All Forum Posts by: Chris Wood

Would love to see what u have in central indiana. thx

@Jim C.   I am not very familiar with NWI market, and agree with @Edward Rhoads in regards to wether you are wanting the profit or cashflow.  However the only thing that I think hasn't been brought up is, that with cash there is always a deal. It seems that this is the only way to get a deal right now.   There is always someone who wants to sell when they have a cash offer and realize they just want out from under the house.  Jim Carson, congrats on not having any mortgages, I am aspiring to get there as fast as possible (numbers can never fail with cash on cash return).

I think the best way to do this is heloc or refinance something you already have.  I would agree hard money would need a lot of reassurance, especially if your new or don't have relationship.  Or team up with someone who has the money and wants to do the same thing. Recognizing that you need to bring something to table if another person is bringing the money. Good luck. Don't give up, there might be a better idea than these. 

@Michael Daniel

Please send me all Indiana properties. thx 

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Welcome and Good luck, Indy is a great market!

@Anthony G   Is right on. Also taxes are always a year behind. So once it gets recessed from the sale sometimes it will go up. Sometimes you have to go in and show you bought it for a lot less in order to get them to drop taxes

 Dustin, start making trips to areas that you might consider doing rentals in. If your market is over priced, there are plenty of areas to go to. Call people and talk to them about their area they are investing in. There are plenty of decent management companies out there that people here on bigger pockets are investing with. I recently went to Evansville, IN and met with a property manager/ owner who is investing and managing others investments for other people. Its a great fit for many, who enjoy the work. With 350-400k, you could have 10+ houses in Indiana, taking your 2100 in rent to 5-6k depending on some specifics.  But even if its half of that you have spread out your risk and can change things up whenever you want. With a 400k home, it can be a little harder to sell due to price alone. I am not saying you should come to Indiana (please don't take that wrong). However I am saying that there is a lot more out there then the housing market you are looking at. I wish you best of luck and know that there will be plenty of people willing to help you. Just take your time, there will be some learning curve just don't give up! 

 I do believe according to Dodd-Frank that you can't do this with homeowners. However with investors I do believe that it is totally acceptable. Dodd-Frank covers people are trying to be homeowners, it does not protect investors from this point of view.

Wholesaling seems to be one of those type of jobs where if done correctly can be very beneficial. However there are plenty of ways to do it unethically. I agree with what you are talking about and had to to switch to a buy and hold investor. I quit wholesaling, but that being said I would be more than happy to sell any property I own to someone else (but i am fine with that being that I own it and give all all the information that I know).  Good luck to you, you will find what you enjoy in real estate and it will click.  This is just part of your learning curve, it will come in handy but maybe just not in this light! Great first steps, now on to what makes you feel more comfortable.

@Ronald Hunt  Have you already got the parts and read to do it? Where is the property located and let me know what the beginning of next week looks like for you.