All Forum Posts by: Tom Sylvester

Dan has laid out the high level formula, now just fill in the pieces and ask questions when you get stuck along the way.

Good luck.

You can find properties on the mls, but they are often few and further between than finding them on your own. Many properties on the MLS have already been picked through by other investors, or you will be competing with them.

I have found the best way to find properties at a discount is to find the people myself. I do this buy letting everyone I know that I am a real estate investor, and sometimes I get calls from people who are motivated to sell their house and are only talking to me. This makes it easier for me to make a good deal, rather than if I am only one out a number of people looking at a deal.

Just curious - what was your online business? Sounds like you were doing pretty good if you made $30,000 doing it while in college.

The biggest thing I can tell you at this point is learning as much as you can and networking as much as you can. You more learning you do, the more opporunities you will have to do a deal. The more people you meet, the more opportunities/knowledge you will have access to. Additionally, you may find a private investor to lend you the money for a deal, turning it into a No(ne) of your money down deal.

It is just one more tool that an investor has in their toolbox. It may not work all situations, but it is nice when it will. For more info, check out Wendy Patton's "Investing in Real Estate with Lease Options & Subject Tos".

It's a great strategy, and it will work better in some situations that others. They key is to find out what the seller needs.

Any time you can get the seller to hold financing, whether it is some or all of it, it is a benefit. If the seller owns the property free and clear and doesn't need the money right away, then it will most likely be more willing to owner finishing. If the owner is upside down, then this is probably not an option.

I would like to chime in with my opinion. I am relatively new to investing, but I like the idea of having rentals locally. I like to be able to drive the neighborhood and get a feel for it. You will also learn a lot about being a landlord and how to run a rental business.

Once you become more successful and have more knowledge, then maybe it would be easier to invest out of state. I think it is very hard to begin investing out of state w/ a PM when you haven't done it yourself locally first.

I agree about talking to towns people, they really can provide you with a lot of info. They live and work there and do not have any other motive that may deter what they tell you.

Why not just post the pest clause for everyone to see?

Additionally... Ryan - if you post your e-mail on the web, you will begin to receive a lot of spam. I would refrain from posting it publibally, but if you must then you can use this following format

username At domain DOT com

I currently own one duplex and am looking for more. This may not apply a crossed the board, but in my market, I have not found any SFH that could compete with the MFH that I am looking at. I can buy MFH for $12,000-$15,000 per unit and get cashflow. For all of the SFH that I have looked at so far, the numbers do not work out for rentals (on their own), especially when you compare them to the MFH.

Keep doing what you are doing. Starting off is the hardest. Don't focus on quanitity, but quality. Would you rather have 10 people who may be able to buy your property, or one with cash in hand that will buy your property?

Once you sell your first deal, and it is a good deal, that buyer will come back to you for more deals. It will be a snowball effect from there.

Just keep plugging away and talking to everyone you meet.