All Forum Posts by: Frankie Woods

Welcome to BP @Wesley Merville and nice introduction!  As a newbie, I have yet to find a dedicated mentor, but I've leaned on the BP forums to learn the ropes.  On top of that, you just need to get out there and do a deal.  I think that's the best way to learn.  You should also attend a local REAI.  You may be able to find a mentor there if you have something to offer them (e.g., a little sweat equity, bird dogging, etc.)  Good

Welcome to BP @Eugene Beard !  I wish I started at your age!  I also wish I were in ATL.  I wish you the best of luck.

Geez @Neal H. , that is incredible!  Congratulations! 

Over the last 6 months, I've bought two 4-plexes found on the MLS generating $1k/Mo in positive cashflow after taking into account P&I and VIMTM. I need to get on my creative financing because this "cost" me about $50k, but I still feel this is a win.

Excellent point @Account Closed !  Small spreads on large sums of dollars (e.g., 2% increase in cap on 500k property) can be spectacular.  The margin of safety is obtained by finding great deals at below current market values with room to force easy appreciation.  It's hard not to win and generally speaking very difficult to actually lose money in this situation if you know what you're doing.  I'm still a newbie real estate investor so the little things "I don't know I don't know" might break me in a market like CA, but for the experienced investor who is an expert that same market, opportunities will always exist.  Happy investing.  This thread is awesome!

@Lynn B. , welcome to BP!  This is the best place to get educated on everything real estate.  I wish you the best as you figure out this landlording stuff!

@Heather W. , congrats on your success!  I wish you much more in the future!  You seem to be killing it already!

Welcome to BP @Zach Chappell !  You should set your keyword alerts for the WI markets you're interested in!  It'll keep you up to date on the discussions going on in those areas.

Wow, I don't have any experience in at that size, but I hope to be on your level in the next year or so.  I look forward to hearing future responses!

I would do MFR all day in my market. The spread on cashflow wins hands down, even with property management. But, that is my market. Generally, the numbers and property availability will determine which type of property makes the most sense.

I'm currently deployed as well, and recently purchased a 4-plex long distance using conventional financing.  This would not have been reasonable if I did not already have a team in place and had a very good understanding of the market in question. 

I would suggest waiting until you have those two aspects locked.  The financing decision can be made after you find a potential property.  All you need prior to your offer is a pre-approval to show proof of funds.

Good luck!