All Forum Posts by: Account Closed

For anyone that I missed or hasn't heard from me, please send me your email by DM if you haven't. The response has been overwhelming to say the least! I will be communicating the sessions by email as it is easier to keep track of due to the overwhelming demand to be part of the group! Thank you for everyone's interest and excitement.

Welcome to BP! As far as paying the property off, that is something you would establish based on your rent cash flow and how long it would take to pay off the loan you took as part of the refinance. BRRRR allows you to utilize the equity gained through repairs and rehab and pull it out as cash to start another property. Having numerous properties that all positively cash flow, plus will most likely appreciate in 15-20 years, should provide wealth. Check out the Education section in the menu, there are videos on the topic that can assist you.

@Daeyoung Kim Check out the books listed in the Bookstore section of the menu above along with podcasts, videos, articles, etc on getting started in real estate investing. That will give you a primer into how to analyze deals and more specifically understand the field of real estate investing. Good luck!

@Nick P. While that's a solid amount of money in the bank, I can see the lenders having a tough time lending to a person who does not have a stable income. A hard money lender could help him get started if he located an off-market deal but he would want to quickly transition into traditional financing. If he could obtain steady employment during that time, I believe that would greatly increase his chances of obtaining a loan after the hard money loan.

@Naz Hossain The biggest difficulty would be locating contractors who actually operate following that method. It would be great to see but I can see the development costs being incredibly high. It's also possible the contractor says they are following "green methods" but are doing the same old thing and taking advantage of you. I don't mean to be completely negative, "change for the better" is always a tough sell initially.

@Ryan Garant Predicting the market is the hardest part! It's a tough call and one only you can make. If your gut says wait, I would wait. At the same time, it could be a loss in profit by waiting longer if the market maintains. If you could find an off-market deal from perhaps a wholesaler or yourself and utilize the 70% (or whatever percent your market demands) rule, you could still do well in a downturn.

Thanks again for everyone's interest! Please DM me your email address or number for text message if you haven't heard back. I appreciate everyone's overwhelming interest and look forward to learning and developing together.

@Amey Phatale While anything is possible, I would take any of Zillow's recommendations/trends with a grain of salt. Based on their over-the-top Zestimates and recent house buying program failure, it illustrated that even these large groups don't necessarily understand the market.

@Seth Phillips Welcome to BP! That's great you are getting started young. As far as finding on-market deals, it's possible but you are most likely better off searching for off-market. I would begin by reading as many books on the topic of real estate investing as you can to build up what you'll want to do. Additionally, it will teach you the important skills to learn how to find off-market deals and how to market to them. Check out the BP Bookstore in the menu above, there are a bunch of great books in there that will help. You can even get them at your local library which I did and still do when available. Waiting until you have enough money to invest is like waiting to have kids until you're "ready," you never are. Gather the skills you need through literature, podcasts, and video, and find your niche to get started.

Right now, look into "finding off-market deals," "wholesaling," and "driving for dollars." You might not end up doing all of these things but it will give you an idea of things possible.

@Michael Conte We had this same issue on our last purchase. The language was added after we hired a certain home inspector who was infamous for his "over-the-top" inspections. I believe the seller's agent knew this and added that clause thinking the deal would fall through. Ultimately, we countered with language that said we were not giving up our rights to cancel the deal if the inspection report was unfavorable. 

I do find the portion about "structural condition of the improvements" concerning. It makes me think someone did unlicensed/unpermitted work on the home. It could also refer to old termite/ant damage. I would at a minimum make sure the contract allows you to back out if your inspection report is unfavorable. If you weren't getting an inspection, it's most likely best to get one. Let me know how it goes!