All Forum Posts by: Ryan W.

Hi

I've got a dilemma. I know I'm the only one that can find the answer for myself but I'm looking for guidance to get to that point. 

I don't know what type of real estate to do. I am very interested in flipping homes/apartments, buy and holds (residential and commercial), wholesaling, BRRR, wholetailing, land development... literally everything. On top of being super interested in real estate, I love restaurants and retail businesses just as much. I've talked to many people who do a specific niche in real estate, and people who own restaurants and people who own retail businesses, and all of them say to find one thing I love to do and go for it. Easier said than done.

 I'm curious if anyone else has had this issue, and, if so, how you figured out what to do.

Thanks in advance!

What's up! Here's the situation: A multifamily residence in a prime neighborhood was destroyed by a fire about a week ago. I want to get in contact with the owner to see what his redevelopment plans are, if any, and see if I can either do a JV with him or purchase the property from him. I was able to find the owner of the property through my Assessor's website but it only had his name, which of course, is a very common first and last name. I'm curious how to get more information than his name, such as an email, a phone number, or a personal address, etc... Any suggestions? Thanks!

Hi! Hope everyone is having a great day!

I have a few questions about seller financing. I'm sure there are hundreds of things that you can change in a seller finance deal, but I'm interested in the most common scenarios :

1. Who owns the title? Me or the seller?

2. At what point in the purchase does the title change ownership?

3. If I sell this property prior to maturity of the financing, do I just pay for the remaining amount in a balloon payment as soon as I am able? Or can I take the money and reinvest elsewhere whilst still making payments on the seller financing deal?

4. Are seller financing and seller carry backs the same thing? (juvenile question, I know)

Thanks in advance.

Thank you!

I'm looking to meet with local real estate investors. I'm just starting out and I would love to meet with successful REI's. I own a coffee shop so if you want to meet at my shop, the drinks will be on me!

Right on, thank you!

Howdy, Although I'm pretty sure that it is subjective, I'm curious when you think the most effective time is to make a low offer on a property. Is it better to make that low offer on a property as soon as it goes up for sale? Or is it more effective to look for properties that have been on the market for a few months? Thank you in advance!

@Bill Gulley

Thanks so much for the information. I've listened to a few of the BP podcasts since I posted this and even just from those few I've heard I realize how unprepared I am. That being said, I'm definitely not going to go to any bootcamps or anything like that. I have a friend who goes to them all the time and pays the thousands of dollars for the "top of the line" programs. He has done well enough to pay the classes off but his classroom education has costed over $60k. Moral of the story is that I'd rather use $60k on a property and learn as I go BUT I don't want it to be a losing proposition as soon as I buy.

Thank you for the lesson on balloon payments and the land financing/collateral percentages. Also, the refinancing info is great.

She seems like a sweet old lady but a lot of the time they are the most stubborn, and well-seasoned. She is savvy and I wouldn't be surprised if she has some master plan with it all.

As attractive as MHP's are, I think I'm going to start with one (or a few!) single family homes. My goal is 10 units in 365 days. Or, perhaps, a massive MHP!

@Jefferson Lilly, I will educate myself more! Thanks for the recommendations.

I will make an offer for $400k because the worst they can say is no. Then I can also practice selling the pitch of why it's only worth so much.

I hadn't really thought about the fact of moving trailers around and how that kind of reduces the turnover of tenants. That makes sense to me now though.

I'm going to look for bigger parks. Should I be looking at MHP's outside of reasonable driving distance right now, or should I stick to something close by?