All Forum Posts by: Jacob Younger

Hi @Jacob Younger - it's generally a bit more difficult to justify a gift from a non-relative than a relative, but it can be allowable under certain circumstances. There is also not supposed to be any expectation of repayment for the gift, and the situation you described, as you described it, will likely not be allowable by a Lender.

Really appreciate that Reid. Will take it into account and keep saving. Hopefully there's another way I can get this done.

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Hello,

So I am planning on using my FHA loan (3.5% down) for my first residential/multi family property (4 units or less). I would live in one unit and rent out the others. I know it's possible for me to accept a gift from a friend and use it to cover my down payment. But I want to know if it's possible for me to accept the gift from a friend (who is also a small investor, with cash on hand from his previous professional sports playing days) to cover the downpayment AND THEN split the ownership and the rental income from the property with him?

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Originally posted by @Grant Sylvester:

What's up Jacob! That's awesome man. I'm still newer myself, so you and I are in the same bucket. I've done 1 deal locally in my market, Houston, and 8 or 9 deals in 2 virtual markets.

Competition - That can be a real thing! But of course there is two sides to that coin right. In my limited experience I would say that if you go virtual in a different market (say a smaller city with lower priced homes) you'll generate more leads, but you may struggle with disposition as there is less Investor activity from your potential end buyers (Small,Med, and Large Flippers, Institutional/Hedge Fund Buyers, Turnkey Operators..etc) On the flip side if you stay in the more competitive market it will be a grind to get those first few leads and to secure a contract but your odds of not being able to dispo it should drastically decrease (Assuming you have a discounted deal in the right area) and that check should be NICE.

Structure - I would pick a marketing method that you can consistently afford for the next 3-6 months, basically until your first couple of deals, and just stick to that marketing channel. Texting, D4$, Cold Calling, Bandit Signs, Door Knocking are among the cheapest when first starting off and will for sure land you your first deal if you consistently execute. I would pull a list from Batch Leads or Propstream, skip trace it, and get your feet wet talking with sellers.

Lastly, I would talk to a lot of end buyers. Find out who's actually buying deals. Also look to squad up with a reputable wholesaler in your area who is doing deals. They will drop major knowledge and be a game changer.

Best of luck man!

Man, that was PERFECT! Truly appreciate you taking your time to enlighten me. I will 100% put it into practice. Jumping into some cold calling now off of a list I created on propstream. Wish you continued success and with giving like this, you'll definitely continue to receive (reap what you sow)!

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I'm killing you sry lol but I've also been researching the cash-buyer's and trying to see what kind of deals fit their criteria, in order to have a target audience of properties.

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Really appreciate you taking the time out of your day to reach out and drop some veteran knowledge on me. I will definitely put this into play tomorrow.

The other thing is I live in Fort Lauderdale, FL and I've heard wholesaler's in this area say it's better to go out of state to find deals because here in South Florida there's just too much competition. And I know that just because one person says it, doesn't necessarily mean it's true, it could just be true for them... But I wanted to get your take if I may, on the chances of finding leads/deals in South Florida.

I could drive for dollars in my area and continue to use propstream and other tools to look for markets out of state. Just sucks because I'm still learning how to find "hot" markets out of state (currently looking in PA). As of late I've been selecting areas best I can, skiptracing numbers and cold calling them. Hoping to get in cahoots with some agents in areas that I can't get up and drive to as well.

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How can I assist you....? While learning myself. Have time on my hands finally to fully engulf myself into wholesaling. Ive done the podcasts and youtube rabbit for a few weeks now. But I could definitely use some structure. I live in Fort Lauderdale, FL. Not exactly sure which market to dive into. Should I go out of county, out of state, stay local??

Should I be sending out a bunch of texts, voicemails and postcards to potential leads yet, or should I do more driving for dollars in my area first?

I'd appreciate any help.. Like I said I'm super driven a former college athlete and I want to be the best. I've attended multiple meetups which were great and i will continue to. If i can be an asset to you in any way let me know. Don't want to mooch but I gotta get this thing ROLLING!

Thanks

Jacob

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Where should I start? Well I'm 26 and have my BA in criminal justice. Never saw myself in real estate but for the last year it's all ive been thinking about. I'm fascinated with the many options and opportunities it presents. As well as the challenge. Being a former college athlete makes me want to take on that challenge. I was previously a police officer but I'm ready to start my journey in real estate and make it a major part of my lifestyle.

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All Forum Posts by: Jacob Younger

Jacob Younger has started 3 posts and replied 7 times.

Post: Accepting a "gift" as a downpayment w/ my FHA loan concerns

Post: Accepting a "gift" as a downpayment w/ my FHA loan concerns

Post: More than MOTIVATED New wholesaler in need of creating structure

Post: More than MOTIVATED New wholesaler in need of creating structure

Post: More than MOTIVATED New wholesaler in need of creating structure

Post: More than MOTIVATED New wholesaler in need of creating structure

Post: Just the beginning