All Forum Posts by: Dalton Foote

I'm very happy because of real estate. As my prediction 11 years proved to be right. I think real estate is great wealth creation. So I bought during the downturn at the right place and took out the money from there. Also, invest at other places for rental.

I predict from a long time ago that US will experience real estate melts up as gov. keeps printing money and giving back that money to us thru a 30YFRM low interest mortgage.

So thanks to the gov. It's not me that's smart, but the gov. that's smart enough to do so. haha....

Quote from @Dalton Foote:

How did you all get to where you are today in real estate? Was it through building a business, working a 9-5 job (and in what), jumping right in and using other people’s money, etc? If you haven’t invested yet but you are on your way right now, what are your current endeavors to get that first/multiple deals? For me, it’s simple. I am a die hard entrepreneurial minded individual that is looking to fund real estate deals by building wealth through businesses. My main focus is to attract/obtain the cash through businesses first to be able to fund deals in the future. I am currently working on a couple of start ups right now. Everyone is different, everyone has strengths/weaknesses, everyone has different goals. Interested to see everyone’s experience/ambitions! 

 Starting out my wife had great credit and had an incredible job that she had long standing work history with, this helped us get a good loan. I asked my grandmother for money for a down payment and we bought our first duplex. I was in school full-time but also doing the real estate full-time. My wife was working 80 to 90 hours a week to fund our rehabs and to increase our portfolio. Through that time we have made it more into a business and continue to do so. Honestly, I find it to be fun. I enjoy RE and it has definitely become one of my passions. 

Quote from @Mike Dymski:

saved money from W-2 (accountant) and bought a live in flip as a first real estate investment

Quote from @Justin Fox:

Paid our cars off, snow balled it to pay off the house.   A year later we were like, "Why not invest that equity?".  So cashed out and looked for rentals.  They all sucked so we built one, cashed out again built another, so on and so forth.  Lots of pitfalls and natural disasters that almost wiped us out but there's generally opportunity at every turn.  We pivoted away from solely building to rent into custom home building and spec homes as well.  We have a home for sale now.  With the softening market and increased cost to borrowers it's looking like the time to pivot back into rental acquisition/conversion.  Rinse and repeat until death.   

Quote from @JD Martin:

Lost a bunch of money, got my mind right, worked my *** off, bought some properties for cash, eventually did some leverage, kept my W2 and rolled every cent back into the business until it could sustain and grow itself and me. 

Quote from @Dalton King:

@Dalton Foote first off sick name and it sounds like we are both very like minded. This is a question I always ask myself and others. I started when I was around 16 just learning about everything I could find about real estate. When I turned 19 I got my Realtors license and am now saving to buy my first home that I plan to house hack. 

I've noticed with all the flippers, wholesailers, agents, investors I have met all have different backgrounds leading them to pursue a certain path. Some look for an easier way to gain capital for longer term projects. The best thing about real estate is that it is so versatile and anyone can do it and succeed. 

Quote from @Eliott Elias:

Taking action. A flower doesn't bloom in the shade, surround yourself with like minded individuals, real estate or not and see how far you can get. 

Quote from @Frank Avallone II:

Hey @Dalton Foote, hope all is well!!

I actually have a similar strategy and started my journey through it as well.

I basically just worked and saved as hard as possible with the intent to get into real estate investing! Looking back on how it started, I still really keep the same model. Only difference is I now have the ability to use cash flow and equity from my current properties to further grow my portfolio at a faster pace than through just business income alone.

One thing that has always been intriguing to me is the concept in sales and investing that the harder you work and the more you put into it, the faster things actually start to compound!

Nice! That is the goal for sure! 

Quote from @Marty Boardman:

Quote from @Dalton Foote:

That is great insight and advice Marty! How are you normally funding those types of deals? Any creative financing or strictly cash offers? 

Quote from @Marty Boardman:

For me (and most investors I talk to right now) the biggest issue remains finding profitable deals (either to flip or keep as rentals). I acquire 90% of mine in pre-foreclosure and/or at auction. I also do some text blasting and have experimented with paid SEO. I like to say finding deals is like being a fisherman, you've got to have as many lines in the water as possible.

With a recession looming we may see more available distressed inventory, but then it could become more difficult to sell/lease our properties. It's like I tell my clients, there's never a wrong time to invest in real estate, only a wrong way. Know your numbers, plan for the worst and hope for the best.

Strictly cash. Sellers with real equity prefer it so if I don't offer them cash someone else will. And cash is the only option if you're buying at a sheriff's sale or trustee's sale.