All Forum Posts by: Israel Torres

Hi Matt,

Let me start with congrats on your investments and wish you continued success.  

Everyone's approach will be different here.  There isnt a cookie cutter way to get there quickest but what I will say is consider the opportunities that arise, even if you have a plan and those opportunities dont fit that plan.  

I say take the opportunities that arise, even if you have a plan because those opportunities may help the overall plan.  What i mean by that is I have bought houses/multi-families that didnt exactly fit my overall plan but they cash flowed and helped my business grow.  I took those opportunities every chance i got.  It helped me build something I never thought possible.  My goals are now much more than they were 5 years ago and even 10 years ago when i started investing.  

So while you have this plan, be fluid in the process of the goal.  There may be other opportunities that arise that could help you get to where you want to go much quicker.  Consider those even if they dont fall within your plan.  They could eventually become part of the overall plan.  

Good luck.  

Loved all the responses.  Everyone had a reason.  They loved the weather, too cold, closer to family etc.  I like being close to my investments so ill stay local most of the year but finally at a place where i can be a snow bird.  Property manager is taking care of the rentals.  Live within my means.  I do dislike the Chicago winters so snow birding each year somewhere different is something I am considering.  

Hey Brent, I have ran into that scenario as well along the way.  You can go the commercial route, seller financing route, and something you may not have considered is as a partner.  50% of a deal is is better than 50% of no deal.  I recently partnered with someone on a deal because of a few factors but the deal made sense is so many ways.  Commercial route will allow you to consolidate loan into portfolio loan which may decrease you monthly payments.  Seller financing could help because of the obvious the owner will help finance it.  Then the partner will help you grow your business.  All possible scenarios.  All different ways along the way that you can do while trying to grow the business.  Now I am willing to consider all options to make the right deal work for me.  Another thing is to refinance both loans and extend them out to 30 year mortgages which may help lower your monthly payments.  Im not sure when you purchased these properties but that may be an option.  Something to consider.  

As an investor, I say one thing that I look is someone who is flexible, wants to know my goals, and is open minded.  Being all 3 will help you learn about your customer.  Out of all the things I read here on the thread is about selling.  Anyone can show a house.  That's the easy part.  Know your customer first and foremost.  Grab a coffee with them.  Get a good understanding of what they are looking for.  Know them like you know yourself.  You are selling you, not a house.  I see it all the time, agents just wanting to jump into just showing houses.  Looking to just make a quick buck.  Quick bucks work if you are just looking for volume.  Your will make your job too hard doing that.  People you build a relationship with will make your job easier.  They will refer you to other people as well as be repeat customers.  Do yourself a favor, start with learning your client and stop trying to sell a house.  Wish you the best.  Cheers.  

I would suggest your friend reach out to local banks to the investment to see what their options are.  Local banks will know the area and will be more helpful to the average person.  The local bank is incentivized to help local business.  The online programs are just about volume.  How many "easy" loans can we do.  They wont be as helpful because that isn't their business structure.  They are trying to fit you into their box rather than the other way around.  

Welcome to real estate investing.  I commend you on your decision.  One thing I learned when doing this at first was I had to stay flexible.  I was plan specific but quickly learned I was missing out on a lot of opportunities.  So always have a plan but be ready to pivot for the right opportunity.  One thing I preach to all of my investor friends is always know the numbers.  I run numbers every day on opportunities, financing options, my existing portfolio, etc...You may see opportunities in those numbers after running them a few times.  Lastly, only you know what you are capable of.  Wish you the best.  Cheers! 

There are many different ways you can invest without money.  I mostly choose that route when a deal is too good to turn down.  I do reach out to hard money lenders on occasion to see what monies they have available and at what cost.  Having options whether it be hard money, land contracts, assuming a loan, etc...are all available.  Read up on your options, learn the market, and always know the numbers.  Wish you the best.  Cheers.

I see that financing or cash are some of the biggest obstacles.  In my opinion that is the easiest thing to find.  Find a deal first, know the numbers and then approach your sources about the opportunity.  Waiting to find financing first and then looking to find a deal is backwards.  That is the traditional way that banks want you to work.  In the world of investing that isn't traditional, then you should have the deal first.  You can always make an offer subject to approval of financing or due diligence.  

Financing sources want to make money, you want to make money, if you understand the numbers and both parties can make money then what are you waiting for?  

Other means is asking the owner to finance you (Land contract).  Most sellers just want to sell at their inflated number asking price, all I care about is making money.  The seller gets their number but they finance me at 0% interest over some period of time and then the property is mine.  The owner must have their home paid off or you are going to have to pay what they owe off.  I have done this 6 times over the last two years and when it was all said and done I didn't even put $1 into the deal, I actually made money off of the way I financed it.  

So many financing options, financing or cash is easy to come by.  You just have to think outside the box if you do not want to go the traditional bank route.