All Forum Posts by: Hunter Adams

@Twana Rasoul That would be a game changer!

Hello all,

I'm curious as to the feasibility for a first time landlord to get a commercial loan on a cash flowing 6 unit with tenants already in place. I would owner-occupy and it would be my first property purchase and first true land lording experience. I have decent handyman skills and have kept up properties for work as well as my parents few rentals. I would have to move away from my current location but I'm familiar with the area and I have family living in the area.

I know it's a stretch, but has anyone tried this? I've heard commercial loans can be easier as long as the property is priced right.

Thanks in advance.

@Stephen Glover I believe one of the podcasts you're referring to is #314 with @Andresa Guidelli. There's some tasty nuggets in there about managing contractors as well. There is more than one episode that mentions this but I can't remember the other.

@Alvin Uy

I've been keeping up pretty well on new MLS posts in the IE and yes you're right, it's very saturated out here. Everyone is trying to get in on the Southern California market. The BRRRable properties are in contract usually within hours of their posting. I'm a newb so I'm focusing on off market deals. I'm talking to a lot of people all the time and so far this is how I've gotten my most promising leads. I know it's rough out here right now but I think if I can find even some success in this competitive of a market, it will be that much easier when it cools down. Also, now's probably a good time to learn how to invest remotely. Once I get my first house hack I will be focusing my efforts in more cash flowing markets where friends and family live.

@Joe Funari I was just thinking about this today. The Guru/Mentor industry seems to be based on the newbie enthusiasm phenomenon. Most people get really stoked in their first few months and this emotional energy is capitalized on by the gurus/mentors. I see it, I'm a newb. Any mentor that does a lot of business is well aware of this phenomenon and they know where the mentee is because they've been that person. I'm not saying all mentors who charge tens of thousands plus are bad people, but I do think a good mentor would vet out the newbs that just caught the bug to see if they are truly dedicated. Maybe in their mind $20k+ shows dedication. Figure out which strategy feels best for you, then find a mentor that specializes in that strategy. But I could be wrong, I'm just a newb.

@Tina Husted this is the nature of the hot market in so cal. Like Brandon always says, "deals aren't found, they're made". And to make a deal in our situation, you have to go that extra hundred miles and know the game plan before you start making offers. The deal analysis is number one, I've been looking a lot and have analyzed a few "no-brainer" "awesome" deals that turned out not to cashflow enough to make them worth my while. If there's a deal in there, you can do it. Just keep doing the homework like you already are, form a clear plan, and think of any question that might come up so you can have the answer when the time comes. I know this sounds like analysis paralysis but our market is very competitive and the margins are super narrow, we have a lot of pitfalls to dodge. Someone once said, "the best way to navigate a minefield is to follow somebody". You may want to shop around for a partner that has done similar deals. Their expertise will probably be worth whatever profit you will have to share, or whatever loss you might otherwise incur. Best of luck!

@Wayne Brooks

I don't know any of that info. My state's website charges per inquiry. It's not much money but I figured I'd see if I could track down the owner before I do an in-depth title search. I'm learning as I go on this goose chase. Even if this is fruitless, it's a fun way to learn how to research. Aside from a title company, is there a way to make at least preliminary title search less tedious, since there are so many different types of liens that could be filed from all sorts of entities?

@Josh Carr

Good info. It's a fine line keeping it in my pocket. I called the company whose property I think it is. The secretary said she would check to see if it's their property, but they never called back. If it's not the same REI company, I imagine they could snake my lead once they see the taxes are past due. It's pretty dog eat dog out here in California.

@Geordy Rostad Thanks Geordy. This is why I love BP.

I checked the business searches for CA, AZ, NV, TX, FL and DE. The closest I can find is a business with a similar (non-abbreviated) name registered in DE. That company does business near LA so I'm thinking it's them. I will call today.

Next time I'm in that neighborhood I will do some door knocking. You're absolutely right about picking the neighbors' brain.

Hello BP fam,

So driving for dollars yielded a very cool distressed house that looks promising. Tax assessor shows it's owned by what seems to be an REI company based off their name. I've had trouble finding any info on said company and I'm guessing they don't exist anymore. The taxes are two years past due.

After browsing some BP forums, it seems like the house has to be offered publicly at either bank or tax auction. Is this the case? Do I have any chance of putting an off market offer on it?

Also, how can I find more info on the company?

Thanks much!