All Forum Posts by: Gunnar Sevart

@Justin Myers Welcome to BiggerPockets! Just remember that because you own a Contractor/Remodeling company you could potentially provide value to other real estate investors. Partner with some other established investors to do some rehabs or give them a discount. In return you can ask for their advice or deals that they can't rehab. Watch as deals and other investors are drawn toward you. Eventually a deal will come across your plate that you will be able to act on. It is all about finding the right people and deal sources for you. 

Goodluck!

@Stephen Bagnani I am very new to real estate and purchased into Rich Dad Coaching(12K). It was great, but I was not ready for their mentor-ship program. I learned so much with their online and live classes. I did this because I knew no one who was a real estate investor themselves. Since you have a partner you have a big advantage already. Not saying you should or shouldn't go Rich Dad Coaching, but definitely use BiggerPockets and other resources (books and webinars) to be continuosly expand your real estate knowledge. 

@David Fields I empathize with because I too have similar attributes to yourself. I have an average annual income, decent credit (680), 17k in available credit, 13k car loan, no savings and lots of book knowledge on wholesaling and rehabbing (I love RK as well and have all his stuff). 

I began working with a Hard Money Lender to put me in a position to provide value (financing) to already established real estate investors. When I market myself for my company I also let people know that I always "know a guy" (Like other investors, contractors, title companies and realtors) who will be of use to that person.  I now come across the occasional deal and while I am not able to act on them myself, I pass them off to the investors, contractors and realtors I know. People will then see me as a center of influence even if I do not have the capital or equity partners to close deals myself.  In the process of saving money and credit, I am putting myself in a position to find more sources of deals as well as possible equity partners and close on a deal myself. 

Basically I am trying to get as many other people rich as possible. I hope this helped the slightest.

There is no way it should be sticking out. There are multiple sized air filters at Home Depot or Lowe's. Get a tape measure to see how deep the space is and how long the hole is. Bring those measurements to a worker at the store and they should be able to point you in the right direction. 

Unless your tenant isn't paying for their own utilities, you can have them do that for you and explain to them that it will save on their electric bill. Rather than you doing it yourself for each of your rental properties, leverage your tenants and have them do it. You can always give your tenants little hints and advice on how to save them money (which ultimately saves you money on the unit itself). This also helps in creating a better landlord/tenant relationship.

@Dave Edwards a lot of realtors have a "retail" mindset, so they want to put in 1 offer on a property and win. Realtors with "investor" mindsets understand they will make many offers that will get rejected, but will do it for the business investors will provide to them. A family may only buy and sell 1 house with an agent in a lifetime, but an investor could buy a dozen a year with a realtor. You must find a realtor with a patient mindset.

Goodluck

If this is an option for you an equity partner might be of benefit. For your first deal maybe you wouldn't receive all of the cash flow, but a great way to start investing. Equity partners will have more control, but charge less than other financing. 

Ability to provide affordable housing for people not wanting to buy or can not qualify for a mortgage loan. This also allows you to leverage your asset as well to purchase other purchase properties.

Congratulations Ethan! It is stories like yours that keep me motivated to do great things like you. 

Often if you work with a lender and they assess the deal you are working on, they will provide you with a lender letter or proof of funds. This helps secure the deal, but you must coordinate with the lender first.

I came across a motivated seller who's elderly mother owed 160K on the mortgage and wanted to sell fast. She was asking 190K, so she could use 30K to purchase a mobile home for her mother. I checked the comps in area and found that a 20K rehab only would get me 215K. I wanted to wholesale it, but there isn't enough room for any fee.  I could only offer 160K to flip it, but I do not have to funds to flip it myself. How would I be able to help this motivated seller out?