All Forum Posts by: Grayson Wester

Welcome to the club @Steven Wade! Although I'm sorry to hear that you got laid off I'm also really excited for you. That happened to me once and I was in a similar position to yourself. It was terrifying and liberating all at the same time. If you've got a nice chunk in savings and/or your wife works, it might be worth giving yourself a deadline for how long you're going to commit to getting your investing business off the ground. My wife and I did that and it really helped. We decided that I would give it a good solid run full time for several months before I started to look for W2 options again - I'm glad we did that. Whether you work a W2 and do this on the side or go for it full time - you will be successful. I've actually got a couple clients in California and Washington that work full time jobs and invest in San Antonio. It's possible!

If I can help introduce you to any wholesalers, agents, etc. here in San Antonio let me know. I'd be happy to help!

Welcome to San Antonio @Brian Thomas and @Robert Mundras! There is a large and thriving investor community here in San Antonio so you won't be lacking places to connect. Like @Jason Hirko said @Rick Pozos has a great group. Make sure to join Facebook groups for San Antonio real estate investors as well. There's a ton of activity in those. Best of luck!

Hey @Trinh Huynh! Her name is Stacy Martin with State Farm. I'll PM you her info.

Thanks for the referral @Edward Beck! Like @Jason Hirko said, we'll reach out to him and tell him you sent us.

What kind of investing are you doing in El Paso? I see you're a wholesaler.

@Jack Henry yes sir! We're able to do loans outside of the major metro markets. We've moved into Midland/Odessa so El Paso is the next logical step. Are you investing out in west Texas?

Hey There! We're doing diligence on our first hard money loan in El Paso and I wanted to see if anyone local had a good appraiser to recommend? We have a national appraisal firm that can do it, but we'd like to get someone who knows investment RE! Thanks!!

@Alberto Izarraraz I looked at how long FedLoan told me it would take for us to pay it all off and I wasn't happy with the timeline - like 30 years. I also noticed how much interest they were making off of us and I couldn't bear it. I wanted the extra cash flow in our bank account month to month and the freedom to know we didn't owe anything. It was quite a journey, but I'm so glad we did it.

@Amalfi Duran is the loan a Fannie Mae or Freddie Mac loan? Historically you couldn't get conventional financing for an LLC, but as of November 2017, Fannie Mae now allows the post-closing transfer of title to an LLC. There is some fine print you need to read on that, but nothing crazy. Otherwise, you risk triggering the due on sale clause.

One option is setting up a land trust and deeding the property over to it. With land trusts you have a trustee and a beneficiary. The trustee has to be an individual, but you can name the beneficiary to be a person or an entity. The great thing about land trusts is that the operation of them isn't public knowledge. That being said, you could in theory name your LLC as the beneficiary and no one would know.

I'd encourage you to check with a local and trusted real estate attorney to give you more direction on how to set something like this up and if it would be a good idea for you given your particular situation.

@Alberto Izarraraz my wife and I paid off $130K in debt in 3 years - almost all of it student loan debt. At the time we were making $60K a year combined - neither of us were in real estate. I found a mentor who showed me the ropes and did some JV deals with me. Everything we made in real estate we threw towards the debt. Eventually I got into it full time and am glad I did.

I agree with @Richard Sherman, cut your expenses to NOTHING. Throw everything you have towards the debt and try to make as much extra cash as possible. You have great income for San Antonio so unless your living expenses are super high you should be able to do some serious damage on these loans quickly.

I also agree with @Rick Pozos, real estate investing is not complicated, but it's not easy. It takes time and serious effort to get some deals going. Find someone you trust who can help you fast track the process of getting started. I don't know Rick personally, but I know people that do and I've heard good things about him.

I also second following and applying the methods of Dave Ramsey and Mr. Money Moustache. That's what my wife and I did and it was a huge part of why we were able to make the progress we did (aside from just making more money). Eventually you'll graduate to higher levels of financial management, but that is a great place to start.

@Jose Tamez what neighborhood is this in? I know San Antonio pretty well and can give you feedback that's more specific.

It sounds like you've invested a lot of time in educating yourself and taking action. I'd need a little more info to analyze this deal, but I'd encourage you not to jump in without getting good comps for the ARV (free stuff online isn't the most accurate).

At the least I can connect you with some more wholesalers in San Antonio so you've got more options to choose from.