All Forum Posts by: Alan Brymer

Are you sure you want to try to rehab it yourself and sell it? Why not just wholesale the houses and let someone else take the risk and hassle?

But to fund it yourself, I've had the most luck with private lenders and bank lines of credit. Since I got set up with those, there's no going back to hard money loans.

I would sell right away if you want to sell right away, and hold it for a year or more if you want to pay down the loan or if selling it lease/option is the only way to get it occupied when fixed up. I would never hold something just for tax purposes. With the right CPA you can sell everything now and still pay very little in taxes.

I've always had an agreement worded to say that the contract is contingent upon my approval following an inspection. The few times I've used it, I either did a more thorough walkthrough myself, or a contractor did. I have rarely paid for an inspection because contractors usually notice everything that needs repairs and since I don';t buy and hold I don't really care about long-term problems.

If you want to find local contacts, go to your local REIA. Google "Rob Swanson" and find his in or near Denver (I forget its name), but it's supposed to be really good. They can give you the lowdown on neighborhoods, etc. Paul Wells is also another teacher and active investor in the Denver area, so you might want to meet him.

I've given up trying to keep track of what lenders want, because it's as impossible to answer and often arbitrary as what women want (I know I'll get flack for that)

However, when trying to get buyers qualified, I've had better results referring them to a mortgage broker and letting them work thir magic on them, rather than to a loan officer for 1 company that only offers that 1 company's loan products.

They often have a lot more options available and can qualify peple that othe lenders can't.

I would get myfax.com as your fax number, because you can send and receive faxes through email, even if it means making another automatic payment very month, which doesn't take any time anyway.

I've done it all and am changing things now to do nothing but wholesaling, and lease/optioning a few houses here and here, only if they are brain-dead, impossible to lose, get in without tying up any money, and very easy to find a tenant/buyer.

I sold everything retail before, but that ain't working too well so it will have to wait until later.

But nothing beats the ease (since there's less work involved, it's easier to train an assistant to do it all for you) and safety of wholesaling deals in a time when values are still going down in places, and no one can seem to get a loan.

Personally, I think owning a home is often overrated. You can "settle down" just as easily in a rental, and those are usually a lot cheaper up front and monthly.

If you're looking for a real estate job in order to learn more about investing, don't bother. There'smore than enough info online and in courses for you to learn how, and still do whatever you love for a living.

If you just love real estate, realtors, lenders, etc, and and want to be around them all day long, then I'd look for a job for one of them.

Look around your local want ads, etc, to find out if any of them are hiring. Most jobs in real estate mean becoming an agent or loan officer, which pretty much means startin your own business.

I would wholesale a few deals first, even if you'd prefer to buy and hold, because if you can't make money wholesaling, you can't make money buying and holding (and you risk losing a lot)

The first few wholesale deals I tried to wholesale, I couldn't find a buyer for because the deal didnt work, or the location sucked, or I offered too much. I would have bought those myself if I could have, and I sure am glad I didn't.

Wholesaling will help you practice finding and negotiating deals, so you'll make better investments when you're buying and holding for yourself.