All Forum Posts by: Owen Thornton

@Stetson Miller

Thank you so much for the detailed response! I will keep in touch as I am looking for opportunities in our of state investments!

Your words are greatly appreciated!

Hey! For rental properties primarily, I was wondering how the market is for Lehigh Acres, FL?

Here’s a small list of what I was wondering anyone had personal touch to add...

How are the local school?

Is it walkable?

How is public transportation?

What is the typical person like; what do they desire in a housing market?

What is the typical vacancy?

How long on average does a tenant remain in a rental?

How heavily taxed is the area?

What insurance costs are prevalent to the area?

Are the tenants responsible?

What drives the market?

What is the flow of jobs in the areas economy?

Do you have a top realtor you recommend for this area?

Do you have a top property manager you recommend for this area?

——

Let me know ! Thanks!

After buying your first rental property, getting a grasp of the system, and getting some skin in the game, how about financing that next property?

Once you have your first property, and you spend most your money you saved on the down payment, and fees, closing costs, etc, what are some creative strategies you may use to get back to buying your next great deal?

Let’s say you find an excellent deal maybe a month after and you’re short on cash, perhaps you can try to partner, or find a private lender willing to take the risk but it is quite the task to actually get through that quick.

I have wondered about hard money,

How does this work when you refinance a hard money loan? Where do you get the money to refinance and pay for the new down payments and fees?

Do they charge points?

Or typically, are these fees covered by people who use BRRRR and renovate and establish equity in the property that pays off the down payment?

I am wanting to pursue long distance investing in rental properties, as local properties are out of reach for me currently, and I want to go with a more stable market such as the mid west.

Let’s take that for example.

Would you first suggest perhaps to research or familiarize yourself with a few areas that you’re interested in, and really get to know the place before digging in much further?

Perhaps get a good grasp of an area, then start to find an agent(s) to get in touch with and get started with the process of looking for deals.

@Steven Custer

Hey Steven! Do you see many larger number of unit properties ever being sold out in the Lake Norman area?

@Jim Kittridge

Wow, very impressive!

@Ivan Ng

Would love to connect. I am really into investing for cashflow, through different strategies such a MLO’s and partnerships or hard money.

I am only 16 but am willing to connect any day.

@Don Harris oh really? Thank you very much!

@Diana Lugala I am only 16 myself, but I can say for you best off if you are wanting basics you’re at the right place. I wouldn’t recommend asking for a mentor, because people don’t always take that as well!

I believe the best way to find a mentor is first

First have a plan. Where do you want to be?

1. Build you education; read books start at “How to invest in rental properties “ by Brandon turner.

- continue learning, read mentality books like the richest man in Babylon or the art of the deal, or rich dad poor dad, the money quadrant, think and grow rich.

- when I first started analyzing deals, I found best to go to loop net, and just search. Even Zillow. Then just go through analyze and do the math find the local taxes and comps really dig in

2. Start asking questions and ideas and confirmations on bigger pockets forums. I believe this would strengthen your status and help out! Ask questions suggestions and more.

3. Connect with people and discuss deals, findings and common interests. Go to local groups and meet ups. :)

4. In middle of all this if you have the base you need. Put together a team; broker, attorney, even CPA or a corporate/entity attorney to help discuss tax benefits and how you will structure your business, wether will be in your own name or the title will transfer over. Be careful in doing so and make sure you comply with local law.

6. Get your deals. Go through hundreds of properties pick two or three. Go through and review with your professionals use good judgement. Always underestimate. Put together a pitch for your lender and also, determine what financing you will get wether private hard conventional or FSBO

7. Do you due diligence.

Do not forget, make sure you review everything once again. Go to the title company and review past owners, have an attorney properly review your paperwork, review records for ownership of the home, and if fsbo makes sure there is no clause in the mortgage preventing this for sale by owner, or make sure they have full equity in the home

8. Landlording. Can go on forever but now you get the point of where we have headed!! So now, we hit land lording - or flipping whatever we may be doing.

This diverts here and I could go on for hours, but let me know if this helps! Thanks! I enjoyed sharing!

Hi! I am 16, and I have been into real estate investing for a while, with no real hard assets as of now, though I have been wanting to start networking and getting to know local investors.

My main love is buy and hold investments dealing with large multi unit properties. —-

(I have been into larger multi unit apartment buildings and such, as well for creative financing ideas. )

I would love to share my ideas, and find guidance and learn more from others!

Look forward to reading your comments. Thank you!