All Forum Posts by: Derrick Lumsden

Hi @Andrew Konopelsky, do you have any idea of what direction you are headed yet in real estate?

@Raleigh Lewis. 4K on 48k house is more like 8% down. The loan was private mortgage set up with his attorney. The terms were 15 year amortized with a 10 year balloon. Rate was prime. The loan giver was being a sweet heart. But he can afford to. He owned 25 units at one point and has mad good money at stock investing. He was there to help me and his grandson out without losing money himself.

My first house. I put 4K down on a 48k 3 bed, 2 bath single family house. It was owned as a rental and the landlord wanted out. His grandfather was the previous landlord and transferred the mortgage he had with his grandson to me and added the shortfall between my offer and what the seller owed to the mortgage. Met them both through church.

@Jimmy O'Connor Not an expert, but it seems flipping is more attractive to those with less money and more time. And buy and hold for those with more money and less time. Sweet spot would be time available, size of project, and capital available. Will be different for each investor.

@Alex Cardinal Welcome. Glad you want to get involved in real estate. Your post didn’t clarify if you have a job or were planning on doing real estate as a job. It sounds to me like you mindset is right. Your questions are more along the lines of technique. Based on you questions I would recommend you listen to the podcasts, go back and start from the first and just absorb the info, or buy Brand Turner’s book on no or low money down investing. https://get.biggerpockets.com/nomoneydown/

I think this is real hit or miss. You just have to find the right investor buyer who wants a tenant in place. Many buy-and-hold investors want to qualify their own tenants as part of risk mitigation. So as @Elise Bickel Tauber notes, if you find a buyer, great. And it's probably worth trying yourself. And if you need to get an an agent, that could be fine too. Selling without a tenant has a bigger market.

Not that this should still be a marriage thread, but marrying younger between 22 and 25 seems to be best. But there are a lot of other factors than age to worry about. (https://www.artofmanliness.com/articles/the-surprising-benefits-of-marrying-young/)

Being 36 and just getting into real estate I wish I had been able to get in sooner--at least learn about it more.

I think you have had your question about real estate answered above - property and it's improvements. 

The greatest advantage to real estate is also its weakness--it is illiquid, non moveable - i.e. local. There are natural barriers to entry such as legal risks and minimum cash requirements and has a lot of complexity to buy and selling it (say compared to a computer or candy bar). From an entrepreneur standpoint, these barriers and challenges are what also create the opportunities. 

@Daniel Hyman Thanks. I tend toward the DIY but I have been meaning to get a lawyer.

@Jim Pellerin, do you have any suggestions as to sales courses to take?

@Daniel Hyman, thanks for the suggestion. So there aren’t resources to develop your own agreement?