All Forum Posts by: Anthony Dooley

Wholesalers in my area use FB marketplace and local Facebook yardsale pages to post their deals for sale. You can message them and they will put you on thier list. Keep in mind that the wholesaler knows very little about the property and cannot provide a seller's disclosure. Have fun.

 You are simply parroting what you have heard on BP. You  obviously are not speaking from experience. Anything that costs less than $2500 is considered a repair for tax purposes and not a capitol expenditure. The money you put aside for a new roof is retained earnings (savings) and is taxable income if you did not use the money for a roof that tax year. I actually do this for a living. This is not a hobby for me, so don't try to tell me something you heard on a podcast that you actually haven't done.

I will assume the HELOC is on your personal residence and for that reason, I would not use it on the multi-family. I would use cash, but not all at once. $100K in renovations can be done incrementally over time. I woud focus on one or two vacant units at a time. Once renovated with cash, increase the rents on those newly renovated units. Continue this until every unit is renovated and leased at current market rents. This increases the value of your property and you can then refinance it to replace the cash that you used.

I don't understand. What do you think the attorney does in a real estate transaction? The process of title search and transferring ownership is exactly the same regardless if it's an investment property or a personal residence. Any closing attorney in Oxford can do this and offer title policies too.

You should either jump ship, or renew your commitment to the business. I would fire the property manager and manage the property myself, since it's the only one you have. A vacant property in a rough neighborhood will be vandalized, as you now know. I would fix it, and manage it myself or quit. Nobody will take care of your property better than you.

Some banks do and some don't. You have to check with every bank in your area, especially small regional banks. Auction.com and other online auction websites have bank owned properties listed there. Do not pay money for a subscribtion or a list of foreclosures because you can find them for free. The best place to find deals are off market. I find more deals than I can possibly purchase by driving neighborhoods and finding abandoned "zombie" houses. 

If I woke up in L.A. and needed start over from nothing, knowing what I have learned over the last 20 years, the first thing I would do is to move to a "normal" real estate market where homes can be purchased for under $100K. The second thing is to learn that market very well. Where people are buying and where people in that town are renting. Once you know that market very well, you will be able to identify a good deal when you see it. I am talking Off-market deals. Once you are a millionaire doing this, you can move back to L.A. if you want.

More cement. If it's ugly, consider putting raised beds along the building as a landscaping feature. You could use Dry Lock water sealant too, but you have to eliminate water from standing there first and foremost. 

I don't recommend the BP calculators because they over complicate a relatively simple math problem. I recommend using the same exact method that Grant Cardone does on a white board on his older videos. I also like how Matt Theriault anaylizes deals on Epic Real Estate youtube channel. Hint: Cap Ex is not applicable to a single family house and it is not an actual expense. Cap Ex is financial planning method to cover future expenses that haven't actually happened yet. BP overstates this category, which is mainly applicable in a commercial setting, like paving a parking lot or a roof on a grocery store.

You need to talk to a mortgage broker about a DSCR loan. A broker will send your information to several lenders and they will respond with their offer and terms. You can get a 30 year fixed DSCR loan based on the rental income of the property and the amount of equity you have in the property.