All Forum Posts by: Stephen J Davis

I don't think that this is for apartments. These sound like single-family terms. I have financed 11 apartment complexes ranging in size from 200 to 500 units. I used www.oldcapitallending.com most of the time.

Mobile homes can cash flow but they don't make as much money as a house. They depreciate in value over time just like a car and the clientele can be a little rough. I grew up in a mobile home. I would focus on single-family houses as a rule.

I'm in Harris County. There is no risk of that. Have him write you a letter stating that he is moving out and wants out of the lease if you are worried about it. I sold about 15 houses last year on similar circumstances and never had a problem.

That is awesome. I didn't get started until I was 23 or so. Grab Than Merrills book https://smile.amazon.com/Real-Estate-Wholesaling-B... Then join a local real estate investor group so you have people to sell the deals to. Find them at https://nationalreia.org/find-a-reia/

Good luck.

@Vinay H. If you know what you are doing, you make money in both the up and down market. Only speculators (not investors) lose money in a crash. I am praying for another crash right now. You make more money in the down market as a rule.

@Elliot Marszalek That is a great idea and I have seen many people do that. I prefer a 4 plex so that the other 3 units pay all the bills and you pay nothing. Then switch to single-family houses. As a rule with exceptions, they are easier to rent and liquidate. Good luck.

@Junaid Nazir I used www.lifestylesunlimited.com to find a mentor. Grant Cardone is awesome as well. 

I read a lot of books before I got started but a mentor was the most effective. I did my first deal within 2 months of getting a mentor. Are you going to flip or buy and hold for cash flow?

I would focus on getting your real estate and not put the money in the stock market. What is your investment strategy? Flip or buy and hold for cash flow?

All I have are a few encouraging words. Do it! Talk to him today and let him know you would like to buy his property and see what you can work out. Real estate retired me in 3 years and can do the same for you. Stay positive and focus on a win/win deal for both of you. Don't do the deal if it is not. Good luck.