All Forum Posts by: Farley Youman

V.G. is right.  Most people take way too long to go into action.  I guess I somewhat am in that category. The only thing that I did as I read the 60 books (2006-2009) was to house hack my house.  I did that by telling the contractor to close off the loft in the brand new house I was getting built in 2008- and also put in an additional bathroom in the newly formed bed room.  This made my house go from a 4/3 to a 5/4, and also set it up where I could have 3 renters inside the house along with me- and we all have our own bathrooms.  
***Do not worry V.G., I finally did go into action. My motto was always caution, caution, caution! So that is why I did not jump in too fast. In 2011, I started doing fix and flips.  People said it was the worst time to go into flips in Atlanta, but I did it anyway and made money every time. It would not have been the end of the world if my partner and I had not sold- we could have rented them all day long (and those houses in Austell and Lithia Springs are worth a lot more today). I was a licensed mortgage officer for the state of GA after that, and now real estate investor loans and consulting.  So, I did finally take action V.G., albeit a little later than I wished.

Thanks Richard for your advice.  I am still looking into gator lending, but have not made a decision yet until I do more research- or better yet, I talk to a closing office that performs this process.  Even if I do gator lending, I will want to partner up with 1 or 2 people so as to reduce my risk.  I have not ever lost money in real estate- only profits- and I would like to keep it that way!

***You are right about me doing fixing and flipping for profits.  Besides that, I plan on going into tear downs- while setting it up with no money down (which I already know how to set this up). Thus, for anyone that is interested in partnering up with me on these endeavors, please contact me.  I would be interested in the Atlanta area or suburbs (which is ranked the number 1 real estate investor market in the nation- Phoenix is 2nd.), or other parts of GA, or Chattanooga, or FL. Please contact me if interested. Thanks.             

I have recently looked into Gator Lending. Although I have read 60 books on real estate investing (and completed fix and flips for profits), I do not know a lot yet about gator lending and the pros and cons- and most importantly the risks. 

-If I use this method, I will definitely want it to be set up with a title company for protection.

-I may also want to meet in person with the title company first to get the pros and cons and of course the risk level.

I am very cautious when it comes to real estate, and because of this I have never lost money on real estate. My method is less location, location, location, but rather cautious, cautious, cautious!

To further reduce my risk (and yours as well), I would want to partner up together with another "gator" at least for the first few deals. In other words, I would pay half the earnest money- or whatever the payment was for, and you would pay the other half. Please let me know if you are interested or have tips on this subject. I would be particularly interested in hearing from someone that has already done this method, or a title company that has performed this process. 

I am located in GA and if I do this method, I will probably do it here since the laws seem to be fairly protective in this great state.  I would also be interested in other states that have similar laws. Thank you.

Nathan makes a great point about a reading that book to have the overall knowledge of managing the property. Although you can hire a property manager, your own knowledge is still the main key. Afterall, it is your money you put into the deal. I would be glad to see what your next venture will be in Real Estate, so please follow me.  At that point we can set up a 10 minute call to discuss. Thanks.

Todd: good luck with the commercial venture. You did not mention if you have money to set up the down payment on a loan or will be doing this venture with all cash. Or, will you be looking for a partner with cash? Either way, I would be glad to set up a 10 minute call with you to answer your questions and give you some tips.  Please follow me, and I will email you at that point. Thanks.

Jilina:

It is great that you are ready for real estate at just the age of 21. I would say to learn and set up loans for other investors. It virtually takes no money, and when you learn the loan business, you have learned virtually a lot of the other 'languages" of real estate- wholesaling, fixing and flipping, new construction, etc.  I have learned so much from my loan clients in regard to their plans on profitable deals and which markets they go into, and some of them even tell me their mistakes.  Those are the mistakes that you could avoid if you continue to learn.  I would be glad to give you more insight during a call. Please follow me so that we can set up ca call. Thanks.

Matthew: I have been in GA virtually my whole life and know the dynamics of the

GA market, because I have flipped in this state and owned 2 houses. I

have been attending REI meetings for 13 years now in GA and I listen to other investors when

they talk about some of the markets that are hot. If you set up a

call with me, I would be glad to talk with you. Please follow me and we can something set up. Thanks.

Lane made a great point about Augusta possibly not having the best economy (except during the Masters of course). I have been in GA virtually my whole life and know the dynamics of the GA market, because I have flipped in this state and owned 2 houses. I have been attending REI meetings for 13 years now in GA and I listen to other investors when they talk about some of the smaller markets that are hot. If you set up a call with me, I would be glad to talk with you about some of the smaller towns that do have good economy. Thanks.

Alyssa: I would be glad to connect with you and tell you about the Georgia market.  I live in Atlanta. Please follow me and we can set up a call at some point. Thanks.

Quote from @Johanna Perez:

What would you say is the ideal road map to getting your first deal? Their are a lot of steps to take so it can become overwhelming when first starting out. 

The ideal road map to your first deal is not location, location, location, but rather caution, caution, caution!  Instead of doing a deal, if I was you, I would learn how to be a loan rep, and watch what your loan investor does on a deal to make money. If they are experienced, you will learn plenty and make money later on a deal. In the meantime, you will making money as a loan rep, and not have to put out any money yourself. Making money in real estate with noting down!