All Forum Posts by: William Brown

My question to you is about the "I am unable to" part of that. How so, are your loans maxed out? You don't have the cash sitting around? Have you thought about how to finance it creatively? Is this your first deal? maybe post this on the creative financing thread and see if anyone jumps in with an idea.

The proof is in the pudding. Your numbers won't lie. Find a deal with a large spread, find people that have done deals before, and just go do it. You are your biggest motivator but you are also your biggest inhibitor--choose who you want to be.

You say you will try to negotiate down to 272k but your MAO is 241? Am I missing something

Gil Pang that's awesome, you have come to the right place! Ask away, and make sure you don't peek your head out and then hide away for another 6 months. Get active--get engaged. Some tips I have would be to start listening to the podcasts: you can find them under the education tab. Start at 001 and go up from there! I listen in the car, at home, etc. Also, make sure you look up on the events tab here or on meetup.com for local REIAs that you can attend and start networking and learning. Good luck, and see ya out there!

@Anthony Gayden

You are absolutely right. I sometimes forget that not everyone wants to run a billion dollar business and what they have works perfectly for them. My apologies, and I wish you the best in your continuing endeavors!

This has been a very overall insightful thread—thank you to everyone for their contributions.

I just have a couple notes:

@Shiloh Lundahl

IMO, what you are doing is great. A lot of people skimmed this and only thought that you were tight on cash and are trying to swindle it out of newbies. If they read your responses they would see otherwise. But I think you are providing a great service—to yourself and others.

Heres why: 

You are helping people who want to turn their life around and showing them the ways to the business without them having to drop tens of thousands of dollars. They do a couple deals with you, then they move out on their own. LIKELY, they will continue to ask you questions, and maybe request help on some deals. So that means MORE deals for you in the future, more credibility, more experience, etc. It looks like a Win-Win-Win to me, as long as it is executed ethically and right. Keep it up!

and a small note/question to @Anthony Gayden :

 "I prefer to not work with others."

That scares me. That tells me, any potential lenders or investors, and everyone that you are high-risk. Real estate is a people business. Successful investors have created their teams, because they understand that there are people out there who can do things better and cheaper than they can with a consistent result. If you choose not to work with anyone, and try to hold your entire business up yourself, you will find you hit a limit really quickly when everything starts crashing down on you during an expansion phase.

my .02

If the property is in a very volatile market, I would say sell. When the next market crash or "correction" comes along, you would be glad for it. But if it is in a flat market, and is cash flowing nicely, hold onto it.

One thing i remember from the podcasts was Brandon saying "You can make any deal look good if you put 75% down", which is absolutely true. You should be looking for deals that cashflow with 100% financing or 0% down—If there are none around you either look harder or find a new market.

Hi Jack A Turner I'm sorry to hear about your wife and situation. Maybe I can offer insight-- I heard today on the BP podcast 068 something that will really stick with me: if you've got a deal, SOMEONE will lend to you! What type of RE are you going into, what types of loans are you looking for, do you have a track record, etc. even if all those have unknown answers as of right now and you've never done a deal, if you do your research and start learning the market and strategies you will be able to find good deals and someone who will lend money for it. I.e, private money from friends and family, Hard money lenders, etc. Hope this helps! Good luck!

As mentioned above, there is no "one size fits all" strategy or way to go about REI. Great points were mentioned on both sides of the aisle. Virtual wholesaling could be a great way to start building some capital with low risk. Buy and holding or trying to flip a house 2,000 miles away without a spectacular team? Not so much. Spend some time, do your research, pick a strategy you want to go with. I think what David Faulkner was stressing was that if you don't have the team, it will be nearly impossible to become successful out of state--especially as a newbie with a lot to learn. Best of luck!

There are no yeses or nos in this game. You could be sitting in a goldmine market of foreclosures that are great deals, and you just have to uncover them. Likely? No. But these days everyone is trying to get a slice of the pie, so your competition is likely going to be higher elsewhere. Try it? Talk to some local investors, and try to find some that focus on foreclosures. If there aren't any, either it's likely foreclosures in your area aren't really good, or they are really really good and your competition is low. Good luck!