All Forum Posts by: Aaron H.

Depends on what your listing contract says, what state you're in, etc. Read the contract, talk to the listing agent and see if they understand where you're coming from, and consider consulting a lawyer.

Most successful wholesalers will tell you that doing it right requires substantial up-front marketing costs. You might be able to drive for dollars and work the phones enough to turn up a few deals, but if you need substantial volume to generate startup cash, you're probably going to have to pay for direct mail or other marketing techniques. Many wholesalers spend hundred or thousands of dollars a month on marketing. Without that, prepare to spend a very significant amount of time chasing deals.

If you have no startup cash at all, you're probably better off looking for a local partner to work with for a cut of the profit. Or, if you find a good enough deal, use hard money for the first few.

I'm actively investing in the surrounding areas - Steamboat itself is too expensive to make sense. I've also been looking extensively in Northern Utah, including Ogden, and will likely end up purchasing in the area eventually.

The best way to get started is to educate yourself, in-depth. Start with the BP Beginner's Guide, and then read everything else you can get your hands on (books, the forums, BP blogs, podcasts, etc). Do that for a few months, and you'll have a more defined opinion on what your next step will be - house hacking, getting a real estate license, trying to wholesale, partnering up with someone, etc.

I haven't looked at their calendars recently, but your best bet to find a local meetup are the 3 area REIA's:

utahreia.org, nureia.org, slreia.com

Start with a good broker/agent with experience in multifamily. Many (not all) wholesalers focus on SFR, so it can be tougher to find one that does a lot of multifamily volume.

Not enough info to give you much of an opinion. What's your goal? It sounds like you're trying to wholesale?

As a simple hot take: The deal comes first. If you have a real deal, everything else will fall in place. If you don't, your buyer's list isn't going to get you very far.

Yes, you can engage in construction projects in the US where a corporate entity is on the note, not the landowner. Beyond that, everything will depend on the specifics of the deal, the lender, the borrower, etc.

I'd recommend getting a book on real estate finance in the US and reading up.

Sounds like you already know that your mistake was "befriending" the tenant. Make the first decision "how much space do I need personally" - if you and your family need the extra room, move into the bigger unit. If you can live without it, stay in the smaller one. Then give notice and get a tenant in there at market rate that isn't your friend - get a property manager if you have to.

So you're paying 395K for something with an ARV of 400K? I don't think that's a "deal" by almost anyone's definition. Not a great cap rate, or cash on cash return.

Depends on your goals, though - plenty of people out there are happy to park cash at a 5% return in a relatively safe property if it's turnkey. Personally, it wouldn't have made it past my first filter.