All Forum Posts by: Blaine Alger

House hacking is cool but make sure your financing is lined up.

I would take a guess and say that banks aren't your friend right now given your age and possible lack of sufficient w2 income. 

You could try to get your parents to co-sign or try to look for creative opportunities off market, but thats another story,

I think you should continue to focus on education and getting your financing in position. Go talk with a lender and see what you need to do in order to get approved for a loan later on down the line. 

Best of luck to ya!

-BA

Welcome to the show, Hunter.

Word to the wise, wholesaling is hard.

It can be very lucrative but you better be ready to straight up HUSTLE. I'm not talking about sending a couple texts and post cards, cause that ain't gonna get it done.  I'm talking about knocking doors, talking to everyone you see, tracking down 12 heirs in 4 different states so they can sign an affidavits, and much more.

If you aren't wiling to do those things then it wont work for you and you should check out other avenues to get into RE. If you have the experience, I would recommend you just jump into fix N flips and skip the wholesailing. Just my .02, best of luck to ya.

-BA

P.S. 

You are going to need to take on some debt. I know it seems risky to some people but leverage will make it so much easier to scale while also driving up your ROE. If you need recommendations for a HML, let me know. I have a buddy that I could connect you with.

Being an agent is cool and will give you an edge, but just keep in mind that there is a difference between the retail and the investment/off market world (i'm sure you already know that though). 

For example, some of my deals I will only put down $10 EMD which most agents would laugh at. But from end, i see that $10 is enough to provide consideration for the contract so why would I put down $1000 when $10 will get the job done. (Market is ridiculous right now so I have been putting down higher EMD's but you get the gist)

I think the big advantage you have is access to data. Having the ability to see real, accurate comps is crucial. Data is the driver in this game and its what separates the ones who make, and the ones who don't.

Best of luck to ya. Feel free to reach out, i'm always down BS about some real estate.

-BA

I think this is a topic where i could present arguments for both sides.... but i'm gonna go ahead and join the dark side and go with find the deal first. 

If you find a good deal, you'll be able to find the buyers. No since in having a buyers list and no deals, haha.

Personally, I don't even like to have a buyers list. I realize it is nice to have a bigger pool because that means more competition which drives the price  higher but there is also more BS to deal with. You know what they say................. Mo money, Mo problems.  

I like to have 2 or 3 buyers that I trust and can depend on. I know I leave money on the table at times but it is worth it to me for not having to deal with a hundred people wanting to set up a time to walk a property so they can "get a better feel". 

-BA

Originally posted by @Chris Magma:

I would get every buyer first and display them on a map like this ...

Since you are driving for dollars it would be easy to know where to drive and who bought what so you can contact them when you have something.

Great idea. 

What software is that? I do not recognize it.

From first impression, you sound like you are a pretty smart guy and have thought about your options throughly. 

I don't think it matters what option you pick as long as you pick SOMETHING and don't debate on it for the next 40 years like most people. You are young enough where you could go bankrupt and totally fail and still have time to get back on your feet within the next 5 years and get back in the game. Im not trying to say you are going to fail but just trying to make the point that you are young and your risk profile should be higher than others given your recover time.

No matter what you pick, you'll figure it out as you go.  Feel free to reach out if you want to chat some more, always looking to connect wit others.

-BA

P.S. If it were me,  I would go with option #1 bc that is what aligns more with my personal goals.

I would consider reaching out to other investors in your area and seeing what help you can provide them. 

You might not get paid a ton or at all but it think the learning experience would be invaluable. 

-BA 

So it looks like you would be doing a  hybrid subject-to transaction. Essentially taking over the mortgage payments while structuring amortized payments for the rest of the equity. 

It is somewhat of a grey area (depending on who you ask) but there are a lot of people who do these types of transactions. They are a bit more complicated and you will need to make sure your title company is okay with doing it. And like everyone else has mentioned, definitely speak to your RE attorney and have them draw up the right paper work. 

I am by no means an expert on Subject-to's but I have a little bit of practical experience and I could also try to get you in contact with someone who could help. Shoot me a message if you got some more questions.

P.s. I also have a title company you could use for the subject to if yours isnt comfortable with it

-BA

I like to keep it simple.

If they answer their phone then that is a good start. It amazes me how many professionals are out there and are terrible on their phones. An agent is a customer service job and if you aren't able to respond to a simple text/phone call then this biz is not for you. 

Just my .02

-BA

Hey Emily, glad you are here.

Getting your foot in the door is often the biggest struggle. Once you get past that, then it becomes somewhat of a clearer path but there are still many other struggles to overcome along the way.

I don't know what your background is or what type of experience you have but Ill do my best to offer you some good advice. 

If i were you, I think i would start by getting a real job within the RE sphere. Im not necessarily talking about being an agent ( personally, I would never want to be an agent), but more so working as an appraiser, home inspector, property manager, working at a title company,  bank, etc. There are other options as well but the gist is that each of these jobs would provide practical knowledge for your future investing career and you wouldn't be dabbling within 2 different worlds. It would be Real Estate related all day, ERRYDAY.

I hope this helps. reach out if I can help out in any other way.

-BA