All Forum Posts by: Alexander Ball

This is an estimate I recently got from a contractor, how accurate does this seem to you all?
https://drive.google.com/file/...

I found a seller who's looking to sell a couple of their duplexes off market in West Virginia.  I did this through direct mail.  I'm going to take a look at them later this week and will make a formal offer.  What I don't know how to do is actually put this deal under contract. I've bought multiple rentals but always with a realtor and through the mls, never off market in this way.




1.  Do I need a lawyer or can I use rocket lawyer, etc?
2. For closing, obviously I need to get loans for the purchase price and I'll also due inspections as well.  But what do they need to do on their end?  Do they need to bring anything to close like proof of ownership? I have no idea. 
3. Is there anything else I need to do or consider? Should I put down earnest money or anything?

thanks

is it -735 with you living in one of the units? or -735 with all of them rented?  

You acted like a child.

When you but stock you're buying ownership in someone else's business, the main risk there is they're the one running it.  You have to make an estimated guess at its value.  With real estate, you're starting and running your own business and for me that's why it more often than not is more successful.  You focus on a singular business and have total control over its success.  One isn't necessarily better than the other, but I think with persistence it's hard to fail in real estate.

Average return on total market index is 7%

Why buy a job and get a lower return than that? If you aren't getting 7% CoC or better, buying all cash is never a good idea. If it's an issue of being conservative, hold back cash in reserves.

I honestly just love business and want to pursue building a business full time.

I've personally always felt that it's easier to be a LP in syndication once YOU know what you're doing. Until then, all you have to evaluate deals is what a GP is telling you. If you don't know anything about real estate, it's incredibly difficult to have any clue about whether their numbers are correct or not. I would start out in SFR, learn the business, go through the pain and struggle and then move to syndication.  SFR short term and then move to syndication long term.  

1.  No idea about the areas surrounding NY,NY but I'm under the impression that is a really difficult market to succeed in.  If possible, you might want to consider moving

2. Go ahead and reach out to mortgage brokers in the area, they’ll be able to give you a good answer of what credit you will need, how much of a down payment, etc. for different properties.

Good luck

Good luck, I'm in a similar place in my journey.  Excited to see how things go for you.