All Forum Posts by: Jesse Holshouser

I'm offering on a property this weekend and I'm wondering if I should give them a low ball offer first and then negotiate, or if I should tell them straight up what I'm willing to pay for the property. I see merits to both strategies, but I'm wondering what you guys think and have had success with. Thanks!

Best thing to do would be to schedule an appointment with a lender or email them and ask questions. They will walk you through the process and tell you exactly what you will need to bring with you when you actually go to get approved. Typically, you'll need your most recent paystub(s) covering a 30 day period, last two years W-2s and tax returns, and any asset documentation you have like your most recent bank statements, retirement and stock statements if you have any. 

I second @Kenya Teague's advice. Checkout the Metrolina REIA or another local meetup. If you can network there and find a wholesaler willing to mentor you, that would be the best way to get some hands on experience.

https://www.youtube.com/watch?v=-riCIlwAuuc

https://www.biggerpockets.com/search/wordpress?utf...

Good places to start. There are several other podcasts that go into detail on BRRRR if you care to look them up. Good luck!

I'm not exactly brand new to bigger pockets but I never posted an introduction and I'm still new to REI. I've been reading and contributing to the blog for several months now and have listened to about 80 of the podcasts so far. I'm mostly interested in achieving financial freedom through rental properties. Starting out I'm looking for single family rentals and small multi-families, and will eventually scale up to some larger multi-family properties. I would like to build 10k a month in "passive" income from my rental portfolio within 5-10 years. I think this is achievable if I can create value with each deal and use creative financing to scale quickly. I would also like to start a blog documenting the entire process in gory detail. I'm currently in the market for a small multifamily property between Hickory and Lenoir NC that I can house hack. I would also love to meet and network with local investors so please feel free to connect and reach out to me on here!

Awesome! Would definitely love to know how you structured the deal, how much total rehab will cost, etc... Thanks for sharing and good luck in the future!

Any time. Good luck with it!

Sounds to me like the seller is valuing the property as a multi family (5+ unit) based on its ability to produce income rather than by comps. I also know a local investor who lists several of his properties for sale WAY above market value. He has no intentions of actually selling unless someone with no idea what they're doing comes along and overpays for his property, just like you mentioned in the above comment. I would say offer what you know its worth and nothing more. You've always got to have an exit in mind, even for buy and holds. If push comes to shove and you need to get out, you'll likely only get market value for it. Again, like someone said above, the bank knows this so they won't loan you on a property if they think you could end up under water.

Why not just offer 100k less than what they are asking? It cant hurt. Out of curiosity, is this a  single family or multi-family property? How are you and the realtor arriving at 100k less for comps?

I'm going to start a personal finance/real estate investing blog documenting my road to financial freedom through real estate in real time but I'm drawing a blank on names. I've had a couple of good ideas, but of course the domain names were taken... I've also been given a couple of satirical names: evenbiggerpockets.com and thebiggestpockets.com lol @Joshua Dorkin better buy those domain names before i do ;)