All Forum Posts by: Dalton Osmanski

There are a tremendous amount of unforeseen costs that can occur when doing your first flip that newbie flippers never consider. Reading this article gave me an insight as to what type of expenses I can expect to incur and will help me in budgeting for my next flip. Novice flippers should read this article.

Having a business plan already, reading this article made me reconsider some of the wording I used as well as made me want to include new parts to the business plan. This is a must read article! 

I would suggest Quickbooks if you plan on doing the accounting/finance side yourself when you start to invest because you will be able to see all of your expenses that are occurring in your business and be able to plan better for the next deal. I would also suggest getting an LLC for every home you purchase and making a bank account for that specific property and defer from using the funds unless it is for that specific property that way your property's income is paying for all of the unforeseen costs you might incur as an investor.

Such a great success story, keep it going!

@Clayton Crawford I know of lenders offering as low as 5% down for multi family up to $450K. Keep your options open and try smaller or boutique lenders that meet your criteria. 

I have been faced with the exact situation you have, where I thought a lender would have allowed me to put a low down payment down just to find out that I would have to put a minimum of 20% because that lender considered it as commercial property. However, I have found different lenders willing to offer me a higher LTV ratio therefore, I would suggest shopping around for a new lender because Wells Fargo might not be your best option when starting out. I personally made the sacrifice of living in my fourplex for 6 months to get the lower down payment and in the process you learn how to become a better landlord and much more. Good luck!

@Nick G. I couldn't have said it better myself, great example!

@Account Closed makes a valid point, you need to see the value and effectiveness of your attorney not just the $$ amount you're paying them. You can always find an inexpensive attorney but the quality, time, and outcomes will most certainly be inferior compared to just paying for someone who can get it done right the first time. In addition, do your homework if you want the best results and keep asking questions. Good luck!

When looking for a list I would search for a company that offers you the most filtered and relevant information. I would expect to pay max $1.50 a lead, let me know if you find something worth your time. :) 

Find a place you are comfortable owning properties in first then sort those for locations that have increasing population trends, positive job growth, and planning and development trends. There are so many great markets to invest in and your best bet might even be to partner with someone in that local area which can be easily done through networking. I have connections in Phoenix if you're interested.