All Forum Posts by: Brad Noe

@Steven Mitchell My advice is, find good enough deals and run your numbers correctly to where you can still cash flow without having to do all the repairs yourself! If you want to run a real business, you can't be burdened with running around town to fix all these minor things. Find a good handyman to help you out and it will give you peace of mind and extra time to spend on business/family/hobbies/etc.

Welcome @Scott Hesseltine ! You have found the right place to get started - BP is an absolute treasure trove of information and awesome, like-minded people just waiting to help you on your journey. You remind me a lot of where I was a year ago. Here is my story just to show you that "anybody can do it":

- Read the book Rich Dad, Poor Dad in April 2016, decided to look into real estate as a means of earning financial freedom.

- Found Bigger Pockets, immersed myself in the forums, podcasts, etc for the next 6 months. Literally every available second of every day was devoted to educating myself.

- Closed on my first rental property, a foreclosure, in October 2016. Rehabbed it mostly by myself and had tenants in place by January 1, 2017.

- Closed on my second rental property in March 2017 using a HELOC taken out on my personal residence.

- Last month (April 2017) I successfully completed a BRRRR (buy, rehab, rent, refinance, repeat) on that first property and rolled the funds over into the purchase of my 3rd rental property which I just closed on last week and am currently rehabbing (this time using a contractor!).

- As long as everything goes smoothly (fingers crossed, knock on wood), I'll be closing my first wholesale deal next week.

So not trying to toot my own horn here, but I was able to achieve all of this while working a full time job and helping my wife, who also works full time, raise two young children. And NONE of that would have been possible without finding this amazing website and going completely all-in to educate myself and then not being afraid to take imperfect action. And I am still learning every single day. 

If you have any questions or need advice, please don't hesitate to reach out! Best of luck to you and your wife on your journey. 

Cheers!

Good stuff, thanks @Sean Williams I will add you to the buyers list. 

Thanks everyone- great insight as always! And thank you @Pedro Martins, I have an attorney and have worked with Borders I just like to get on BP every now and then for advice as well! 

Hello BP,

Greetings from Louisville, KY on Kentucky Derby Eve!

I got started a little over a year ago in real estate investing doing the BRRRR strategy, but I am to the point now where I don't have the time/capital to take on all of the deals that I am finding so I am getting into wholesaling. Here is my question for all you experts out there:

This pertains to the assignment of a contract at closing vs. a double close. I understand the Assignment process I think, but from what I understand for a double close I think I would need to:

- Get the property under contract with the seller using a standard purchase & sale agreement.

- Get the property under contract with the end buyer using a standard purchase & sale agreement.

- At the closing table, I close with the seller using the end buyer's funds, then close with the end buyer, and leave with the amount that is left over from the deal.

Is this correct in general? A few follow up questions: 

- Would we wait to initiate the title search once the second contract with the seller is in place? Do I need to have language in the contract with my buyer stating that the cost of the title examination and insurance are their responsibility?

Finally, when marketing a deal to Cash Buyers where I plan to ASSIGN the contract, I understand that I must be careful in the wording of my advertisement to state that "I am in possession of an assignable contract" as opposed to indicating that I am in possession of the real property itself. Does this same guideline apply when planning to execute a Double Close?

Cheers,

Brad

What's up @Robert Bergeron?! I'll shoot you an email. I may have something for you.

@Oliver Sparks I actually decided that jumping into multi-family on my very first deal was not a great idea and instead chose to pursue the BRRRR strategy with single family homes. The valuation/cash flow math is much easier to grasp. Long term though I will return to multi-family once I have some more experience.

@Dean Muriby good stuff, thanks for following up!

I'm about 3 weeks in with Adwords Express and am also highly disappointed. I think I have my post highly optimized and a fairly hefty budget but all I'm getting is clicks. I've had one solid lead but it turns out this lady had shopped her deal to EVERY "we buy homes" PPC ad she could find on Google and thus wanted way too much. 

I guess I will try out Adwords next. Have you had any luck since you made this post, @Dean Muriby?