All Forum Posts by: Wyatt Dixon

Currently living in an apartment but would like to buy a multifamily property at the end of this lease in about a year. How much should I aim to have saved up for down payment, expenses, etc?

I'm working on getting my first wholesale deal under contract but the seller wants me to pay $3500 down. I have no intention of actually flipping the house so how do I go about putting a minimal down payment to secure the property? Also, where is a good place to look for cash buyers to actually buy the property to flip?

Hello,

I'm fresh out of college and have been trying to get into real estate for the past 4 years while in school. Now that I'm out and have a job I'm saving money to get a first property. I could spend anywhere from $1000 - $3000 on a down payment for something. What would be best to start out with: rentals, DIY renovation, or any other option. I can find any amount of properties in my area by driving around or the internet, that's not an issue, but I dont know what would be my best option financially to start.

Side note: I currently dont have many expenses and know a few do-it-all people that could help with renovations and am somewhat handy myself.

I am thinking about starting a business for real estate investing, but I'm not sure if I need one to invest. I have also wondered if I needed to setup an LLC to protect my personal assets, but have heard about people that don't use one. I just need help deciding whether to register a business with my state and setup an LLC.

@Aaron Montague I got the numbers from multiple contractors for the repairs and one even gave me advice for money saving in different areas. For the ARVs I asked 2 different realtors and checked multiple sites myself to make sure they were accurate. As for what I can do to make the deal better, I have basic knowledge of doing house work, and my dad can do just about anything else that would need to be done to save money instead of having contractors do the work.

@Account Closed The first property I found is in Boonville, IN listed FSBO at $24,900 needing $18,000 in repairs with an ARV of $70,000. It is a 3 bed 1 bath 1200 sq. ft. house that is currently vacant. The second is in Mount Vernon, IN listed at $62,500. This is a 2500 sq. ft. house broken into 3 apartments which could make 1300-1500 a month altogether my MAO is $48,000 with repairs at $23,000 and an ARV of $100,000+. For minimal repairs to get tenants living in there would be around $10,000 to fix leaks and the damage caused by them.

I have been able to find good deals on properties that need to be fixed up, but I don't have the funding needed to fix them or even buy them. I know that there are private money lenders I just haven't been able to find one, and I have searched through the Internet forever. Any advice on where to find them and get them on board with my business plans? Or even where to find a JV partner?

I have found a HUD house that needs to have new plumbing and electrical run through it along with dry wall throughout and the kitchen being redone. I can get a great deal on it, but I'm not entirely sure how much to estimate for some of these repairs. It is a 1500 sq. ft. house 2 bed 1.5 bath if this helps at all.

I have heard of being able to wholesale foreclosed houses and REOs, but who do I contact to get them under contract and are there legal aspects of it that I should be wary of?

How do you get your money from a wholesale deal. I am getting close to doing my first deal, but I'm not 100% sure how the investor gets the money at the end. If someone could explain this to me that would be really helpful.