All Forum Posts by: Scot Howat

I found a lender that will do a HELOC at 100% CLTV. For that, I don't care what the interest rate is.

You should buy some condos like I do.  That's where it's at.

Multi units are overpriced

I'll sell you a quit claim deed for it.

On a totally different topic, why wouldn't you just buy something that is rent ready instead of putting 15k into it?  

I prefer to preserve my capital for buying more properties.  Just something to consider.

I'm a routine kind of a guy.  I can get a lot more done when I'm focused, so if I'm constantly changing then I'm not as effective.

Yes. I said it. It goes against the grain of popular real estate teachings. But having goals might be hurting your business. 

 I’m also a pessimist, if you couldn’t already tell. 

Let’s translate this. Your goal is to lift 100lbs over you’re head 10x. When you’re getting close to rep #9 and you’re trying to get that last rep in, what happens? You compromise. You allow bad technique to take over and risk injury (lowering your deal standards). Maybe you start taking shortcuts (possible doing illegal things, or shady business practices). Or maybe you just get discouraged and give up. 

 OK, so here’s the flipside. Let’s see you do finally get that 10th rep in. What do you do right after you hit it? You stop! Everybody stops once they hit their goal (then they make a new goal). How come you don’t do 11 or 12 or 13 reps if you’re able? Because you were thinking about 10. You do 10 and then you’re done until the next set. No one does more than what  is in their head (or written on paper). If you can do more, then do more. 

 Some days I can only do 5. And some days I can do 15. But if I have 10 that I am aiming for as my goal, then I’m either not living up to my potential, or I’m over stretching myself beyond what I am capable of and open myself up to make mistakes and compromise my standards. 

 The numbers are not the important part. The things that you do to get there is what’s important. It’s the journey that we should seek, not the end result. 

full time investor. 

Every day is a little different, I hate that. 

Some days I do marketing, some days I do rehab work. And everyday I look for money and for deals. 

Buy rentals. 

Hopefully you can yield a higher return than the interest rate you’d be paying off. 

I.E. you buy a rental that yields you a 10% return on your money, or you take that same money and pay off a debt that costs you 4%. 

Financially, it’s better to get 10% back on that money rather than saving the 4% on your money. 

You have to remember that wholesalers are in the sales business.  Their job is to get as paint the picture in the best light, and make as much money as possible. 

There's only a few wholesalers in the area, and unless you want to buy on the south side it's pretty hard to find a property in your area. 

Know your area.  There's no shortcuts to that.