All Forum Posts by: Dennis Wayne

I usually buy livable homes between 5000-10000

I sell them for 32-40k on terms and try not to hold them longer than two weeks because I hate holding costs . I don’t generally do any rehab so that doesnt really apply .

@Madison Calvillo

Live frugal

Bank / save as much as possible

Take risks while you can

Donot get into consumer debt

@Jayson Greenblatt

I would assume Your terms about the tenant were unreasonable to them and that’s why you got the request for the extra down payment .that’s not realistic and the eviction moritorium is just going to be extended anyway into summer . L

MAking random offers based on Zillow seems insane to me .you might as well just tell every person the phone you’ll give them a million dollars for their dump ! Zillow is wildly inaccurate and Your just going to anger the seller when you go out and look only to discover your true offer has to be half of what you said over the phone . Without seeing the house it doesn’t make any sense to make offers at all because most folks want to much anyway . You need truly motivated sellers ! You’ll know they are motivated because they will be calling you ! Not you calling them .

Well an Llc could help but don't think for a minute it's a cure all that will save your butt . Lawyers aren't dumb and they can track your llc at the courts and guess your net worth pretty fast . If a judge rules against you all your personal assets can be seized or liened and a llc won't necessarily stop that . For best protection and anonymity I would recommend using the strategy of land trusts and listing your LLC as the beneficiary and someone else in your family preferably out of state as the trustee . Banks won't lend or BRRR on trusts though so keep that in mind

I’d imagine If I was in LA like you I’d probably think that way with the weather and liberal mindset of the city and state but the majority of America isn’t like that and I know here you’d starve ,freeze to death and/or  face imprisonment or fines for setting up camp and defecating on the street .it is my belief the government will have a greater role offering housing through ma and pa landlords by either buying their assets up or getting a program in place to pay the rent 

My Parents divorced at a young age ,with no stable bread winner my mother was on welfare and We were dirt poor living in a beat up rental house for 200$ a month that my grandpa graciously  paid for out of his social security .we never went out to eat or had a decent running family car .with no father figure and a mom on painkillers I was a child left to himself so I raised myself . I stole cars broke into homes and I became addicted to drugs and alcohol in my teens . Fortunately I barely passed high school .

I became a machinist to pay the bills and married my high school girlfriend . I did ok but never had much success all through my 20’s and 30’s . Got divorced and basically drifted .I found my wife and I found God and started to change for the better . Soon my father died poor at 68 unfortunately I had to pay his funeral costs and that event altered my mindset on wealth and how I must Get my act together fast or it would be me in that coffin broke . After much research and an intensive study on wealth creation I chose real estate because it seemed easy enough to do and being I had no people skills or specialized knowledge I thought I could teach myself . 
I knew being I lost so much time wasting my money on stupid crap and never being truly successful that I would need to play catch up and make aggressive action at this stage of my life . In 2018 I bought an apartment building with nearly 100% leverage and no reserves . I then found a seller( burnt out landlord )  who would carry the note on a triplex with 5k down then a few months later he did it again on a duplex , I then saved up my returns and I started working crazy overtime as I became obsessed with finding deals to expand rapidly . Morning noon and night I prayed for deals I hunted for bargains to hit my goals  . I bought two more single family homes all cash 6 months later . I met my buddy from school who taught me the art of seller financing and began to find deals and buy them up splitting the costs and paying all cash . We are in the dust bowl and rarely pay over 10k for livable homes which is great for our model . 
His skills , money connections and business acumen coupled with my street smarts and my unwavering tenacity paid off as we bought up every cheap house in the county I could find . we could grab them and sell them the following week on terms with a down payment to a tenant buyer .
We took all proceeds and kept buying . The snowball grew ..Now 2 years later and owning Dozens of homes we are still going strong and enjoying the ride up . Soon I will likely retire and walk my dog around the lake  doing what I love . 

@Justin G.

We usually Offer 8-10% percent on their money and first lien position on the house . We allow them to be a 10-15% owner on the trust to keep them in the deal so they can cashflow even after the debt is paid back

@Jessica Brennan

Well You can’t find a motivated seller with a problem then have them try to fix it themselves before closing . If it was that easy they would have already done that . You are getting a discount due to the fact your solving their problem ! Take title then solve the problem it’s ok to learn as you go and be uncomfortable till they are out . It’s part of how we grow in this business .

Once you learn the art of throwing people out on the street it will present you many new creative strategies to buy up cheap properties from frustrated burnt out landlords tired of dealing with insane tenants . If you can buy at 30-40 cents on the dollar it’s worth dealing with crystal methany and her boyfriend

@Franky Juwana

Can’t blame the neighbor really . Offer them more money for the shed and an apology . Sounds like you are the one at fault for not practicing due diligence on the property lines .