All Forum Posts by: Alex Grosvenor

@Justin Coleman  I hope I can help answer those questions.

1. Each person can own up to 10 houses in their name so have one house under an FHA loan is not a problem for you getting any conventional/ investment type loan.

2. Your first house would affect your debt to income ratio. Depending on what it is might affect the next house you are trying to get. Having a great lender will be able to tell you if you can get around the problem of having a house currently and exactly how to get around the problem.

Welcome to BP @Arun Santhanam!

BP is a great place to learn anything you want to know about real estate. It's also a great place to make a connection with anyone who's work is real estate related.

Hey @Kelly Anna Geiser interior design is used all of the time for us investors needed to stage a home. Usually that interior designer will already be a part of the investors team or come with the staging company. 

There is in deed a demand for it. What is your time worth to you? Is it $10 an hour or $50 an hour. How long does it take you to complete a house? That determines what you will charge. 

Your job now is to build your brand, show everybody who you are and what skills you bring to the table. 

You can do whatever you want to do in life if it’s interior design then jump right in!

Hey Cameron! Prime Lending is a smaller institution here in Dallas. Find clients and offer them programs that prime has most other banks don’t. 

EXAPMLE: I know people who have closed deals with PrimeLending in about 21 on a 30 year loan during the pandemic. I haven’t seen any other traditional lender so that. Usually taking lender 35 days during the pandemic. Give you an advantage. 
-I’m sure PrimeLending has other offers that other banks don’t have as well.

Also be active on here. I know tons of clients in need of a solid loan officer and lender and those are warm leads from people you know are interested in buying or selling real estate or they wouldn’t be on this website.

Social media is a great outlet and friends that’s you’ve had previously is also a great place to start and a lot more comfortable for a lot of people.

Hey Husain,

Welcome to BP! Tons of great people on here that would love to connect! 

Hey Bobby contact @Richard Helppie-Schmieder

@Jaron Walling and @Will Fraser are correct. I just want simplify and clarify what I believe they are talking about. Most importantly get newbies to fully understand what y'all are saying in this discussion because it is great information. 

You might convert the garage and gain 300-400 sq ft to your house, but if all of the other comps in your area have garage and now you don't have a garage, then you added value with the sq ft but you also subtracted value by taking away the garage. Does the value add of the sq ft far surpass the subtracted value of the garage? The comps will tell you.

Another thing is, will the appraiser you are using count that attic addition as full value or only half value? It is an attic and I've seen appraisers give some spaces half value before.

Due some due diligence, talk to appraisers, talk to your agent and find out what other houses in the area are doing. Ask the contractor which one they've had more success with when working with other clients. 

I just want to give you and everybody else out there specific things to look for and to make it as simple and clear as possible. 

There are tons of Title Companies out there. Where are you located? Where do you plan on doing most of your deals? 

National Title off of the 75 central expressway is good. Chicago Title is good and they have many locations. Tiago Title is another company who does good work. Use any of those 3 when you write your contracts. You can always switch the title company before the contract is executed. 

Title handles almost everything for you. As a wholesaler, there is not much you need to know about what title does besides having a general understanding. Establish a good relationship with the title company and they will take care of you. 

As a new wholesaler your only focus should be finding properties, then finding buyers to assign those properties to. If you're focusing on title companies, hard money lenders and all of that jazz then your focusing on the completely wrong thing. You'll get stuck in analysis paralysis and end up learning everything and anything instead of taking action. Taking action leads to results. Information can never make you rich unless you take action. Find the property - figure everything else out as you go. 

Hey @Ben Riggs,

Nobody can tell you what internship you should or shouldn’t take or what path you should go down. You have to decide that for yourself. 

If it’s really not about the money, then what is it that you’re more passionate about? Is it Real Estate or is it being a financial analyst? 

You mentioned in there having goals of being a philanthropist and owning a Real Estate LLC. No where did you mention wanting to be a financial analyst or owning a financial analyst company in the future.

Imagine your life 10-20 years down the road. How does that look like? Are you a financial analyst or are you doing real estate? Do you own the company or are you working for somebody else? Which career path will lead you to the wealth you need to become a philanthropist faster? Which career path will make you happier? Do you want to travel? Which job allows you to do that? 

Hope this helps 

A lot of people make the mistake of thinking of their primary residence differently from your investment properties. When you have a huge portfolio sure, but when you’re low in number of units your primary residence is still an investment. You are now the tenant. You still need reserves for capex, maintenance and vacancy even if you live there because you won’t forever and repairs still come up.

You get the appreciation and debt pay down not to mention the tax benefits of it being your primary residence. It is a great investment. So don’t think of it being money tied up. It still went to an investment property. Just the one you happen to be living in.

The best time to buy real estate was yesterday. The second best time to buy is today. Due your research. Talk to people who know the DFW area well. Don’t miss out on a year of appreciation, debt pay down and tax benefits just to rent and pay off someone else’s loans. 
 
Make sure the numbers work. If it doesn’t cashflow in year 1 that’s fine because you’re living there. If you break even you got a free place to live for a year. Make sure it cash flows in year 2 when appreciation make rent prices go up and you’re moving out. That’s when it really matters and setting up for cashflow year 2 gives you a huge advantage over competition about what you can pay now.