All Forum Posts by: Andres Verney

I recommend that you print out the property appraiser page and take it to the corresponding building department to verify the properties situation.  Start with the zoning department.  They should be able to answer most of your questions and direct you to whoever else you may need to speak with regarding this matter.

It may not be anything to worry about as every property has specific requirements of distance from the boundary for "easements".  You just want to check with the authorities that govern where the property is located to answer any questions you have before buying.  You could put property under contract if your evaluation makes it a good deal and have contingency clause of 10-15 days of due diligence that includes proper inspection of property.

Good luck.  Hope this helps.

Wow.  Very ambitious. Good for you.

One way is to become a property manager and make a small % off each house you manage.  You can do that in 2-3 years.

Other way is lease options.  You find motivated sellers who are willing to lease their house to you and you in turn find tenants who want to lease with option to purchase that house.  You make $ with non-refundable deposit up front and the spread between the rents.

S California sounds like an expensive market to me.  I'm in FL.

Another way is to joint venture with investors who have the money, but need good deals.  You become the expert in finding great deals and split the rent with the investor who puts up the money.

Hope these ideas help.

Good luck.

I would stay away from any lending source that charges any fees upfront.  The only fee I "MIGHT" pay for is an application fee, but even then I'd just look for another source.  All fees should be paid at closing AFTER you've been APPROVED.

Hope this helps.

Hi Anthony,  I attended Gene's weekend training on ALF's in Orlando a couple of months ago and I learned more than I expected.  The training was excellent and I don't know of anyone else who is willing to share the info that Gene shares with you in his course.

I am currently putting much of what I have learned into practice and have learned even more.

ALF's are fantastic income producing vehicles, but they have to be right for you.  There's a lot of regulation and responsibility when caring for the elderly, especially someone else's family.

His course is a great starting point to learn more about the industry and business.  The rest comes with practice and experience.  You won't learn EVERYTHING, but will learn more than most.

#1 question to ask yourself is what interests you in getting involved with ALF's.  My suggestion to you is to reach out to a few in your area and speak with the administrators or owners of smaller residential ALF and find out as much as you can on whether this investment type is right for you.

Hope this helps.

If you have no money or credit then you need to become an expert in finding good deals.  Great deals will yield more sources of funding.  The only way I have been able to use private money for rentals is through a joint venture and a split of the cash flow and/or equity, after finding a great deal.

You might have to flip a few rehabs with private money and save enough of your profits to buy your own rental.

Hope this helps.

Congrats on paying loan down.  Good question.

It depends on what type of deals you're investing in, your income and your thoughts about debt (good vs bad). Hopefully your wife's investment in her degree is paying off and it was a good debt that is yielding an ROI.

$400 to me seems like a car payment and very manageable to me.  Leveraging debt at low interest to generate cash flow or large sums of money is good.   

Personally I like focusing on deals that generate cash flow so that they can pay my debts and keep giving me passive monthly income long after the debt is paid off.  At the current rate of $400/mo, it will take you about 6 years to pay off this debt.  How many deals could you do and how much money can you make in 6 years?  Can you get a deal that can yield you more than $400 per month net income?

Hope this helps.

Andres

David,

I had a similar situation a few years ago.  I worked with my accountant and found a really good mortgage broker who knew about full underwriting.  I had to show 2 years tax returns and profit and loss statements to prove my income.  My mortgage broker found a bank that was able to refi-cash out at 75% with a credit score of 700.

Once you find the right broker you should not have any trouble getting a loan.  Just a little more paperwork.

Hope this helps.

Andres

 Hi John, thanks for the offer.  I already have that set up.  If you happen to come across any off-market opportunities with my parameters, please let me know.

Thanks.

 Thanks Jameson.  I wish I had the family experience and support that you have at your age.  You have a tremendous opportunity to do great things with your dad's background.  Good luck and I expect to read real soon that you bought the Wells Fargo Building as part of your real estate empire.

I feel that new construction is an awesome niche to be in with much less competition and better margins.  I have the advantage of being a builder in Florida, but most of my experience comes in building or working for others.  Now I'm building for myself and you are right on with the financing statement.  Money is starting to find me and offer me more opportunity to do more projects and help more people.

Thanks for the advice and wish you the bes.

Andres

Thanks Michael. I have discovered in the last couple of years that financing is not an issue as long as you have a really good deal and are networking with enough people. I used to think that finding money was hard or that I had to have my own to get started. I have experienced the complete opposite. Once I started letting people know what I did and starting putting together really good deals the money started finding me. The way I got initially started in new construction was letting friends and family know about Self Directed IRA's and how I could give them a 5-10 times greater return on their retirement funds than the CD, Bank or IRA there money was parked in now.

Best of luck to you and happy investing.

Andres