All Forum Posts by: Shawn Ackerman

@Yash Warke sorry you have to deal with this man.  I know the feeling.  We've used DAWGS security system.  This has been a fullproof method and we've used them on different properties over the past year.  Not sure if they are in GA as our properties are in the Mid-West.  Check them out though. https://www.dawgsinc.com/dawgs-door-and-window-guard-system-...

Alternatively you can get Eufy Floodlight Cams.  They have an alarm on them and you can get 24 Hour monitoring.  Cams are in 2K and are hardwired so you'd need the power to be on.  We use cell service for WIFI as the cams are wireless.

Cams are around $189 Ea and Wife is about $50 per month. You can add an SD card for 24-Hour Recording. https://www.amazon.com/eufy-Security-Floodlight-Motion-Activ...

Hey @Jay Hinrichs we use a process server company in Milwaukee for our evictions.  May be overkill but you can never have enough people on the team I feel.

@Michael Steinbergen You can likely pull a list in your market by going to google and typing in "Open Data" Your County

However I'd suggest using a site like Propstream https://trial.propstreampro.com/ikeptit/ Here you can look for not only tax delinquent demographics but others like absentee owners, tired landlords etc..  You can also skiptrace the phone numbers of the sellers and contact them.

All the best!

@Sushree Mohanty Develop metrics and measure markets evenly. If BRRRR is what you are looking for then you should find a market that has favorable landlord tenant laws, price to rent ratio, ability to buy off market and a market that lenders will lend in.

Additionally you will need to know what constitutes a "deal" and how to underwrite it for your Refinance exit. I'd suggest getting familiar with lenders and their requirements. Learning about delayed financing will also prove useful along your journey. Seasoning requirements, ARV etc.

All the best!

 @Antonio Waller congrats on getting started on your REI journey! I want you to remember this statement.

"you can build it or you can buy it built"

When you build your portfolio i.e sourcing your own deals, building your real estate team and network you will control the amount you can make on a deal.

When you buy it built(Turnkey) you are being charged for the work others who found, renovated and placed the tenant have completed.

This is not the worst way to get started but you will be getting minimal cash flow and equity which are two important pillars for building a rental portfolio.

my suggestion:

Before you invest your capital,

1. Identify a market based on metrics that serve your business.

2. build a team in that market i.e Title Co/Atty Office, Management, Contracting Core, Realtor, Process Server, Lender(Private, Non QM, HML) handyman, Project manager etc..

3. Develop a pipeline for real estate deals

4. Learn how to fully underwrite buy and hold deals and understand different exits.

Then you can build on solid foundation and be vertically integrated.

All the best!

Hi @Cody Lown Look up the LLC on the Michigan Secretary of state database https://secretaryofstate.com/michigan and look for the registered agent. You should find a name and an address.  You could reverse lookup the name, visit the address directly or send direct mail.  

All the best!

@Olivia Taitt I think @Andre Brock said it best. First of I would NOT sell Sub2 if you do not have to. However selling on a lease option would be best. Here are some reason's why.

1. Maintaining ownership on title/deed

2. Maintaining tax breaks(Depreciation and other losses)

3. The down payment or "option deposit" is a chunk of cash you can get upfront

4. you can charge a monthly payment amount above your mortgage to still cash flow. I've structured these payments almost like interest only payments because they do not reduce principal.

5.Depending on the length of the agreement you would find that the end buyer may end up paying you double for the property.

6. also if they default on monthly payments, they would lose the option deposit and default to a month to month tenant which you could essentially "Evict" in court.

7. You get a another chunk or cash on the back end sale

8. Your expenses are dramatically reduced to PITI. You are able to put all maintenance on end buyer.

As you can see, if structured properly this can be a lucrative opportunity for you.

All the best!

@Sarah Hadassah Negrón I would look to develop real estate metrics i.e price to rent raio, HUD subsidy rates, landlord tenant law, need for housing, ability to build a team etc..

Once you have your metrics down you can properly measure markets evenly.  Otherwise you will be investing from a subjective standpoint.

We invest in Milwaukee WI because of the metrics that fit our business model.

Wish you the best!

@Steven Le congrats on getting started on your REI journey! I want you to remember this statement.

"you can build it or you can buy it built" 

When you build your portfolio i.e sourcing your own deals, building your real estate team and network you will control the amount you can make on a deal.

When you buy it built(Turnkey) you are being charged for the work others who found, renovated and placed the tenant have completed.

This is not the worst way to get started but you will be getting minimal cash flow and equity which are two important pillars for building a rental portfolio.

my suggestion:

Before you invest your capital,

1. Identify a market based on metrics that serve your business.

2. build a team in that market i.e Title Co/Atty Office, Management, Contracting Core, Realtor, Process Server, Lender(Private, Non QM, HML) handyman, Project manager etc..

3. Develop a pipeline for real estate deals

4. Learn how to fully underwrite buy and hold deals and understand different exits.

Then you can build on solid foundation and be vertically integrated.

All the best!

@Corey Bogaski Typically I look at seller financing with these principals in mind. purchase price, down payment, interest rate, loan term & amortization.  Three of these 5 are spoken for by the bank. so you have purchase price and down payment left.  Who is getting the benefit of those two?

Looking at the numbers seller is winning on purchase price so who is winning with the down payment number? if the answer is the seller then at closing everyone would have gotten something but you.

also based on what you are buying the duplex for your rents will be slightly below 1% price to rent ratio. And we havn't talked about deferred maintenance etc......

I see alot of red flags in this one buddy.  If you want to sit and analyze it together let me know but I'd ask for a huge price reduction and or dramatically lower the down payment.

What is the sellers interest rate on 1st position note?