All Forum Posts by: Dylan Jennings

A great company that's active in Austin is Oldham Goodwin.

Their Director of Operations and co-owner Hunter Goodwin is a great guy. He met up with me and helped me understand how to get into commercial sales as an agent. Be sure to give them a look.

I called the LLC I had the number to yesterday and woo! It was the personal number for a local investor. He explained to me that he had just sold the house last month, which is a bummer. He did however give me the contact information for the people that bought the house. They haven't touched it yet so maybe something's amiss and they'd like to sell it.

The coolest part is that the person I contacted buys land in my area, then builds his own rentals and sells them when they're fully paid off. He then told me he's still looking for more property and if I find anything to let him know!

This is amazing. I feel so good, even though I haven't really done anything yet. I've got someone I can offer a service to and hopefully learn from if I try to build a relationship with him. Yeah! Pumped!

@Vinny S. Welcome to BP!

This site can help you become a better investor by asking questions and getting help from thousands of people doing the same thing you are. You're in the right place.

I would however be cautious about jumping into a market you're so far away from. An important concept that I often see in real estate investing is that when you put your money in the hands of others it can often be lost due to negligence. If you're going to be investing in the states from London make sure to have a very trustworthy property manager. 

I would suggest meeting up with individuals and hiring in house, even if interviews and such need to be done over the phone, or over a flight back to Houston. The more due diligence you do with whomever you select to be your manager the sturdier of a foundation your real estate investing career will have.

@Michael Webster The way you want to approach the owners that have for rent signs up is by asking them if they're wanting to sell the property because it's too much of a headache or not cashflowing. If it's for rent that means THEY'RE the ones paying the bills, not the tenants who should be in there. They probably aren't happy with the property at that moment and may want to bail out. It's definitely worth a shot to try and buy it from them.

The login is in the confirmation email. They gave us individual login links. You have to click on the specific one in your email.

@JPaul Mills @Patrick Britton Thank you guys for the responses! The reason I asked is because I was guessing they would feel stalked or weirded out that I found their number and just skipped the mailing.

I'll call tomorrow and post how it goes!

Howdy! I'm new to wholesaling, but I've been out on the road over the past couple days and have found a couple properties that are vacant, distressed, and in highly profitable rental areas. Two of them that I looked up are owned by LLCs, and one of them is FSBO. I was able to find phone numbers for both of the LLCs and was wondering if you guys had any tips?

Should I call both of these groups to ask about their properties or just stick to mailing? Should I be worried that they're owned by LLCs (which must be other investors right) and that they're not working/cashflowing? 

You should take some time to look up your laws in NY about how non-licensees can pay agents/brokers. I've seen a few wholesalers talk about giving that agent the leads that won't fit your wholesaling criteria ( like the seller who won't go low enough for a good deal ). 

Ask the agent what they think is enough payment, they should know what they can and cannot accept! Be realistic with what you can offer them and encourage that they do the same. If you can set up the win-win mentality then both of you can benefit from the relationship for years to come.

@KJ D'Costa Just from a simple Austin loopnet search you're going to be looking at 300k+ for a lot of those fourplexes. 60k for a downpayment? You're correct in thinking that kind of money sink is going to ruin your capital. No capital means more time spent to invest in the future. 

There is a wide variety of creative financing at your disposal. As @Jassem A. stated, you could use a FHA loan on the property to only have a 3.5-4% downpayment. You'd have to live in one of the units for at least a year until you could refinance, and you'd have to calculate in the mortgage insurance payment that comes with that loan to your cashflow analysis.

Another option you'd have with fourplex rentals is finding owners who have a lot of equity built up. Let's say you found a fourplex that is worth 300k and the owner has 275k in equity. The place cashflows for 4800/month. You negotiate with the owner that you'll buy his property though seller financing. You'll give him the 25k to pay off the bank if they have a due on sale clause and another 5k for him. He then carries the note on the property for 30 years at 7% interest. 

In this scenario the previous owner gets a check from you every month for $1,829.58, which he now has to do nothing for. You have a property that you bought with 10% (30k) down and have $2,976.42 coming in every month (minus repairs, vacancy, taxes, etc.). 

That was a very, VERY simplified version of a deal you can get. The real thing is much more complicated, but just as possible.

Brandon Turner's book The Book on Investing in Real Estate with No (and Low) Money Down here goes over creative financing and how you can use your time and brain power to save you capital when buying real estate. There are so many options out there for you to combine and create that I wouldn't settle for a 20% downpayment either.

@David White These two links are filled with helpful information about D4$.

http://www.biggerpockets.com/renewsblog/2013/05/03...

http://www.biggerpockets.com/renewsblog/2013/05/10...