All Forum Posts by: Corey Woodruff

I would be interested in that. What niche are you interested in?

I would seek out a realtor to get access to the MLS because zillo is accessible to millions of investors and the completion is stiff. I was listening to a podcast this morning and a very successful wholesaler said he makes 65 offers a month to close on 2 deals. So if your making less than 50 offers that may also be the reason for not getting deals as well.

Hope this helps 

of this is going to be your first deal, I am sure you are super excited and congratulations on taking action. But please do yourself a favor and steer clear of this cause you don't want your first deal to tank you. Find one that you have several comps and feel confident about. Without comps and hard money people telling get you its worth 235 is telling me it would be a no fly zone here. Good luck if you end up doing it though. Let me know how it goes. 

 Thanks glad it helped. 

I definitely wouldn't count on appreciation but if you get it at a good deal and plan on keeping it strictly for renting then yes I think at a good price manufactured homes can cash flow nicely BUT use for strictly buy and hold only cause you won't get much resale value because of depreciation, they always seem to go down in price in my market anyway 

one rule of thumb is see everywhere is never buy for negative cash flow. I am not necessarily against buying with small cash flow because of the loan pay down, tax incentives. BUT let's say your clearing 50 a month cash flow, buying a house that needs a lot of monthly maintancewill quickly put you in the red. Also if your stuck having it vacant for a few months that quickly will eat away your reserves or savings. I would recommend not to buy there. But find a different market because no matter where you are there are inexpensive markets within a couple hours of every location. Build a nice team in that market and let that team educate you on all the opportunities there are in that market. 

@Pete Perez i understand where you are coming get from I had some complications with credit scores that I finally am getting to the bottom of and I have been saving almost 2000 a month trying to get a nice chunk to work with. My investments are all going to be buy and hold so hard money wasn't an option for me.  but if you have a good deal finding money should come together. Are your numbers accurate on the deal? Did the hard money places say why they won't lend to you? Was it just that you have no money or is it the deal. Usually hard money is helpful set of eyes in telling you if your deal is in fact a deal....

Good luck and don't give up it will come together. If it was easy everyone would do it..that line always helps me..

"tie the house up" using a letter of intent or purchase agreement so you hold the rights to the property. You can add contingency to the property so you have a way out in case you want to back out but I would go with option 2 just make sure you have an attorney write up the paperwork so it works for both you and the seller. 

Hope this helps 

If you are going to get into multi family properties you must must must read the Abc's of real estate by Ken McElroy. This will give you so many tips. Don't base your offer from the sellers listing price. Your offer is based on the operations and cash flow of the property. The listing price is 100% irrelevant. You need to know all expenses and all income from rent roll and books, So that you can make an educated and accurate offer that works for your business.  There are three types of income involving a multi family property that you need to know about the property before purchasing

Actual income-income generated over last 12 months

Actual potential income- income in last 12 months if all units are rented

Future potential income- total income the property could get if managed properly, fixed up, and all rented

****SO DON'T LISTEN TO WHAT THE SELLER SAYS THE INCOME IS IN THIS PROPERTY! DO YOUR OWN RESEARCH AND BASE YOUR OFFER FROM THE ACTUAL INCOME THAT PROPERTY IS GENERATING AT THE TIME OF PURCHASE! 

####READ ABC'S OF REAL ESTATE#####

Hope this helps

awesome question I just had the same situation when I first started getting into real estate my fiancé was definitely scared that it was just gonna be a bottom blackhole for our money to be thrown into. But once she seen me actually putting in the hours of studying and involving her in the decisions that I make she ended up enjoying it. I Personally don't like the flip shows on TV but that is an excellent way to get the wife involved they actually mentioned that way I'm bigger pockets as well. But don't overwhelm her all at once. Just piece it togetherSo she understands that it does make sense and also mention what it will do for the kids to be able to leave real estate to the kids so they have a better life