All Forum Posts by: Josh Caldwell

Maybe is my answer. There are instances where it makes sense to use hard money then refi out. If you are buying a fixer upper and getting a bargain on the purchase then this makes sense. (hint)Look for a hard money company that also does refi loans and you can chain one loan into the other. If you are buying a pretty house and paying retail, then banks are a better option.  

Wholesaling is really as easy as it seems  A monkey can wholesale a house. It is the foundational piece of all real estate investing in my opinion. All you need is a purchase and sale contract for your state, and a willing seller.  If you do it correctly, you have zero risk. It gets better. you can continue to wholesale as you get into flipping or owning rental property. Wholesaling become the act of getting paid for properties that you dont want. 

You homework assignment is to start talk to sellers FSBO sellers. See what sort of deal you can get. Know that you will suck at this but practice builds technique

Go get em 

ok what seems to be in your way, what is stopping you?

Not a red flag in general. My personal house is incorrectly recorded in my county records. The big question here is did some previous owner do an unpermitted addition, THAT would be a problem  As long as the house is original you are fine. 

Your instinct is good. Smaller local banks are more likely to be helpful. They dont have all of the levels of management to screw up your loan. With that being said,  am in the Dallas area, and I can tell you that banks aren't real anxious to fund flips. They are under the impression that flips are risky, and they are correct. What they dont understand is how investors mitigate that risk. 

Exactly like a subject-too deal. there are some twist that you can add in there, but the important part is to close the deal with a real estate lawyer so that you are covered legally. Find the lawyer that other local investors are using.  

 Hi Kendra  - your agent probably cant find you off market deals that is not their thing. For off market you either need to connect with local wholesalers or find the deals with your own marketing. Doing your first deal out of state would be a serious challenge. I suggest you start a marketing campaign to potential sellers in your area. Think divorce and pre-foreclosure or even inherited property. You can buy that data from list brokers right here on BP 

You do not need a work history to buy a house. You don't even need a job.  You need to either lean to negotiate owner financing or learn how to tap into non traditional sources of funding. I once helped a homeless women buy a house, she owns 5 now and a construction company. The good news is that you can learn everything you need to know here on BP. 

Sounds like a good meeting, If I was closer to you I would be there. A lot of real estate is knowing who to ask when you have questions. That is the power of a good team. Investors should network as often as possible. 

The amortization is WHATEVER you and the seller agree to. Stop thinking in conventional banking terms, it does not apply. My favorite offer to a seller is that I will pay them X per month over Y month at zero interest.  You will be amazed how often sellers dont ask for interest. Dont you dare offer it up front. The key to any creative finance deal is that you ask the seller what they want, ask them what they plan to do with the money, and then customize your offer to fit their wants and needs. Talking to a seller is an interview, you NEED to understand what they want, and why they want it. I have bought houses with no money down and the first payment due in 8 months, because my seller wanted to take a summer vacation with the money. I pay them once a year, every summer.