All Forum Posts by: Account Closed

@Timothy Summers Great job! It sounds like it's cash flowing well for you including your refinance total payment?

@James Travis I would reach out to different lenders in your area which you could locate through Google or BP "Network" menu option. Explain your current credit situation and see if they could craft something that would work for your needs. They would be able to explain it best and the process in which they lend money and repayment terms.

@Zachary Scott For me, I don't mind functional issues either, it's all price dependant. I also have a decent history in home repair including foundation, structure, roof, etc so that personally doesn't bother me. Cosmetics only would be a great way to get started if you don't want to worry about "serious" issues and feel more comfortable. Although, if you have a contractor you trust and is reliable, they could handle anything you throw at them.

@Adey Bilewu That could be a great way to boost the speed at which you start your journey by pooling resources. The biggest thing from my perspective would be creating a recorded legal agreement between you and your friend detailing the exact details and structure of the investment together. It can be risky to mix friendship and business and if it would be a shame to burn bridges if something unexpected happens and feelings are hurt.

@Zachary Scott IMO, I believe this could be pretty subjective but I think it would depend on your comfort level and risk avoidance regarding certain things, e.g. rancher on a waterfront lagoon in terms of flooding issues, age of the home and potential termite issues resulting in structural damage, roof condition and what could be underneath of it from leaks. Just about any house can be a good deal if the numbers work for it. Personally, I think the "ugly" ones stand out to me because I can see the potential as long as the numbers work out.

@Curtis Johnson Great job! What was the timeframe from start to finish?

@Leza Dieli Do you have any family or friends you could work a partnership with? It's surprising when you've talked to a friend or family member so much about real estate and the things/ideas you've learned, they start to become interested in working with you. I'm not sure what the actual amount is on the 20% but do you have any financial avenues you could explore through lines of credit, equity, etc that could provide what you need? 

@Yumiko A. Regarding finding properties...Check out Driving for Dollars as a way to find off-market "affordable" properties. Essentially, you drive around looking for uninhabited homes or rundown ones, look up the tax records free on the town/county website, craft a letter with your intent to purchase the home, and mail the owner directly. You could also attempt to look up their phone number and cold call if you're comfortable with such. The nice thing about a personalized drafted letter is that it's tangible in their hands if even for a moment. Be consistent in your letters, potentially expect 8-12 letters (spread 3-4 weeks apart perhaps) to each property owner before you get a response! There are great BP videos on this, especially from Anson Young and others.

@Steven M Herrick If you run the numbers based on After Repair Value ARV and how much you're buying for, renovation cost and what rents are going for, will it cash flow? I believe any market can be viable if you buy the property at the right price. Low income is not a bad thing IMO as there are state aid programs that could "guarantee" your rent payments, i.e. Section 8 housing in NJ. After doing your research, does it feel right to you? Is your father going to assist as a partner in the investing? That could also determine his comfort level in the area and if you'll want to start there.

@Jonathan Maio Good work! The property is still producing cash flow so that's still a win in my book.