All Forum Posts by: Alex Deacon

@Gardi A. In my area I buy 4-6 properties a month typically foreclosures, sheriffs sales REOs. Regardless what the property is you have to do your due diligence. It either makes sense financially and has low to medium risk or it doesn't make sense and you should pass. kRun you numbers and know your market. if you do that then 9 times out of 10 you will make a profit. I lose money on 1 deal out of 30 now but I also have 25 years experience and 1500 transactions under my belt. Sorry for the long answer but there is no magic pill and usually if it looks too good to be true it is. Dont get in over your head. Start small and work your way up.

God Luck 

Alex

@Henri Meli I have a little experience with self directed IRAs. I borrow money from a lot of private lenders who do it through their SDIRA. You should reach out to an expert who manages SDIRAs. You have to have a third party mange the money. if you buy real estate with it you have to have a management company manage the property. There are many laws and rules that must be followed.

Seek the advice of an expert company who does this for a living

good luck 

Alex.

@Eric Swope Happy to share my experience. Great idea FYI to start your REI career with a duplex living in one. best of Luck to you

Hey @Eric Swope I am located in Pittsburgh also my home town. I have been involved with well over 1500 residential and small multi family transactions. I have never done a lead paint test. Especially with a home that was built in 78. As long as you disclose to a potential buyer or tenant down the road that you have never tested for and are not aware of any lead paint hazards you are safe. You want to be honest. Once you find lead paint then it opens up a new set of hurdles. Dont go looking for problems. You will have enough of them in this business. As far as Radon I have never tested for radon because its not required if you are renting to a tenant and if you are flipping the property and the radon levels are high then IF the new buyer does a radon inspection and the levels are high then a typical radon system costs $700. So to spend $150 to test for radon seems silly to me. I would take my chance on the radon also. Now if I am going to live in the residence then I would go ahead and do a radon test and try to get the seller to pay for it if the levels are above EPA limits.

Best Regards

Alex

Hey @Hugo Castellanos I buy and sell 5-10 homes a month. flips and buy and hold. This is not rocket science. You have to literally be looking all the time even in your sleep. You must see literally thousands of investments a year to find a few good ones. Most folks who get into this game overpay and get caught up in the hype. The Hype doesn't pay the bills. Hard work and continual learning and experience does. I think your evaluation is probably right spot on. You need to keep at it and continue to strike quickly when a good deal comes along but please use the correct numbers and be very liberal when it comes to vacancy rates and repairs. I hope this was helpful. 

Warm Regards

Alex

Hey @Dave S.  After using hundreds of private funding for deals myself typically you will need to show the seller a letter from the lender on the lenders letterhead stating that the buyer making the offer is pre -approved for a certain dollar amount. Pretty simple actually. You can also show a bank statement with the buyers name or company name on the account. You can white out the account number and or check numbers. The key is to show the most recent statement with the balance in the account easily legible. 

Warm Regards

Alex

Hi @Jordon McMullin

Typically in my area it's 10-15 days. If it's a commercial deal or larger multi family it can vary as much as 60 days for environmental studies etc.

As far as wholesaling is concerned  I'm an agent so I can't comment too much on that, but there are plenty of people on BP that will probably chime in shortly.

I am so excited to join this group  of like minded individuals. My friend and colleague Ian Hoover  has been a member for well over 2 years and has so many good things to say about the group. I am looking forward to making lifelong investor friends and wealth generating partners.

Talk to you soon :)