All Forum Posts by: Daniel Hedges

I am not sure how much cash you have on reserve, but it is always a good idea to have some cash on hand.  The reason for this is you might need it for some repairs.  The fact that you can do the repairs yourself is great, but remember that there is a cost for materials.  I am speaking from experience where I have gotten into binds with not having enough cash on hand to make critical repairs from bad renters.  I just say all of this so that your investing can be as smooth as possible.

Another word of advice is that you might look into wholesaling some of these homes you come across.  This can help you build up your cash reserves.  If I had to start over I would wholesale  as much as I could and pile up cash.  I hope this advice helps. 

It is has been my experience that you want to renovate the house to a condition that is comparable or a maybe just a little better than the other houses in the neighborhood.  Remember that if there are no other houses with granite counter tops in the neighborhood then installing them in the home will be very little more when it comes to profit.  An investor can make a mistake when it comes to "over" renovating a house.  Hope this helps.

I wanted to get some input on what experience investors here have had with direct mail and particularly yellow letters.  They have been very effective at getting my phone to ring.  In fact this has been the best strategy I have used thus far. I thought I would get input on what other people use in their mail pieces and how it has worked for them.  I look forward to hearing from you all.

You first have to find out if the note is assumable.  A lot of them nowadays are note.  You can do this by having the mortgagee check with their lender to see if the note is assumable.  Sometimes you can also get an authorization to release information signed by the mortgagee and that way you can contact their mortgage company and talk to them yourself.  Hopr this helps

If you want to save up some money for a down payment I would suggest wholesaling at first. This can help you build up some cash reserves and have some money in the bank. As far as your question goes you can find FHA loans for as little as 3% down or other loans for 20% down. For now though I would focus on accumulating as much cash as possible. Hope this helps.

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It sounds like you have the right mindset for investing.  You are heading in the right direction.  Gather as much knowledge as you can keep learning.  As far as starting out I would suggest wholesaling.  You can have very little skin in the game and make some money without a lot of risk.  Let me know if you need any help.

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I would suggest maybe doing some wholesaling in the mean time to build up some cash.  Then you can get into flipping.  When you buy homes to flip keep a few things in mind.  You must accurately assess the repairs.  Also as a rule of thumb never pay more than 50% of the after repaired value for the home. This is a good starting point. Hope this helps.

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I would suggest before you get into rentals you build up some cash reserves.  You never know what major repairs may come up with a rental and you want to be prepared.  You can gather cash by wholesaling and when you have several thousand dollars you can acquire property without worrying what your tenants will do to it.  Wholesaling is a great strategy to master because you have very little skin in the game.  When it comes to rentals it is a long term commitment.  Hope this helps.

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You are already ahead of the game with the experience that you have acquired.  Keep in mind that almost all investors were overwhelmed at the start.  As far as contracts go I would suggest doing a little work looking around on the net for a state contract that you can use for your deals.  Also consult local investors at your local investors association.  They should be happy to help because they know that you may send deals their way.  The contracts can be learned fairly easily.  You can also consult with a local title company that does simultaneous closing and get their advice.  I hope this helps.

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A great place to start is wholesaling. It takes very little investment and can be very rewarding.  There is a lot on this site about wholesaling and a lot of resources.  Keep in mind that it takes a little while to gain all the knowledge necessary to put together a deal.  Remember that drive is very important.  Never get discouraged even when deals are not coming in.  As far as a strategy to start I would recommend wholesaling.  You can start with a small budget and grow your reserves over time.

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