All Forum Posts by: Account Closed

Did you end up pursuing this @Brandon Reiter ?

Does anyone here invest in garages for the purpose of renting them out? I've always been interested in this. What are some of the pros and cons? And how do you go about buying a garage to rent out, i.e. how do you find them?

Chris

Is it possible to make an owner finance deal work where the owner has no equity in the deal, and still has ~350 payments left to make? It's a rental property, and to make it cashflow on my end as the buyer, I can only pay the seller what they will be paying their mortgage company every month (essentially taking over their payments like a subject-to deal). So I feel it's basically a win-lose situation - I win, but the seller loses.

So is there any way we can make this a win-win?

Let me know if you need more info, and thanks!

Hi Frances,

I see you're in Abington. Small world - I'm in Glenside! :-) I'm a licensed home improvement contractor, and I've done lots of tile work. I'm with the crowd in saying that you should try some sulfamic acid. Use a stiff bristle brush along with an acid/water solution to see if you can loosen up some of the "overflow" grout. Then wipe the surface clean with a sponge. You can also try some acetic acid, aka vinegar. It usually works pretty nicely too.

Now if the installer used an epoxy grout or put a sealer over the grout, well that would make the job a bit more difficult. But definitely try the acids first. They could be the most simple, inexpensive solution.

Chris

+1 for CreditKarma here. Very useful service!

Thanks for all the helpful information everybody!

I am looking to obtain a line of credit for my REI business. I have received some very attractive offers from companies like Discover who offered me (not my business) $25,000 at 0% APR for 12 months. I personally have excellent, well-established credit. However, I am looking for something like the above offer for my business, which has no credit history at all. How does a lender go about approving a business? Do they run a credit report of the principal owner/member/shareholder? Does anyone have any recommendations on how to proceed?

Does anybody use any turn-key REI companies to purchase their properties? Yesterday I visited a company in the city (Philadelphia) that specializes in acquiring properties and selling them to investors, taking care of all the rehab and management to prep the house for rental/resale, as well as management during rental.

Made-up scenario: They buy a property for, say, $20,000. They basically wholesale it to me for $25,000 and it needs $15,000 in repairs incl. all other costs (holding, closing, etc.), so $40,000 all in. I put $10,000 down and finance the other $30,000.

I can then either rent it out for some cash flow or have them sell it retail to someone on their list of out-of-country buyers. ARV would be $50,000. If I were to sell it for that, I and the company would split the $10,000 profit 50/50. So they make money on the front end AND on the back end, which I'm totally fine with as long as I'm making a nice return on my money for minimal work.

They basically say I can make ~$5000 per transaction for me just putting that $10,000 down and getting some financing; they take care of the rest. So that's $5,000, or a 50% ROI, over the course of about a month. Sounds WAYYYY too good to be true if you ask me. What do you think? One thing I don't understand is why they don't just take investors like me out of the equation and maximize their profits. And why isn't everyone with an extra $10,000 and access to financing doing deals like this?

Has anyone ever done any deals like this or with a company like this? Sounds like such an attractive deal making $5k on a $10k investment over the course of a month, but too good to be true???

Nick J., thanks for your suggestion; I didn't know we could do blogs on BP - pretty cool! I do have some updates on my journey here. Do you think a blog would be a better idea? Do they get as much readership as thread that has been updated/bumped? I just want to reach as many people as I can to share my experiences. Thanks again!

Hey all,

I just can't get over how great this community is. So helpful! I've been here for a couple months now, and I want to give back in some way for all of the great knowledge that I've obtained.

I currently have a duplex rental property, but now I'd like to journey into wholesaling, and perhaps even rehabbing. I want to use this thread here to take you with me on my journey from total wholesaling newbie to (hopefully) wholesaling pro/king/rock star/etc. I have no doubts in my mind that I can do it. Failure has never been much of an option for me, nor will it be this time either.

I will be checking in here periodically to keep the thread updated on what I have done, my successes so far, my setbacks, and other information I feel can be helpful to everyone.

I want you to give me as many suggestions and as much constructive criticism as you want on whatever it is that I am doing. Not only will your comments help me in my journey, they will also help those venturing into wholesaling just like me. That way, we can all learn a little.

So what have I done so far?

Ok, so far, well, for the past couple months, I've been reading hundreds of threads, mostly on wholesaling. I've taken the knowledge that I've picked up on the way, developed a business plan, and now I am taking action. I didn't want to go out looking for houses just yet, or even try to build my buyers list yet. I wanted to get some sort of framework in place, a foundation so to speak, that I could build off of. So I established an LLC for my business (I feel it makes me look a lot more credible). Also, I just got done (I hope) building my website (which you'll see in my signature). I also got a separate phone number for my business (thank you Google Voice!); which reminds me - I still need to set up my voicemail for that. Next I will be implementing my list of 36 methods for obtaining buyers for my buyers list. I will keep you all posted on what I'm doing and how it's going.

For now, does anyone have any suggestions I can make to my website? It's your standard "We Buy Houses" type of site. I built it with WordPress and designed the theme and header by myself. Anything more I should add to it or remove from it? Thanks!

P.S. For those who are wondering, I will never try to sell you anything. I'm just itching to learn, that's all!

P.P.S. Mods, if this thread is in the wrong section, feel free to move it! (Just don't put it in the "Deleted Threads" section hehe)