All Forum Posts by: Ryan Evans

Off market is just the properties never advertised to the public. As for finding wholesalers, just keep googling and digging into the BP forums. I'd go through the BP tools on the homebuying process to get more specific on the best questions to ask!

You could always try to wholesale it if nothing else. Otherwise, as the others have said, a private money partner is probably your best bet. If it's truly that great of a deal you should be able to get some attention. Just be prepared with how you pitch it to potential investors so they know you mean business. 

Looks great! Congrats on the first deal. There's nothing like the feeling of getting that first rent deposit in the bank! 

And it's certainly true that the real learning begins when you actually just go out and buy a house :)

OfferUp and Letgo are the best that I know of. They're both super easy to use apps with a big audience. 

I had a tenant leave behind everything they owned and I was able to sell/give away of tons of junk, often within the hour. 

Yikes, I've looked at a few similar properties and some that were much worse where I barely made it past the living room before turning around! Seeing those pics brings back the smell that I've got burned into my memory!

Working with an agent as a buyer doesn't cost you anything. The agent only gets paid when you close on a property and their commission will likely come straight from the purchase price. 

If you're wanting to be a flipper, you should know that most flip deals are done off market, in which case it might be beneficial to start growing your network of wholesalers! 

I bought two duplexes in the midwest last year that were both under 100k. They cashflow well, but it's super high risk. My strategy is pretty much the textbook version of what not to do as a new investor. Though I can travel whenever I need to and I spent a couple months rehabbing and building relationships in my market so I did it anyway. I went into my first deal being mentally prepared to lose it all! But many investors do lose out big time doing what you're talking about.

I always advise people looking at a similar strategy to fly out there and spend some time on the ground. You're saving tens or hundreds of thousands of dollars by going out of state, so spend a couple hundred on at least a weekend trip. You surely won't regret it. 

Might be wise to save up a bit more before spending that 30k. If you dump it all into a conventional loan, you won't have anything to back you up when something inevitably goes wrong. A home warranty might be a good option so you don't get hit with any massive bills your first year :)   

The last thing you want after a flip is your property sitting on the market for a couple months, so a seller's market will get your place sold faster. Even a couple extra weeks worth of interest on a HML can really set you back. But if you know the market well like @Ryan Cox said, then you can make money no matter what everyone else is doing!

Yeah, I'd keep talking to lenders as your contact at Quicken Loans is incorrect. 

You might be able to get a live-in 2-4 unit on an FHA and another small MFR on conventional as a rental.

Also, if you're looking to get into commercial, it's a whole different game when it comes to loans. I've been exploring commercial lately and nobody I"ve spoken with yet is knowledgeable in both residential and commercial loans. For commercial they will look at things like net worth, operating income, vacancy, and your landlord experience.

If you're looking to get into commercial soon you may want to do some homework now so you don't throw off your eligibility to get a commercial loan down the road :)

Some might not for various reasons. But brokerages make money off anything you sell, so they're usually pretty keen to bring on more brokers. This may be different for commercial focused brokerages, though.