All Forum Posts by: Karl Denton

I like Brandon Turners books, also "Rich Dad, Poor Dad" Youll hear this book talked a lot on here and the podcasts. 

You could use a hard money lender but since the seller is offering the financing probably wouldn't be my first choice either. Currently with rates you can do a cash out refi if you have a home or property already, even simpler you can do a HELOC loan which is a line of credit on a mortgage you currently have. There's other moves like borrowing against your 401k or other savings retirement plan. Another idea would be to go in the deal with someone else and 50/50 split or whatever works, at the end of the day its better to own some of it then none of it. Just look at all these avenues and see what works for you financially, if its a great deal you have to find a way. Also talk to local banks as well, depending on purchase price you may find smaller banks offering to do only 10% down depending on the loan. Need a little more detail on price and your finances to be any more of a help. Good Luck!

So I always try and stick to a small local bank, they can somtimes offer alot of better loans. For example a investor loan your looking at like 25-30% down through like US Bank. However you may show the property to a local bank who sees that it will be worth more after a renovation or that the value is there, in turn they may give you a loan with only 10% down, you also have other options like VA loans if you qualify. Build a relationship with that small local bank and they will be great to do business with. They go the extra mile because they are smaller verses your quicken loan banks. Go talk to a couple and pitch what your thinking and what kind of loan you will need. I am hoping you'll be pleasantly surprised.

If you wait for the crash you'll be waiting. The markets so volatile, my suggestion which helped me was you just have to put in the leg work when the market is like this. You need to go driving for dollar and in fact there's 2 good apps I have used when it comes to that, they will send out mailers for you. You will be able to get leads that way, but talk to family and friends and let them know your looking and network. You never know who wants to sell there house and may want to do it privately but they were waiting for that right person to come along and push them to do it! Best of luck!

I’m located in CT. My wife has come to me with a potential wedding venue property that’s 25 acres, and 775k. It’s currently a huge house and has a separate barn. There will have to be some minor renovations done and a tent has to be purchased to setup on the site. Any ideas how we would be able to pull this off? Even if it doesn’t happen this time around how do we setup ourself for a future deal. Thanks 

New investor looking for help finding a good CPA local or tips on how to find a good CPA the guy iv used in the past i feel as if he has rushed things in the past and may be overlooking things. Thanks for any help

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Manchester.

Purchase price: $150,000
Cash invested: $50,000

Has a larger multi-garage on the lot, those are all rented out and producing income. Also has a larger lot and currently I have one parking space rented to a neighboring tenant on another property.

What made you interested in investing in this type of deal?

The price point and how well the property had been cared for.

How did you find this deal and how did you negotiate it?

Found the seller didn’t want to manage the property anymore. Had contacted my wife and was a family member on her side.

How did you finance this deal?

We had used our cash we had saved up.

How did you add value to the deal?

We installed 3 natural gas furnaces and did a couple minor upgrades. Newer glass top stove in one unit and new thermostats. Doing 3 furnaces allowed for no more oil and the tenants now pay each of there own bills.

What was the outcome?

Outcome was less bills we have to pay and more cash flow due to that.

Lessons learned? Challenges?

Still finding a good system to manage everything. Challenges on this we’re switching over to have the tenants on a lease and more responsibility. They were use to cash and no lease of any kind. Price increases and changes scared them however they were good tenants and we kept them all after the increases.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Looking to work with one we have been talking to.