Top Ten Questions Asked On Bp That Have No Chance Of A Beneficial Answer

[Don Konipol]

TOP TEN QUESTIONS ASKED ON BP THAT HAVE NO CHANCE OF A BENEFICIAL ANSWER

10. Where is the best place to invest?

9. Where do I find a buyer’s list?

8. Does anyone have a real estate contract I can use for wholesaling in American Samoa?

7. I’m looking to partner with someone who has money, experience and expertise and a property to flip. I’m willing to go 50 - 50.

6. I’m new to real estate investing. Where do I begin?

5. I’m going to virtually wholesale properties in Montana from my home in Florida. Anyone know where I can borrow earnest money?

4. I’ve put together a 365 page business plan for my real estate investment company. Can you critique it?

3. I've started a real estate investment company, and have my LLC. Where can I borrow unsecured capital in the name of my LLC with no personal liability?

2. I have no money left, my property is worth less than I owe, and need $70,000 of rehab left. Anyone know of a contractor that will work with me?

1. If I start with no money and no experience, how long should it take me to have enough income to replace my salary and retire?

[Carlos Ptriawan]

TOP TEN QUESTIONS ASKED ON BP THAT HAVE NO CHANCE OF A BENEFICIAL ANSWER

10. Where is the best place to invest?

Based on the information from the BiggerPockets forum posts, some of the best places to invest in real estate that were frequently mentioned include:

Ohio - Specifically cities like Cleveland, Akron, Canton, Columbus, Cincinnati, Youngstown and Toledo. Ohio is noted as being popular for out-of-state investors from New Jersey.

North Carolina - The cities of Raleigh and Charlotte in particular are considered good for property appreciation. Wilmington, NC was also mentioned as a potential investment location.

Virginia - Richmond and Virginia Beach were suggested as investment options, especially for an investor located near those areas.

Florida - Jacksonville and Tampa were two Florida cities mentioned, although there was a concern about rising insurance costs in Florida.

Tennessee - Both Knoxville and Memphis were listed as possible 2024 investment locations by one investor

9. Where do I find a buyer’s list?

PropStream - If you use PropStream software, you can find out who the cash buyers are in a specific area

8. Does anyone have a real estate contract I can use for wholesaling in American Samoa?

LOL

7. I’m looking to partner with someone who has money, experience and expertise and a property to flip. I’m willing to go 50 - 50.

LOL

6. I’m new to real estate investing. Where do I begin?

5. I’m going to virtually wholesale properties in Montana from my home in Florida. Anyone know where I can borrow earnest money?

there are a few options for borrowing earnest money when you need funds to get a property under contract:

Gator Lenders - This is a company that specifically lends money for earnest money deposits (EMD). They will send the EMD to your title company and charge you a percentage of the amount borrowed. For example, if your EMD is $2,000, they will lend you that amount for a fee.

Borrow against stock portfolios - If you have a stock portfolio or retirement accounts, most brokerages will allow you to borrow up to 40% of the portfolio's market value. This could provide funds for an EMD without needing a personal loan.

Bridge loans - While not specifically for EMD, bridge loans are a short-term financing option that can help fund a purchase before you have access to longer-term financing or funds from selling another property

4. I’ve put together a 365 page business plan for my real estate investment company. Can you critique it?

3. I've started a real estate investment company, and have my LLC. Where can I borrow unsecured capital in the name of my LLC with no personal liability?

2. I have no money left, my property is worth less than I owe, and need $70,000 of rehab left. Anyone know of a contractor that will work with me?

1. If I start with no money and no experience, how long should it take me to have enough income to replace my salary and retire?

It will likely take at least 3-5 years of focused effort to start generating significant cash flow from real estate, even if you use leverage (financing). Most properties take a few years to appreciate and cash flow well.

Replacing a $60,000 annual salary would require around 50 rental units, assuming $200/month net cash flow per unit after all expenses if self-managing. With partners or a property manager, it would take more units.

To get to $10,000/month ($120,000/year) in mostly passive income, you may need 50-100+ rental units depending on the cash flow. Building a portfolio of this size takes significant time and infrastructure.

Wholesaling is one way to get started with little money, to gain experience and capital for rental investments. But wholesaling is active income, not passive.

With a good savings rate, you could replace your income in under 10 years through rental properties, but it will take a lot of hard work and not be fully passive.