All Forum Posts by: Jarred Ross

Thanks for the input Andrew.

If I were to get say, $40,000 from a family member to cover the down payment, is that going to alarm a lender, seeing a big lump sum deposited into my bank account? Because that is probably my best option at this point.

Hey everyone,

I'm a fairly new investor. Only been into real estate for about a year now and only closed my first deal about a week ago. I came across an awesome opportunity for some rental properties I'll outline to you.

Seller has a 7 unit, a 5 unit, and a 4 unit. NOI of $74,000/year (total value $370,000 using 20% cap). He also has 17 other houses he wants to owner finance to me. He needs $150,000 to pay off back taxes and a lien that is covering all the properties. So I'll be purchasing the multi-families for $150,000, which he will use to pay off the liens. Then, he said he will owner finance the rest with no money down. So really, this is a no money down owner financing deal, but the liens have to be paid before we can move forward.

I'm looking for $175,000 which will be secured with the 3 multi-families I mentioned above. The extra $25k is to cover attorney fees, CPA fees, and other things.  The kicker is, I really don't have the ability to put skin in the game. I could fund raise from family as a last resort for a "down payment" to the lender, but I would really prefer to have just one note to pay. Any advice on how I should set the deal up since 2 are commercial and one isn't? Do you have any great lenders that work with me on this?

If you move around the country frequently, it may actually be a good thing, because you'll be in a new market every so often and can analyze and buy deals from all different areas of the country. Plus, if you start making friends, you'll have connections all over too, which can be immensely beneficial. You might want to explore wholesaling, if you don't want to get wrapped in rehabs or rentals if you might move.

Hi Monique. I'm quite new to the game as well, and from Michigan, so I thought it fitting to speak with another Michigan newbie on my opinions. Many people seem to combine Dave Ramsey's technique with Robert Kiyosaki's- the author of Rich Dad, Poor Dad. They live frugally and well below their means, like Ramsey preaches, while using debt to advance their position in life and earn passive income. My mom and stepdad took the Dave Ramsey course after filing for bankruptcy, and their situation has really improved. I can't specifically point to the course as the reason for this, because they both got good paying jobs in the meantime, but it definitely helped them. On the flip side, when you get into things like commercial and multifamily, debt is almost a necessity, but look how much money those guys are raking in! You can only grow so much and go so far on cash. Its all about the balance of risk when it comes to indebting yourself. In the interest of not making this post into a book though, I'll end by recommending you to read Rich Dad, Poor Dad if you haven't already. Welcome to BP!

Hi everyone! I figured it was time to write an introduction post, seeing as I've been a member for 6 months and haven't got around to it.

Anyway, I'm a greenhorn investor from the thumb area of Michigan, and I live in Port Huron. I haven't done any deals yet, though I am on the hunt. So far, I've spent some time and money mailing to pre foreclosures (which never amounted to anything), and now I'm focusing my efforts on lease options, as I've found a mentor to help me with them.

If you're looking for someone to chat with about, well, really anything, real estate related or not, send me a colleague request and I'll be happy to talk. Things that interest me specifically are history, religion, money and finance, investing (obviously), economics, business, politics, cars, guns, and music (heavy metal is my forte). I'm actively seeking out people who have the same passive money-making mindset as me to make friends with, so if any of those things tickle your fancy, holla at me! Thanks everyone, looking forward to being an active and helpful part of this community.