All Forum Posts by: Charles Carillo

@Zion Jenkins in addition to local REIAs, I would look on Craigslist in your area, call "we buy houses" signs, post ads on Craigslist and social media saying you have a deal available and collecting email addresses and phone numbers.

@Carlos Aquino you can purchase the list or you can build your own list using the accessor's website.

Hi Tyler,

I would speak to some local hard money lenders and see what they have to offer. Normally they will finance a large percentage of the after repair value. Wholesaling is a great way to build up capital without having any to start. You are paid a small amount however you do not have to do any renovations, align any funding or use much of your own money.

Hi Matthew,

It depends on a couple factors, mainly the equity in your current property and your income. If you have sizable equity in the first property, maybe refinance it and use it for the down payment on the second property. In regards to financing the second property, if it is 1-4 units, you can be approved for financing which has a down payment normally around 20%-25%. In regards to your income, you will need to show income to be approved for financing on the second property. Are you planning on holding both properties or flipping one of them?

Hi Cody,

Is natural gas available at your property? Natural gas is much easier with tenants. Contact a contractor and see what they will charge per unit to install Natural Gas (hot water or hot air) and then maybe just do the 1st and possibly the 2nd floor with NG. Hot air rises and the top floors might not be that expensive with electric heat. Also, ask him about switching the oil furnaces to NG.

Hi Marcellus,

I would start by networking with other investors in your area. You can check MeetUp.com for these events or your local REIA. Secondly, I would start reading some books to educate yourself. Here are some books

Multifamily Millions by Dave Lindahl

The ABCs of Real Estate Investing by Ken McElroy

The Complete Guide to Buying and Selling Apartment Buildings by Steve Berges

Commercial Real Estate Investing by Dolf De Roos

Trump: The Best Real Estate Advice I Ever Received by Donald Trump

Tax Free Wealth by Tom Wheelwright

Commercial Real Estate 101: How Small Investors Can Get Started and Make It Big by David Lindahl

Raising Private Capital: Building Your Real Estate Empire Using Other People’s Money by Matt Faircloth

The Definitive Guide to Apartment Marketing by Josh Grillo

Investing in Apartment Building by Matthew Martinez

Crushing It in Apartments and Commercial Real Estate by Brian H Murray

The 7 Secrets to Successful Apartment Leasing by Eric Cumley

2 Years to a Million in Real Estate by Matthew Martinez

Burn Zones: Playing Life’s Bad Hands by Jorge Newbery

Commercial Mortgages 101: Everything You Need to Know to Create a Winning Loan Request by Michael Reinhard

It’s a Whole New Business!: The how-to book of syndicated investment real estate by Gene Trowbridge

Hi,

Try Fiverr.com. We have had good luck with some skip tracers there,

This is a very regular conversation on BP and if you are planning on building assets I suggest having LLCs to hold your property or properties (depending on the size of them). Honestly, it only costs a couple hundred dollars to setup and a couple hundred dollars per year for tax prep. It is just a way to mitigate risk and is much easier to do from the beginning than down the road.

Hi Hunter,

Check MeetUp.com for local meetups in your area, I bet there are a bunch of them around you. There you will find seasoned investors to work with.

Hi,

For quick, preliminary underwriting; I utilize the following metrics:

• Property age
• Average size of unit
• Average rent per unit
• Per door price
• Number of units
• NOI