All Forum Posts by: Israel Wolterding

Another vote for the FHA loan in which you can house hack.

Yes - you should be looking into the classic FHA "House Hacking" loan where you put minimal down, live in one unit and rent the others

Hey @Israel Wolterding, exactly what @Michael Key said.

Using an FHA loan to buy a multifamily of some sort. A 4 plex for example.

Live in one, rent the other 3. Live free, save money, rehab empty units. After a year or so, refinance, rehab your unit, rent it out. Do another FHA loan and do it again.

After several of these you will have some performing multifamily buildings and saving up to move to another asset class. Like a STR.

 This all day. You'll want to focus much more on finding a great deal, possibly off-market. If you can find a seller-financed deal, even better! 

I'm of the personal opinion of house hacking and doing a traditional FHA style loan on the first investment property, especially if you're a single guy and looking for a triplex or fourplex.

That being said, I didn't know seller financing was a thing when I got started. And today, I'd spend all my time networking and building relationships to find older investors in my area who are tired landlords looking to cash out without the tax hit and wouldn't mind carrying the note. But those deals are relational. Especially if you want a good interest rate to be negotiated. 

 The loan and interest rate might not be near as important as finding a great property at a great price that will cash at todays higher interest rates.

If you are having trouble finding buyers, it is because you are not finding good deals.

How do you catch  red fish? You use shrimp, right?

How do you catch serious cash buyers? Show you have serious deals as bait to offer them.

There is no other answer, I am afraid. You want cash buyers that are serious? You need to be a wholesaler that is serious. Any wholesaler that calls me up with that gaddamn stpid script: "hey I am a local investor here in [city], and I often come across a deal that doesn't work for us.  bla bla bla" I immediately tell them to get the hell off my phone!

Want real cash buyers? Become a real marketer!

Cash buyers?

find flipped houses in the same neighborhood , and look up who did the flip. I have this program called privy that makes it super easy. DM me and I can send you a loom how I use it

Propstream: Cash Buyer List

InvestorLift: Has a Buyer List of folks who used debt (sometimes those are the only buyers you can find, they can't always be "cash"). IL cost min 5k, so team up with someone who has it.

JV with another wholesaler who is a dispo pro in your market and split the assignment fee. Every wholesaling guru has a free FB page (in additional to their private paid members only page). Post that you are looking to team up with someone experienced doing dispo in your market, but be careful who you work with.

If you are Pro (paid) member of BiggerPockets you can post the deal in Marketplace.

JV with a local agent (split the fee with them) who may have a more off-the-radar MLS type

Step-by-step guide into how to find buyers in your city:

1) Find a record of all transactions in your county

2) Search sellers by the name of other big wholesalers in your city

3) Look at their buyers

4) Skip trace their buyers or send them a mail about your list

Feel free to DM me if it's not clear