All Forum Posts by: Ryan R.

The lender should allow you to contribute the cost of the roof into an escrow account that they control. Once the sale is final, they release the funds to the roofing contractor or release the funds to you with proof of a new roof.

Forget the script. Trust me, scripts suck; not just the above script but all scripts. The only effective script is the one that is no longer needed.

I've done exactly what you are trying to do. If you can succeed at it, you'll have more private money available than you have the time to invest it. There is a lot of money available and there are a lot of people looking to invest in real estate right now. So how do you capture them?

You don't. You let them capture you. People hate to be sold something; but they love to buy. Where there's smoke, there's eventually fire. You need to start sending out smoke signals to these potential investors. Not with scripts and sales pitches, but with results; however small they may be. Ask them where they are putting their money. Ask them what type of returns they are getting. Ask them their opinions about RE investing. Be honest, be upfront, be real. Have an honest and open discussion with them about what you are trying to do.

Ask them to meet with you because you respect and want their advice on your real estate investing. When they believe in you and the investments you are making, you won't have a problem finding private money.

Read up and follow some of the best rehabbers whom are members here on BP. One is J. Scott. Check out his website. I've learned a lot from his contributions.

There is a lot involved in buying low. Your purchase price will largely be dependent upon your rehab estimates. If your competition has a competitive advantage on labor and materials "rehabbing", they can afford a higher purchase price and still make as much or more profit than you. How are you going to overcome this?

How much experience do you have in repairing smartly? Can you walk through a house and anticipate the possible surprises that will come up and cut into your budget? Can you leverage these possible problems in your purchase offer? Are you solely depending on a general contractor?

Selling quickly is good, but why are your properties going to sell faster than your competition? What buyers incentives are you offering? Are your properties staged? Are you willing to offer a better value than your competition and possibly make less profit?

Figure out what your competitive advantages are. Maybe it's that you get your real estate license and can pocket 3% on all your deals. Maybe your cousin is starting a construction company and is willing to perform your rehabs at bottom dollar prices. Maybe you have additional buying leverage because you are using cash. Maybe there is no competition in your targeted market.

Welcome aboard. You're right, this is a great site.

How about sharing more about your rehab. What went wrong? What exactly did you learn from it?

Sounds pretty simple.

What special skill set or attribute do you obtain that gives you an advantage over the competition?

I chose to invest in my local market. Strong growth is forecast and I greatly value the ability to drive by my houses on my way home from the office.

You are compiling a lot of good data that can assist you in your strategy, but don't get too focused on creating a perfect process.

In Texas, we have a saying we like to use; kiss it. (Keep It Simple Stupid). Historical data can shed light on your decision, but when I purchase a property I look at current prices, rents, demand and take my best guess at future expectations. There is no excel spreadsheet or formula that can take the place of a knowledgeable and tempered investor.

Buy low, sell high.

Tell them that he is going to end up with nasty neighbors if he keeps it up.

Tell him you are going to go out and find the loudest most obnoxious tenants you can find. If he keeps it up, follow through.

I frequently look for opportunities to give gifts to my tenants.

It's a rough world out there and much of the clientele served by investors haven't been blessed with the wisdom or opportunities that we investors benefit from.

It's not the gift, but the act of generosity and thought that are appreciated by the recipients; coincidentally these gifts always seem to be providentially timed.

Is the ex covering her half of the loss each month? I'd try to get her to sell me her interest if you can pull that off legally. If not, you're just delaying the inevitable.

The real question is where do you get the largest return that best aligns with your goals. Surely you can sell, take your $50,000 and find a deal that generates more than $200 a month.

I'd refi or sell. Your equity is giving you no leverage.