All Forum Posts by: Heath Thomas Jr

I would definitely find a partner in your area. Maybe if you can bring them a deal, they will split it with you and you won't have to bring any money! 

Or maybe partner with friends/family where they will bring the down payment money and you can take out a hard money loan. 

It's quite possible to do real estate with low/no money. But very difficult to go at it alone. 

Small 3 bed 2 bath Rental property in Clifton Park. The home is in Fair shape for neighborhood, but still needs about $6,500~ in cosmetic repairs. New plumbing, HVAC is in good shape as is water heater.

Asking only $27,000 Rentals in the neighborhood are $900-$1000

How's that for return on investment?

Cash or HML only.

The questions you ask can only go so far. The most telling thing is what their references say. Most people won't actually call the references contractors provide. But it's a must do, and call more than one.

I've also been thinking about that same thing! How much do you plan on reinvesting? How much do you plan on keeping for yourself to pay bills, take a vacation maybe? 

Bigger Pockets Tools Header, Then go to the file place. There are tons of contracts available there. I think if you are not a pro member you can still download 3 free documents!

@Loren WhitneyIf you have the property under contract. Deliver it to your title company and they are required to (at least in my area), give you a good faith estimate of closing costs. 

If that's the sticking point. I'd absolutely do that. They are usually accurate. 

@Steven DuckI would use BP to find apartment Complex investors to work with! Maybe grab a cup of coffee with them. See if you trust them (and they are serious investors) and then maybe present the deal to them as long as they agree to working with you. Most investors I've met love partnership. It's a great way to either find deals, or to fund them. Half of something is better than all of nothing!

The First Real real estate book I read was Trump University, Real Estate 101. By Gary Eldred. It taught me the importance of smart. value add investing, to  beat out your competition. Many of whom probably aren't doing real estate the right way. 

@TJ  

Doing our first flip now. Quite the under taking actually. However we used a General contractor that a lot of experience. I would say that is the best and easiest way to be successful when starting out. Surround yourself with the experience and knowledge you don't have. BP is a great way to start. Du Bois is a smaller town so not sure if they have a REIA but try and find one near you.

Our Realtor is an investor

Our Contractor is an investor

Our title company and attorney's work with many investors

Our accountant is an investor

These people are so key to our success because they can watch our back when we don't think of possible problems.

@Tj Troup

I would agree with Robert. Lawyers tend to be very expensive. And not great at assessing a real estate deal. We've got a couple of INVESTOR FRIENDLY agents who we've worked with. They're worth their weight in gold! 

Especially starting out, I would go with a Realtor.