All Forum Posts by: Brendan Davis

Cash: Main problem right now especially trying to make a backyard deal. My area is not interested in seller financing, they all want their equity right now and I totally get that. Also finding out that you might as well not waste your time calling hard money lenders when starting out because they want to see a couple properties you currently have. It's a struggle starting out and I don't think it's talked about enough in more of a blunt way, in blog posts or any article on the web, everyone seems to softly speak about the introduction part that requires money.

For a complete beginner that is trying to jump into their first deal with absolutely little to no knowledge (obviously read books and countless videos, etc), when is a good time to start paying the $100 a month to utilize PropStream? I’m assuming it’s just like everything else, won’t learn it (or potentially get any sort of leads) until you do get it. Just curious!

Hello all; in my hometown there has been a property go up recently. What you’re looking at is what use to be a duplex. I looked at it when it was still a duplex about three years ago and it was in more than rough shape. It sat for years and even after the remodel, it’s still sitting. Oh, it got remodeled into a single family. 
Granted this post is all about assuming if the seller would do seller financing. That’s another task in itself if I was to continue since I’m completely new to this. 
What needs to be analyzed or good rule of thumb to get properties with seller financing? What I know about this house is that there should be no mortgage (messaged realtor to verify), last sold for $60k in 2004.
Rent in my area; $1,200 is usually pushing it but doable.
https://www.realtor.com/realestateandhomes-detail/200-Walnut...

At the end of the day, I love the idea of seller financing but I have many more questions when it comes to different types of properties that might be mortgaged and how does one pay the monthly payments on top of paying the equity to the seller at the same time. That’s a topic for another post tho! 
Trying to get a mental sale in my head with this property I have linked to see what it would be like. 
Thank you all for your valuable time!

Quote from @Steven Catudal:

Quote from @Brendan Davis:

Quote from @Nicholas L.:

@Brendan Davis

1. are you already house hacking?  If you're not, make a plan to house hack, and then house hack.

2. are you already in touch with lenders?  if not, get in touch with lenders.

3. are you already in touch with real estate agents?  if not, get in touch with real estate agents.

4. go to the meetings / groups in the big cities.  worth the time.

good luck.

Thank you Nicholas for the quick response. I apologize for what I know seems the most asked questions on the forum. 

1. I’d love to house hack, finding something in a 30 mile radius might not be feasible? Would definitely take extra time looking for space I need for my wife and daughter, soon another child as well. 

2. I haven’t spoken to lenders because I assumed since I didn’t have any sort of future investment to present to them, what is there I could talk to them about and what exact lenders I need to be speaking to. 

3. I have messaged an agent that I’m currently doing business with and he said he would love to sit down with me and discuss everything! That’s set up.  Not sure what talk points I should discuss being he’s a real estate agent and I want to look more into the investing side. 

4. I have messaged @Kurt Phillips in regards to his meetups and hope I can catch the next one. Will look for more. 

thank you again!!

1 . This is all about the compromise you are willing to make. You can look into finding a duplex and renting out half or finding a property with a small guest house that you could rent out. It seems like you may live in a rural area so if you have land, you could look at finding ways to buy a place that has land that you could utilize (storage, guest-house, sports area).

2. Start talking with lenders now because they can give you an idea of what you can afford. They will also be able to work with you to help you get better credit or optimize finance to afford more. I would recommend starting with a local / smaller lender as they can give you more attention vs a rocket mortgage. 

3. Tell him your situation and what you want to do (i.e., investment) and they have some criteria ready such as you want a private living area for your family, backyard, # of bathrooms, etc.

4. If you cannot find meetups, spend that time in these forums reading and chatting with others

Bonus: 

-Pick one book on flipping / house-hacking and read it. BP has some good ones but there are TONS! 

-Listen to BiggerPockets podcast every day. Some might not be relevant but you will pick stuff up over time

-Do you now any friends/family that have a rental or bought a house? If so, reach out to them and ask about the experience

 You have made a very interesting point on house hacking that I never thought about; have land with essentially another house on or beside it. It’s funny you mentioned this and I have not thought about it.. my wife and I was talking how we could buy land and put a cheap double wide on it (something cheap we can pay in full, $10,000ish) and in our back yard we could slowly start building the dream house we wanted. The goal was to have the trailer paid off and given your advice, we could add another double wide on the property or buy the property next to the one we would buy and not only are you living in your paid off trailer, you’re getting a check every month to go towards building the dream house in the back yard! 

Quote from @Nicholas L.:

@Brendan Davis

1. are you already house hacking?  If you're not, make a plan to house hack, and then house hack.

2. are you already in touch with lenders?  if not, get in touch with lenders.

3. are you already in touch with real estate agents?  if not, get in touch with real estate agents.

4. go to the meetings / groups in the big cities.  worth the time.

good luck.

Thank you Nicholas for the quick response. I apologize for what I know seems the most asked questions on the forum. 

1. I’d love to house hack, finding something in a 30 mile radius might not be feasible? Would definitely take extra time looking for space I need for my wife and daughter, soon another child as well. 

2. I haven’t spoken to lenders because I assumed since I didn’t have any sort of future investment to present to them, what is there I could talk to them about and what exact lenders I need to be speaking to. 

3. I have messaged an agent that I’m currently doing business with and he said he would love to sit down with me and discuss everything! That’s set up.  Not sure what talk points I should discuss being he’s a real estate agent and I want to look more into the investing side. 

4. I have messaged @Kurt Phillips in regards to his meetups and hope I can catch the next one. Will look for more. 

thank you again!!

Quote from @Kurt Phillips:

In 2017 my wife and I were struggling to build our real estate portfolio.  I had just left my job as a UPS driver and we were struggling.  In stepped my coach and mentor who taught us not only the power of using private money but walked us through how to do it.  This literally changed our lives.  No exaggeration!  

Wednesday night March 20th come join us as Chad Harris, an absolute private money wizard, will come to our group to share exactly how he raised private money to build a significant portfolio.  Be sure to bring a notebook and pen to take notes because Chad is an excellent teacher and you WILL walk away with serious action steps for raising private money now. 

Newbie here with no experience; when could I attend the next one? (Located in Waverly OH). Willing to make the drive!

First official post to the forum; my name is Brendan and I live in Southern Ohio! My ultimate goal is to wholesale/flip and maybe even own a few rentals. We all know we can keep thinking about what we want to do but putting it into action is an entire other ball game.
What are your top 3 actionable items for a complete beginner who feels lost in the sense of being in a small town and no really local groups where one can shadow or work with? (Hour and half from Cbus/Cincy). These gurus make it seem you can jump right into it and as I know that is far from true, what’s the real way? Do I need to go be apart of a real estate firm as a part time job for a year or so and get knowledge of all the paperwork and fundamentals involved? So many questions it’s haunting me!

I would like to know the next event as well! [email protected]

I live in Southern, OH and I’m looking to find a group I could essentially shadow for all the knowledge I’m needing to become the best wholesaler/flipper I can be.