All Forum Posts by: Robert Williams
Robert Williams has started 9 posts and replied 88 times.
Post: No money, but want to start investing in RE in 1 year
- New to Real Estate
- Joliet, IL
- Posts 89
- Votes 135
@Elisa Sacchetti If you truly find a good deal, there are plenty of people with money that will finance it for you for a percentage. The only issue is making sure you have the reserves to cover you until it can make you money.
Post: How many of you are paying over asking price and WHY!
- New to Real Estate
- Joliet, IL
- Posts 89
- Votes 135
@Greg Scott I came across this today practicing analyzing deals. The ask was $45k but with an offer of $47k cash flow was still above $200/mo. Only trouble was estimating the repairs as there are apparently some code violations that would need to fixed like rotted wood trim and a broken concrete chimney.
Post: Do you charge tenants a lease renewal fee and if so how much?
- New to Real Estate
- Joliet, IL
- Posts 89
- Votes 135
@Bill Brandt I agree. When I was renting, I was never charged a renewal fee other than the rent raise! At least it was never labeled as such…😂🤣🤣
Post: Advice for a 1st time investor
- New to Real Estate
- Joliet, IL
- Posts 89
- Votes 135
@Joshua Bailey Not to scare you or anything, but I am new to REI and I was highly advised against using a HELOC for investing in my first property. HELOC should be deemed as a safety net for you personal home in the event of an emergency. If you run your HELOC up for your first deal, from all the horror stories I have heard about 1st deals gone bad, you may never recover. If this HELOC is not on your primary but rather another property you own, I say go for it as long as the numbers make sense. I was listening to Real Estate Rookie today where the investor did that. It added $90 to his existing mortgage, but he gained $300 cash flow from the new property, so it worked out.
Post: Building a Real Estate Team
- New to Real Estate
- Joliet, IL
- Posts 89
- Votes 135
I've been listening to as many of the the bigger pockets podcasts that I can ( about 70 in my first week) and for as far as I have gotten, no one has gone in depth about their team. Who all do I need to be successful at REI? Realtors, Property Managers, Bankers, Contractors… is there a defined list of all I could possibly need? Does it vary for BRRRR, Buy and Hold, Fix N Flip…
Post: I am Shaking In My Boots
- New to Real Estate
- Joliet, IL
- Posts 89
- Votes 135
@Jonathan R McLaughlin It has crossed my mind. As I stated in a previous response, I struggle with the “sales” part because I don’t want to come off pushy. But you’ve helped me realize there way more ways to enter than I originally thought. I love your creativity! Thank you.
Post: I am Shaking In My Boots
- New to Real Estate
- Joliet, IL
- Posts 89
- Votes 135
@Josh Mitchell Thank you. That would be wonderful!
Post: I am Shaking In My Boots
- New to Real Estate
- Joliet, IL
- Posts 89
- Votes 135
@Ian Korpel it most definitely helps! It may help more to have someone to make the leap with! I was sharing with someone yesterday that my concern is failing and destroying my family. 3 little ones and a wife. It’s scary to think that I may not be able to take care of them.
Post: I am Shaking In My Boots
- New to Real Estate
- Joliet, IL
- Posts 89
- Votes 135
@George Munoz thank you so much. I look forward to speaking with you soon.
Post: I am Shaking In My Boots
- New to Real Estate
- Joliet, IL
- Posts 89
- Votes 135
Originally posted by @Bonnie Low:
@Robert Williams - first, WELCOME! You've come to the right place. Most people here are very encouraging. Second, what are you interested in? Are you considering buying a property you can house hack? Do you have carpentry skills and would be interested in buying a live-in flip (this could be an option to finance with a very low interest rate and very low down payment FHA loan if you're doing owner occupied). Are you willing to stick your neck out there and talk to people and therefore might be a good fit for wholesaling? I would recommend you find a local Real Estate Investor's Association (REIA) and start networking. I find that the people who show up and say 'I'm new, I'm open to all advice and I really want to learn' get a lot of support from more experienced people. You might even find someone who is willing to partner with you on a deal for a small equity stake since you don't have cash to bring in but you have the work ethic and the willingness to do all the things they don't want to do. Also, talk to a lender so you know what you're qualified for so if you do find something you're in a position to make an offer. If you need more support, listen to the Real Estate Rookie podcast. You can draw a lot of inspiration from people just like you - there was just a 19 year old wholesaler on the program who is seriously impressive! You just need to take a little bit of action every day. When my boys are feeling overwhelmed at anything in life I always ask them 'how do you eat an elephant?' The answer is, one bite at a time. Small steps every day add up. You'll get there if you really want it!
Thank You Bonnie. What interests me most is Wholesale and Flipping. I do have carpentry skills as I finished my basement by myself abut a year ago. I am totally open to whatever. The key for me is finding the properties and talking to people. I genuinely love talking to people, but I shy away from coming off like I'm trying to sell them something. If I get better at this and get over my nerves, I know I'll have my breakthrough.