it be possible for me to secure a loan while building my credit, using family credit… etc?

Thanks!

Owen.

@Nathan G.

What is your opinion on management? Could you hire a property manager to control these headache-properties? Or would you say your best bet is to manage the complex (if even) properties yourself?

Do you think long distance C/Dish class investing is a profitable endeavor for someone with the time and drive to commit to?

When I analyze properties I always seem to evaluate a lot of good deals, numbers wise.

I always wonder if I am doing something wrong.

Of course it’s not every property, but its enough to question if it should be harder to find good deals, at least by the numbers.

Typically if I find a rental property, say a duplex worth 100k, I find a mortgage, at a rate at say 5-8%, with 20% down. estimating it to cost 1-3 points.

I estimate the rents based on rentometer and average comps I find, then say I save around 10% each for capex, management, repairs, vacancy.

How do you guys analyze a rental property? Do you do it different for mobile home parks, or multi unit properties?

I have been watching Multiple videos, and reading many articles on liens and their affect on sellers, and was wondering what makes a lien so powerful in the hands of a wholesaler

Hello As a new-founded business, my partner and I are in search of an attorney to help us draft up a proper options contract, as well as guide us through the legal process of wholesaling.

Prior to our first deals, we would like to get into shape an outline of contracts beforehand.

Please let me know!

Thanks

Owen

Hello! I am 16 years old and partnering with someone who is over 18, we are creating such an entity for our deals involving real estate, and our other ventures.

Our entity will he under an LLC, and I was curious as to if I too can be written as a member of the LLC, and if this comes with certain restrictions.

What must be taken to write me under this?

When registering online, is it enough to leave my name under “Company Officials.”

Are there age restrictions to being an organizer : member?

Please let me know! Thank you.