All Forum Posts by: Blake Choisnet

 I agree with this guidance. Whoever you choose to coach you needs 4 things:

1) Need to know what you want to know. 
They need to have the knowledge and experience of what YOU want to do. Not just teach you what THEY did. Go through your goals and make sure what they know and are an expert in lines up with exactly what you want. Ex: If you want passive income you shouldn't be doing flipping. If you need cash immediately you shouldn't be buying long term rentals. 

2) Need to be able to communicate/teach it. 
Just because someone is good at something doesn't mean they can coach or teach. You should be able to get a good feel for their teaching style by checking out social content and youtube videos. 

3) Need to be willing and able to give you their time. 
If this person is local to you or you know them personally, see if they'll give you their time and (if so) how much of it. The more time you get with the expert the faster you can move. The less of their time, the more you're doing it on your own. If you choose an online program, ask how much access you have to the coach. Not Jr Coaches, not others, but the expert themself. If they have Jr Coaches and they're your primary resource for coaching (and you're okay with that), ask them what the requirements/qualifications are for the JC's. I've seen many situations where people are made JC's without even closing a property only because they're good at talking to people and facilitating conversation. 

4) Need to be trustworthy. 
Trust is made up of two things: Competence and Character. Competence - My best friend is awesome and I'd give him my kids if I got hit by a bus but I won't let him operate on my brain. He doesn't know anything about brain surgery. You should be able to get a good feel for their knowledge and expertise through digital resources they provide (webinars, youtube videos, social content) Character - You need to believe they have your best in mind and they prioritize it. It doesn't mean they can't win in the interaction, but it certainly means that it can't be one-sided. If you don't feel like you can trust someone's character for some reason, look into it. Sometimes we're wrong. But if you just can't shake it, it's probably your BS meter telling you that you don't believe they will have your best in mind during the coaching process. Again, use the digital collateral available to learn about who they are and hear more from them. Trust your gut. 

Hope this helps. Best of luck. 

Hey @Jared Lyon, there are lots of people out there coaching investors that are doing lots of good work. But there's also lots of people out there that are being dishonest and not following through on their promise to their students, which in the end just hurts the investors themselves and other investors that are considering coaching because they assume everyone is the same. 

There are also a lot of people out there that will hate on getting coaching, some due to the bad actors I mentioned, but some due to a commitment to do everything themselves. That's fine, but they have to know there's a tradeoff for everything. The tradeoff for doing it all alone is higher risk and a much slower pace. In my experience those that go alone often times don't end up closing any deals because it's information overload and they're drinking out of a fire hydrant and don't have any guidance to tell them what to focus on. Those that do end up closing on deals usually take 2+ years for the first one. You have your exceptions, but that's what I've seen after talking to thousands of people and helping hundreds build their porfolios. 

If you're looking for some direction and want to have a conversation I can commit to honesty and transparency, not pushiness or gimmicks. We're good at what we do, but we don't do what we don't do and will tell you where the line is so you can make the best decision for you and your family. Feel free to message me if it'd be helpful to have a conversation. Even if it's not working with us I'm happy to help. 

Where is the market for selling these notes? What tools allow you to connect with those looking to purchase these? 

What groups are out there that lend to practicing Muslims and honor their financing restrictions?

I'm helping a friend who wants to start investing in real estate. She's a practicing Muslim so they have very strict rules around not being able to pay interest (what they call 'riba'). She's struggling to find lending options for investment properties that honor her beliefs. The main players in this space are Guidance Residential and UIF, but it turns out that they may just be purchasing a Freddie/Fannie loan on the back end to finance the deal and then structure it differently for the buyer - which isn't in accordance with their religious rules. 

What groups are out there that lend to practicing Muslims and honor their financing restrictions? Are there any? 

You have two main options for sourcing below-market deals:
1) Direct to seller marketing
2) Wholesalers

D2S requires more time, expertise, marketing budget, and sales skills, but you get a better deal. 

Wholesalers requires less time, expertise, and budget, and you pay a bit more for it. 

Personally I love using wholesalers because I free up my time and I pay only for results - if it's a good deal they get paid, and I'm happy to pay a fat assignment fee. D2S is great too, just know it's more work and will take more time refining your scripts and motivated seller list criteria, doing split testing, negotiating, and taking phone calls often. But if the deal is good enough that might be worth it to you. 

Good luck!

Top markets I'm seeing for remote BRRRR right now are:
- Dayton OH
- Birmingham AL
- Macon GA

All have a market rent-to-price ratio well above 1.0% which will give you a better shot at cashflow. 
Price of entry is much more friendly as well. 
Landlord friendly state? Check. 

Hope this helps. 

Does anyone know of a lender or product that provides 80% LTV on appraisal at purchase?

ex: Property worth $100k, have it under contract for $80k. Come to close and only pay closing costs.

I consistently find great below-market properties but would like to keep as much cash in my pocket for other property acquisitions. I'd like to identify a couple of lenders that lend specifically on appraised value rather than 'the lesser of purchase price or appraised value'. 

Any help? 

Does anyone know of any loan products that allow an investor to get 80% LTV on appraisal at purchase?

ex: Property worth $100k, have it under contract for $80k. Come to close and only pay closing costs.

This would be 20% equity, but not 20% LTC. 

 If you ever offer this in TX sign me up!

It depends on what your goal is. If your goal is to pay off the loan entirely, it'd look different than if you wanted to maximize monthly cashflow. Personally, I want to maximize cashflow so I usually refinance my properties once they're at 50%-60% LTV and cash out the equity available and buy additional properties.

As far as a 'worst case scenario', if you're not in a position to weather a 6mo downturn, you should sell and transfer that money into a higher cashflow property. In '08/'09, property values declined 33% overall but recovered and are up almost 100% from their 2008 peak. Cashflow on a property is your hedge against market downturn. But with the way we've been printing money it's reasonable to expect property values to continue to grow - Goldman Sachs predicts home values across the US to increase 16.4% in 2022.