New investor looking for suggestion on where to start

[Devon English]

Hello BP MF Investor Community,

I've been here a few months listening to podcasts, reading books, blog posts, forums etc. 

I've come to the conclusion that multi-family investing is the course that I'm setting for myself. I am currently trying to find a mentorship course or program to get in. I have been looking at Michael Blanks, Jake & Gino, and Lance Edwards program. I would love to get some suggestions on a mentor program to join.

I'm also interested to see if there is anyone out there that needs any help with their MF investment opportunities. I currently a teacher who is willing to trade time to further my knowledge, and skills.

I live in the DFW area (Little Elm) and would love to meet up with anyone for lunch or phone call if you're not local to talk about real estate.

If interested, please let me know.

Thank you for your support

Devon

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@Devon English

Hi Devon, welcome. What do you teach?

I do "Subject To" and I work with students from Round Rock to San Antonio but Dallas is only a hop, skip and a jump from there.

I do Owner Carry. I hold the NOTE for the long term. I have the property for only 2 to 3 months. And it can be done for Multi Family & flips (fast cash) too.

I use "Subject To" to buy houses I can cash flow. I use $20,000 or less to buy a $225,000 house for say, $200,000 (so I have built in equity) taking over the existing mortgage with PITI of $1200. I give the seller their equity at closing and I pay all closing costs out of the $20,000. The Deed gets recorded and new Insurance is issued. Let's say I am into the property $20,000 total. I do NOT do any rehab.

The house is worth $225,000 so I bump up the sales price to $250,000 (because it is Terms not cash out) I simply clean the property up and sell it Owner Carry to a Tenant Buyer as a “minor fixer” who puts $25,000 down. The new payment cost to the Tenant Buyer is $1400. No real estate agent fees are involved.