All Forum Posts by: Brian Garrett

They’re best used when you’ve maxed out your 10 conventional loans, if you don’t qualify for conventional lending or if you’re looking at commercial properties that are too small for agency debt.

No, no and no again. 

All of the information these "gurus" teach is readily available here on BP and other sources online for FREE.

You can learn to scour through the county records or you can establish a relationship with a title company to run preliminary searches. There is someone here on BP that has a website which offers this as a service as well but I cannot promote their link. I can tell you from someone who has watched the Palm Beach County auctions for a couple years that it is very rare to see any real deals there. Everything decent either gets canceled, is asking too much or gets bid up to paper thin margins.

Don’t listen to any “wholesale gurus” who use generic ballpark numbers. Get familiar with actual pricing in your market. Go to Home Depot or Lowe’s and spend some time pricing materials. You can even do this online but if you go in person you can ask questions. Call local subs and trades to get labor pricing. Ask other investors at local meet-ups what they’re paying for certain jobs. That’s the best and most accurate way. There is no shortcut.

Piece of advice for what it’s worth. Never announce having $250k cash on a public forum and make sure you ignore all the colleagues requests and messages you get from people with “opportunities” and “deals” as these will be people looking to spend your money on what’s best for them, not invest it in what’s best for you.

Plenty of options out there for you.

1) Cosigner

2) Private Money

3) HML

4) Commercial/Portfolio Loan

5) Seller Financing

Don't let not being able to qualify for conventional lending be the hold-up.

There are plenty of Non-QM products available that don't go by Fannie/Freddie guidelines.

For individual duplexes or a portfolio of them cap rate is irrelevant and they will be valued based on comps.

Unfortunately it is very common for wholesalers to inflate ARV and underestimate rehab costs in order to make their "deal" appear better. You've just got to continue to do your own due diligence on each property they send you like you have been and remember to always trust your numbers not theirs.

They are typically offered in standard sizes.

The title "PRO" can be extremely misleading especially to new members who come across BP.

People who are browsing through the forums and unfamiliar with the site can easily misinterpret this as someone being an "expert" not realizing the "PRO" title is simply one of the paid membership tiers.

I understand "PLUS" and "PREMIUM" as those make sense but "PRO" seems like it can be very misleading to those who are unaware.

Just my opinion from someone who's been around for a few years and wants the BP community to remain as credible as possible!