All Forum Posts by: Brett Russell

@Rayman Shakuri , welcome to the site!

I'm not in San Diego (unfortunately) but I'm sure you'll be able to find lots of SoCal investors around here.  

Good luck.

@Alex Silang , first off, I would say you should probably define your target market first, and then do some driving.

Your target will probably depend on your planned exit.  $400-500K areas probably won't be good for buy and hold, so I presume you're looking to wholesale to flippers?  In that case, there are people flipping at all price points.  It's obviously much more frequent at lower price points, but there could be much larger spreads on a property of that caliber, so don't count it out.

@Dwight Green Jr , IMO this is NOT a good strategy. The purpose of a wholesaler is to bring great deals to people that wouldn't have been easy for that person to find on their own. Why would a rehabber pay you an assignment fee if they could have just found the exact same house and probably gotten about the same price directly from HUD? You would have to be an amazing negotiator to get the house for a price so low that you could tack on your wholesale fee and then still sell it to the end buyer for a better price than they could've gotten on their own.

So, I would say you should focus on finding off market deals via marketing and networking.

@Tyler Worth , it sounds like you are describing wholesaling.  

There is a ton of knowledge on BP... I recommend starting with the Ultimate Beginner's Guide under the Learn tab in the blue navigation bar.

@Rick Doughty , BP is where you should start.  Go to the "Learn" tab in the blue navigation bar and start reading. Tons of great articles, most of which have links to other, related articles.  Then browse the forums, searching for things you have questions about (since they've probably been asked before).

Also network with people in your area.

Justin Richards , when is the tenant's lease up and have you thought about selling? Other than the above suggestion to find a credit partner to do a conventional refi, it looks like it will be tough to get the property to cashflow, so instead of accessing equity via refi (and making your cashflow worse), why not access it by selling?

@Joshua Dorkin , I am definitely still seeing the issue mentioned above about clicking "back" on my browser.  I'm using Chrome on a Mac.  If I click on the "unanswered" section of the forum feed, then click on a post, when I click back to look for more unanswered posts, I get a very old list that says posts are from xx minutes ago, but really they are from about 2 weeks ago.

@Kevin Tyra , I think you'll find lots of people who are proponents of this method of getting started.  Others, however, who might be more risk averse would say to keep your personal residence separate and not to take that "risk."  

In my mind, if the numbers work on a new property, that is a better use for that equity than just sitting there idle.  

Just my $0.02.

@George P. , have you talked with @Aaron Yates ?  I know he just got his builder's license and while I can't comment on his contracting work, my interactions here and at events suggest he's a stand up guy.

@Shuai Zeng , I guess it depends on how long the term is for those $800 payments.  

Also, if you say you can't resell the property for 3 months, then you probably won't be able to refinance for that amount of time either.  But if you want to refinance right away, then just get a normal bank loan from the start.  The seller is probably willing to accept less if he gets all his money right away.