All Forum Posts by: StacyA McBain

@William Scott - Welcome! Thanks for your note, above - I  sent you a DM in reply. 

HI Tony, 

A few options might include:

Private lending;

partnerships, including with your team, manager, REI club members, people with more capital than time;

hard money;

self-directing IRA money;

owner financing;

wholesaling...

There are a lot of resources, books and podcasts on this topic - I'm sure as you dig deeper you'll identify the option that makes the most sense for you. 

Another good way to start might be putting together the proforma on your deal and seeing if others others find it compelling and share your definition of good. PM me if you'd like me to look at what you have and provide honest feedback on it. 

Good luck! 

Stacy

Hi Leo, 

I'd recommend that you also check out a local REI club. They're valuable when it comes to networking and learning the ins-and-outs directly from your colleagues.

Best of luck, 

Stacy

Hi Seth, 

Laminate is very popular in our area too right now, and will fly in bedrooms and living areas alike. That said, in a larger home, I'm inclined to opt for carpet in less-traveled bedrooms and laminate in entry areas and living rooms. Carpet is cheaper to buy/install/replace than laminate. I'm sure it matters very little that I include a "no shoes on carpet" policy in my lease, but it makes me feel better. It tends to naturally last longer in bedrooms, than it would in an entry area. 

Since investing is a numbers game, perhaps you should do some calculations based on how long you plan to keep the home. There's likely some point at which laminate makes more financial sense, but on a 5 year plan, carpet would probably win from a numbers perspective. If there was a unit beneath, carpet would carry one more plus. 

Good luck - enjoy this one as one of the "fun" decisions. Let me know if you put this one to the numbers test and come up with any cost vs. life span data :). 

Stacy

@Elliot, I'm not sure how it will differ with wholesaling, but in residential REI purchases, my clients often file a Quit Claim Deed to switch the property from their name into the LLC's. If getting financing, the concern would be lenders likely include verbiage in their loan paperwork that allows them to call the note with that sort of activity. Commercial lenders are the ones who actually seem to watch it - residential lenders don't tend to call investors out, who commonly pursue this practice, but it's key to know that they can. I saw it happen once over some billing mix ups, but the solution offered was to simply transfer it back into the individual's name. Good luck!

Hi Jabari, 

You will get there - I know it! I It has been fun working with you to provide insights, flag  properties and ride this re-finance wave with you along the way. I just thought of you when reading another post where someone mentioned Brandon Turner's book, The Book on Investing in Real Estate with No (and Low) Money Down? I've not read it, but wonder if it would supplement our current ideas. 

Also, there's someone I'd like to introduce you to at the next Avid Investor's meeting - just because connections often lead to connections. 

Warmly, 

Stacy

Hi Becky,
Thanks for reaching out. Congratulations on being 2 properties in so far! 

I would be interested in hearing more about your REI endeavors, as well as what types of properties you're looking for (including those you may be open to, but not actively seeking out).
Let's chat. 

I'm always interested in connecting with investors. I'm both an investor and an agent focusing on investment properties in the Boise Idaho area. I also run an Idaho Real Estate Investor's group called Avid Investors. I'm familiar with some clients/ members who are interested in breaking into real estate and may have interest in wholesaling. 

Cheers!

Stacy

"Thinner than cellophane" - ha! We can relate, however, like Lisa said, there are opportunities to be dug up if you put your efforts toward acquisition. I'm a buy and hold investor but selling a couple, given the current climate. 

Rents are hot too - I have a four-plex in a prime location coming up for sale that will need serious work, but given the recent lack of ceiling on rents lately we might be able to make some numbers work. 

I host an invite-only investor's club - hit me up for details when you get into town. Some pre-mls details float through there. 

Cheers, 

StacyA

My advice would be to jump in all the way or not at all. With the amount of time, energy and ongoing costs/education required to get and stay licensed, it doesn't seem like it would be worth it, unless you decide you'll fully utilize it. Especially since you don't pay commissions as a buyer, and as a seller, you could avoid commissions by selling it by owner, if the market enabled.