All Forum Posts by: William Morales

I called a turnkey company a few years ago in Indiana, I was interested in a property they had for sale at the time for, if I remember correctly about $60k, the company turned around tried to upsell me to a another property for $80k, no reason was given for the change when I didn't request a more expensive property, so that turned me off, plus I heard through other investors the numbers they provide are not always accurate. 

@Alexander Szikla

Hi Alexander, 

It's possible that eventually i'll look to house hack, but for now,

With what I invest in, I don't need a property mgr, I resell the property with owner financing and I become the bank, no need for repairs the buyer is responsible , it's purely cash flow for me. And with the area I invested in, I do have boots on the ground just in case. 

@Gary Swank

Hi Gary

I bought it for $8k cash (from realtor.com) and sold it as is for $27,000, I carry the note for 8 year term, To be honest, I'm not looking to do any rehab at all, some of the properties I've seen online are in more need of cosmetic repairs, The property I sold was to a handyman and he took care of the minor repairs. 

@Ruchit Patel

Hi Ruchit, 

Yes, I bought my first prop in Pittsburgh for $8k and sold it on owner financing for $27k. Unfortunately to find something like that in New York, well the real estate here look like phone numbers..lol

Hello BP

I had bought a property in Pittsburgh (15210 zip code), I live in NYC, bought it for cash, my second deal was a few years later when I did a lease purchase in Orlando, To be honest the lease purchase was much harder, involved trying to find either a lawyer or title company who understood creative financing and trying to convince the seller I'm paying it off with monthly payments, etc , well finally I did find someone who helped me with the paperwork.

So going forward, I'm thinking of purchasing single family homes either with my own money or trying to find private money, the deal in Pittsburgh I'm selling it on owner financing, which I become the bank, I found it much easier for me to buy it outright.

I really like being the bank, imagine not doing any repairs or maintenance! But, I always save most of the cash flow for taxes and insurance just in case the buyer doesn't pay it.  So going forward I'm looking for Single family properties under $50k that's my comfort zone for now. 

Thanks for reading., hopefully I didn't bore you...lol.

@Angela Zanti

You can do it, you have the education, Like you wrote if you can find a mentor or coach, you will be on your way, this will be the place for it, or join a couple of meetup groups.  

It was embarrassing for me, besides investing in Reits, my 1st property investment was about 10 years!! from my first real estate event in January 2007 till Sept 2017 when I bought my actual first deal in Pittsburgh. 

I was all over the place, wanting to be a landlord, flip n fix, tax lien, etc.. you get the point... Pick on niche and stay with it...

I think, just to add to the topic, if you can find a mentor, and i'm talking about someone here on BP or a local meetup where they won't charge you $50,000 just to have a discussion About what you are going through, all of us have to start somewhere, Before I invested in my first property, I started with Reits. Maybe partnering with someone can lessen the fear of "Analysis Paralysis" 

Great question, 

It took me years to feel comfortable getting out of my head, I live in NYC and it was about 6-7 years before I made my first purchase in 2017 outside of NY, not only did I have "ANALYSIS PARALYSIS, I Couldn't make up my mind which niche I wanted to invest in, I studied them all, wholesaling, buy and hold, flipping, etc. Once I made up my mind I wanted to do creative financing, it still took me about 8-9 months before I invested. Believe me, it can be scary making that leap, but you have to believe in yourself, get the right team which you can do here at BP, Or local meetups....  Go for it... You CAN DO IT!!

Thank you @Matthew Irish-Jones, @Daniel Fraenkel, @Joshua Janus, @Eric Garcia, @Shawn McCormick, @Marc Rice.                   for your input and advice, much appreciated