All Forum Posts by: Alex Capozzolo

@Sara Soleimani I am also pursuing out of state investing. My advice: connect with an investor-friendly agent (preferably one that has investment properties already) and have them be your boots on the ground. They will cover the MLS for you, and usually have good tips for off market deals. I focus more on off market, and have never used a turnkey company, but have heard they are becoming more saturated as time goes on. However, that also means that their competition is ramping things up and improving their sites. My favorite site interface is RoofStock but they are limited to certain areas. 

Where are you planning on investing outside of CA?

@Marsalis Long Welcome to the BP community !

Welcome @Adam Stevens! Great goals, keep that drive up and it will take you far ! Good luck

@Rafael Davis That's great to hear! I've had that one my 'to read' list for a while, glad to hear some good feedback about it!

Actionable Steps for this Situation:

- you probably have more time on your hands than investors in your area who are earning that $30K/mo in passive income through investing. What they don't have is time. Attend your local REIA meetups, connect with investors, and add value to them any way you can. Help them out with projects and minor things in exchange for knowledge. Or even try to bring them a deal ! They like that even better :) work your way up from there

Wholesaling rule of thumb ... if the wholesaling fee will be more than $5K, it is a good idea to complete a double closing. The only part of the transaction you may have to use your own money is for the EMD - Earnest Money Deposit - to give to the original seller. However, the money is actually exchanged until the date of the double closing, so you can use part of your assignment fee to cover that usually

In California, double closings are exactly how you described: using the funds from the B-C transaction to fund the A-B transaction. I would start by calling 20 different closing attorneys in your area and asking them if they have experience working with Real Estate Wholesalers, then explain the process of the double closing to them, and if they can perform. Good luck !

75/25 split for your properties is a fairly good deal for a first time 'licensee'. If you are just planning on using your license for your own properties to flip/fix, and the broker has a sound training program, that may be the right fit for you ! Hope this helps 

@Doug Ford "Once you find a deal, the money will find you." - That's what many investors in the industry say, and I agree. If you find a deal (whether through direct mail, seo, networking, cold calling, door knocking, etc.) and the # prove that it is a sound investment, you should not have a problem finding investors. Especially in San Antonio, I've been reading how hot the market has been there the past few quarters ... private money lenders are dying to have you bring them deals.

What is your end goal? Buy & Hold, Flip, or Wholesale?

@Cassidy Burns Not always, but it definitely helps! However, even if a potential deal looks great on paper, multiple exit strategies are important. If it's a great fix/flip property and looks great on paper, but then miscellaneous issues arise during the demo and you go way over budget and you would lose money on the flip, it would make the overall deal a much better deal if an exit strategy of renting it out and still cash flowing was an option! It's all about your end goal, and being able to pivot when necessary :)