All Forum Posts by: Antony Munoz

@Antony Munoz  Welcome to BP!  I started off buying a lot of seller financing deals, typically fixers that I then used combinations of friend's money or lumber yard charge accounts to fund the rehab, then refi and used the profit to move onto the next deal.  Sometimes my credit cards too, but try to stay away as it will lower your credit score and make the refi harder.  Hence the lumber yard charge account because they didn't report to credit bureaus.

I eventually moved onto to Purchase + rehab financing offered by local banks, as I could close once, finish the rehab, and then it would convert to a normal mortgage, without having the stress or extra costs of doing a refi after.  

The bank would also do the appraisal ARV in advance, so I knew what it would be worth after the rehab, and the bank would lend off that. So also didn't to stress as much wondering if it would appraise or not.

Hope that helps!

- Tom

Tenant screening is the single most important factor. You have to learn what a good tenant looks like and then figure out how to screen for them. You can get the basic idea from a book, but it's really a skill developed with experience.

Hey @Antony Munoz, the one mistake I keep making is I rent to unqualified or underqualified tenants.  Having a vacancy stresses me out so much that I find the first warm body to fill the unit instead of waiting for someone that is qualified to rent it.  Even though I know it is cheaper to wait another couple of weeks for a better tenant, I still can't seem to break that habbit.  By just doing that I would solve a lot of other problems it creates.  

@Antony Munoz You have to know your numbers and not take at face value anyone else's version. You have to set up a tenant screening process that is thorough and that you stick with. Never run out of capital or access to money. All the best!

Welcome @Antony Munoz -

For me so much of the fun is learning, and I never stop doing it. I attend meetings, take courses, read books, watch webinars, listen to podcasts, etc. I recently posted a list of educators who teach creative deal-making and related topics. I think if you click on my profile you'll find the post. 

As for techniques, there's almost no limit to the amount of creativity you can bring. Starting out you can look into:

1. Seller Financing
2. Lease Options
3. Master Lease
4. Options
5. Equity Partnerships
6. Cash Flow Partnerships
7. Joint Ventures
8. Limited Partnerships
9. ...

Have fun!

@Antony Munoz I'd search craigslist, facebook marketplace, do some driving for dollars, direct mail with targeted lists and even try cold calling if you're brave! Networking with local agents, wholesalers, etc can be helpful as well. Tell your friends and family what you're doing. The more people that know you're investing in real estate then the more likely you are to find a deal.

@Antony Munoz also try the local Portland REIA. They are meeting online. Put a post on nextdoor asking for neighbors to meetup and talk re investing. Speak to friends and coworkers that you are starting out and you will be surprised howany already own rentals or have a portfolio. Go out of your comfort zone and the rest will follow