All Forum Posts by: Candace Postell

Im not sure how much capital you have to start, but if you can somehow save your way to $6-$10k then that should get you a big enough down payment on a mfh. If its a fixer, then all the better because now your talking value-add!!!! The FHA will include rehab funds in the amount of the loan. Then you fix it, live in one side, and rent the other. 2 for 1! Live there for a year, purchase another, repeat the same process and pretty soon you'll be at 10 doors before you know. This has worked for so many others. There are great programs as well as plenty of money out there to take advantage of. But be sure to leverage any cash that you do accumulate as this is the quickest and best way to wealth. Continue to educate & always remember to analyze that deal until your brain hurts! :)

Good luck &

Happy investing 

First thing is to NOT rush into anything. You should take your time, study your market, and properly analyze the deal. This includes, but not limited to estimating rehab costs ACURATELY! Never try 2 fudge the numbers to get to a certain price point. This will blow your profits. If you calculate everything to be more than 80% of the ARV all in(purchase,rehab,holding costs, misc fees) then you are cutting it a little too close and you probably should pass on the deal. Hope this helps

Good luck

sorry just realized that you said you dont have to be a flipper 

Do you require a certain number of successful flips?

This depends on clientele. Also depends on what YOU as a landlord want to accomplish. Do you get a personal satisfaction out of providing a quality product for your customers/tenants? Are you looking for better return on investment? (Tile will look much better & probably will generate more income). Are you wanting to save a few bucks by installing the surround? Personally I would install tile. There are lots of beautiful tile selections for low prices that will make your rental stand out... Be creative & think long term $$$$$

Good luck

I think having those properties free and clear is to your benefit. Id say pull out the equity, purchase the mfh then refi and purchase another & continue this strategy until you get to a comfortable number of mfh. 

Good luck

Awesome I have done the exact same thing! I should be at completion in about 30 days. You have 2 start from somewhere. It should snowball for you after this because now you have the cash to do so. Its a wait that is well worth it. Good luck

@Jordan Scott hi you probably should go ahead and get in the game. The best learning comes from hands on experiences. You can read for the next 10 years but because there is so much info you'll never retain it all. The best thing 2 do is find your niche, stick 2 that one thing & try 2 master it. If you find that you want to buy & hold then start there. You can move at a slow or steady pace if you wish, but at least you'll get some management & rehab experience under your belt. Also start building your team. As this is key to your success!! Continue to network, network, & network. By the time you are 27 you'll be wayyy ahead than what you would have hadn't you got started. 

Good luck

I am a flipper & buy & hold.. My LLC has Designs at the end because I want people to know that my properties are of the highest standards and qualities. I think a great name can really have a positive impact on your business depending on exactly what you are doing.

Happy Investing 

Attend REIA meet ups & network, network, network!!! As this is the key to your success. Start trying to build a team... contractors, RE agent, lawyer, title company, lenders etc... Study your markets. Find out whats selling & who's buying! This way you can cater to this population. For example if there are younger families in that market then you may want open floor plans, 3-4 beds, 2baths, big backyards, good school system, parks nearby... and things like that... There are a lot of things 2 know when flipping so make sure you SELF EDUCATE & THOROUGHLY ANALYZE the deal. You DO NOT want to over leverage or get in over your head just because you think the asking price is great. Always try 2 estimate repairs correctly!! And always remember TIMING IS EVERYTHING When it comes to flipping.

Happy investing