All Forum Posts by: Daniel Tanasa

Hello Tammy, 

I am purchasing homes from wholesalers all the time and this are kind of standard terms. Most of the wholesalers don't give an option period at all, so you're in a safer position having that than most of the people buying from wholesalers. 

You want to make sure you do all your due diligence in those 3 days, price for some unexpected expenses just in case, and triple check your numbers to make sure you didn't miss anything. If everything check out, go for it. Purchasing from wholesalers comes with extra risk but wit upside as well. Personally I like to buy at 75% of ARV minus repairs.

Good luck, let us now how it goes!

Hello Ethan, 

Welcome to BP. Happy to connect! 

Hello Sam, 

Welcome to BP! Never too late to get started, we have some members in our investor association that are in their 70's and still excited about investing and owning property that they want to pass along to their grandkids. 

Get around people that are doing it and take action. Happy to share with you some of our In person meeting here in Houston area.

Good luck!

Hello Jenifer, 

I think this deal is too skinny. I wouldn't do it for that margin. Also, today's average days on market are around 60 days, then you have an additional 30 days to close if everything goes right. At 3 months holding you're already in the negative.  So, it will be a no for me. 

Also, I don't understand why a wholesaler is asking for money upfront. What is the transaction doesn't close because of title issues or something, you pay him for nothing. I wouldn't agree to pay anything before closing (other than HOA which sometimes you have to pay before the actual closing for the Statement of account) .

Good luck!

Hello Jeniffer, 

Congrats on your 2 rental properties. BRRRR strategy is great for scaling your portfolio and will be a very useful tool after you learn how to master it, it definitely was for me.

As far as financing go, if you have good credit score (ideally over 720) and the property DSCR ratio is over 1.0, you won't have problems getting financing. There are so many good DSCR products now that have rates as good or better than a conventional loan, and the paperwork needed is minimal. If you need a reference to a good DSCR lender or hard money lender feel free to reach out and I will be happy to share them with you.

Good Luck!

Hello Rachel, 

As it was mentioned before, cashflow when you just start out is not going to be anything life changing, but if you keep adding properties, in 5 to 10 years you will start to feel a difference.

Househacking is always a good strategy and can allow you to scal faster if you're open to it. After that depending on how much time you wnat to put into this you can look into the BRRRR strategy.

If you're looking for more cashflow from the get go, and less time invested managing property, you can look into becoming a private lender, where you get great returns for minimal work, but there is no appreciation, just cashflow.  

Good luck!

Hey Brandon, 

A CPA usually pays for itself and a few times over from the extra deductions and savings he is able to provide by knowing the system. I would probably recommend going with a CPA even if you have only one property. If is a easy tax file they won't charge too much either. 

Good Luck!

Thank you for the kind words Dillan,

Happy to share any insides, and looking forward to see your successful real estate journey also. 

Hello Greardo, 

Welcome to Bigger Pockets. I am an investor and Realtor in Houston area also.

Happy to connect.

Hello Dillan, 

Welcome to Bigger Pockets. I am an investor and Realtor in Houston area also. 

Happy to connect.