All Forum Posts by: David Avery

Ogden Utah, 2 offices spaces 2000,3000. $75.000. In very small print 6 2b units. like written in with a pencil on the MLS commercial listing. We paid cash that afternoon and sold it for $475, 000. less than $55,000 Rehab! less than 3 months!!!

Over $300,000.   made

Love it when people make mistakes!!

Best deals recent( Southern Colorado), several houses bought between 40K-55K, did the construction and sold every one of them fom $47K to 78K. profit.( over 60.

Old deals in Ogden, Utah.  Bought office space 1-2000 Sq Feet and another space 3000 sq Feet,  $75,000.

Here's the catch,  in very fine print , 6 2bd apart.

Yes 6 two bedroom apartments, sold it for $475,000 with less than $55,000 in repair work.

Do the math..... over $300 K profit!!

go get it

dave

Covid not Civid.

if it would just leave our everything alone!  

It's a flu

Be smart, have an exit , if things get CRAZY!!!!

Everyone needs a roof over their heads!  

Interest rates are so low.

Vote very smart, no one knows why (Covid) is so Craxy,   Swine Flu was so much worse!!

Didn't even get second page on most newspapers!

Move forward with caution!!   

Have different plans for your business in the next 100 days.

  Section 8 will always pay rent, etc, etc,

Hopefully our President will keep us free, out of major debt, and continuing to deal with this CIVID

b.s.

A couple more experiences, I was a single dad and my 3 oldest kids became full time kids.  My youngest son at the time was (13).  He watched me Flip properties and I really think his mind was wondering how we went on a Cruise every Christmas, lived in a very nice 6000 sq foot home in a very nice town in Utah (Fruit Heights).   He started to ask me a lot of questions and his business mind started to go crazy .  Buy 21 he had flipped 3 houses on his own.  Now in his early 30's has 3 houses all worth total about $1,400,000.00. He owes about $840,000.00 in mortgages on his 3 properties.  He has the others 2 rented out with long term leases for about $1100 positive income per  month.  His Residence (wife and 4 kids), payment is less than it was in his last house which was half as big and worth have as much.  So between those 3 properties he is making about $140,000 a year in equity.( 10 %)   probably closer to $180,000.

If your business mind can get all this and if you get off the books and computer and cell phone and get out there in the field you will see what is happening .  When you drive by a big 40 yd dumpster in front of a house. Stop and go inside and introduce yourself to the contractors and see if they will give you the owners name and number.  Call him and pick his brain.  Ask him how much he paid and what he thinks he will get for it.

Get in the field, if your shy, have someone go with you, Mom or Dad or best bud!  Get in the field, all the reading and podcast won't give you one percent of the exposure as in the field.

Get your parents to help you find a great Real estate hungry agent that can mentor you with good deals.  Find some wholesalers that may throw  you a good bone, because of your age, and willingness to do this.  Have your Mom or Dad co sign your first deal or two.  Your Credit and down payment will not allow you to buy a house unless you do this.  My son had 3 co-signers.  I was never one of them.  He found people he knew very well and asked them if they wanted to make a quick $1500 for co-signing.( one was a girlfriend I was dating and had Credit score over 810 and lots of money and great income).

This exposure is worth 20 books, podcast , or schooling.  In 2 months you could make $20,000 in profit and do it again and again until your credit and down payment will allow you to not have to split any profit with a co signer.  Take a loan out at the bank and make about 6 payments and pay it off,  Then do it again and again.  Your banker will be impressed!  This will boast your credit score and the bank will see your real!  Of course always have your Mom or Dad to make sure no one is pulling a fast one on you.

Your smart, go get it.

dave

Hey Aden, my bad, to early.  I won't call you Kris.

good luck Aden

dave

Very impressive Kris,  my Dad arranged for me to buy a 5 plex on the East side of Salt Lake City, Utah. When I was also 17.  I did about 50 hours of work ( repairs, painting, etc) and then my Dad put it on the market and I made $1500.

What made me mad at the time was the buyers agent got that 3 percent in commissions and made over $2000.  I think my Dad was able to get his commission to me in a round about legal way.  He basically showed me that with some down payment money and hard work you could make some fast money in Real Estate!!

I am sure he had to put ( documents) in his name since I was a minor(17).  But he pulled the trigger for me

to see the process and work and invest my hard earned money to make $1500.  The best advise that you will have is be exposed to the  market and also have someone you trust to walk you through.  Don't buy that new vehicle, work on your credit and save every dime you can.  ( only 3 percent of American's save any money).

Work and save and invest in Real Estate.  Maybe some Real Estate agent can arrange to get you a deal and help you out with their side of the commission.  How long has it taken you to save $1500.  So work and save and get exposed to Real Estate and have your parents keep a close eye on your decision making.

Very impressive Kris.

Best of luck

dave

my experience with wholesalers vs real estate agents.

They both can find you good deals,  the wholesalers tend almost 80 percent

of the time get you better deals!!

wholesaling is still legal  ( I don't condone it) but they do find the better deals!

Bottom line is saving money,  R.E. agents and Wholesalers are not the best of friends!!

I have bought dozens of great deals from wholesalers

I have bought several great deals from Real Estate agents

I have bough very great deals from my own research and hitting the streets.

Good luck,  its a fun business to get into.

As a contractor/Investor also.  have done hundreds of renovations as i purchase the material and labor within my bid.

My bid example  $18,000  ( which includes material and labor ).  of course my bid points out product that will be used @ kitchen cabinets, lights, etc, etc,  so we are on the same page).

I get a third up front $6000.

A third after painting $6000

and a third at completion $6000.

sure your minds are thinking, If we get $6000. this contractor will get it through the painting before we spend another penny.  Very true!!!

This buys you some time, product and labor and property is being done!  Go get your last $12000 finish the job!!!!

Thanks and ask away.

dave

Great Topic,  how many renters have a years rent up front.  Are they shady, trash, drug dealers, etc.  Of course a credit and rental history, and criminal background is always best prior.  But really....

Money talks, if a tenant is self employed, maybe raised their own kids and had to cut corners to feed and house them.

Went through a bad divorce, etc, etc,.  Is their money, bad?

Of course not,  Maybe some red flags but there are reasons for it.  They have $10,000- $20,000 willing to give you up front!!

They are a great tenant and will not bug you as much as those others the pick you apart!

They have the money and money talks!!

Best tenants have money and money in the bank,  just say " can you send me a new bank statement?"

Most of them will that have this money up front.  They may be at 600 credit and have a prior of 22 years ago, but really

this is why they are a tenant!!

Best Tenants have money!