All Forum Posts by: Brian Simmons

That’s it! Thanks @Mindy Jensen! 

Hello all!  There was a guest on the Podcast a year or two ago (flipper) who talked about meeting a manufacturing vendor at a remodel expo, and ended up buying an entire container of tubs from the guy direct from China. He was a flipper who did 50+ houses a year.  Anyone remember which podcast that was?   Thanks in advance! @Mindy Jensen

The biggest change for me...  When I started I didn’t have to work with Lawyers, now I have to work with lawyers..... a lot. 

Everyone is discussing how a 1031 is difficult because it’s tough to find a property in the specified timeframe after close, but this property seems to be tailor made for a reverse 1031 exchange.. No identification period required.

When you talk to local banks, I would shop around...  Different banks have different tolerances.  I have banks that lend me millions, and had a bank two years ago flat out deny me.  You never know what's going on behind the scenes, so don't get discouraged if one says no. 

A traditional purchase using government funding (FHA, Fannie, Freddi) might not work.. They really like their W2 income.

If your non W2 income is reasonable and consistent, go to local banks for in house commercial loans.  Your interest rates and terms won't be as good, but they will be much more likely to overlook your lack of a "job"..

Check out the brrrr method on this sight to help you speed up the process. 

@Vika Bha I am one of those investors that break the standard rules..  We invest in multi family in small rural markets.  The margins are ridiculously fantastic, however, you have to be careful and really know what your doing before you jump into a non conventional market.  There are a lot of potential downsides that can permanatly damage new investors.  I would try to stick as close to home as possible for your first few properties.  Then when you have some experience you can explore other possiblilities.  

Yea Andrew Boettcher is right.  Tenant law is state by state and city by city, you really need to pull the regs for your area. 

There are quite a few in town that don't require a desk fee, but you will still have your GSBOR fees, SUPRA Fees, Annual MO license fees, etc..  Your cost per year will run $2,000 minimum even without the desk fees.  That doesn't include your education and testing fees to get your license in the first place.  If your new to the investment game, I would get your feet wet with an agent until your sure it's the path you want to take.  

I recently offered $250k for a 24 unit, I wonder what the agent would have said about me....