All Forum Posts by: John McConnell

Thanks @Brie Schmidt will do now!

Just want to find out if anyone out there who has multitudes more knowledge than me can walk me through owner finance. What are some of the most important aspects. How do you structure your deal? What are some things that a newbie would forget when trying to build a owner finance deal? What kinds of pro tips or recommendations do you have? Thank you so much in advance!!!!

Very interesting the first search I do for figuring out accredited investor money and how to gather it led me here.  I know this topic is 5ish years old but still relevant today and one that I don't hear many people talking about.  Most people discuss hard money lending and private lending and I see how they are similar but they seem to me opposite ends of the spectrum.  HM/PM vs syndication is totally different.  I listen to the "old dawg real estate" (with @billmanassero) podcast from time to time, despite that I just turned 40 this year, because I am starting later in the game than most average newbies on this site (at least as far as I can tell).  He just had a guest on this past week with @bobbowman talking about raising private money.  I assumed it was about smaller private money deals and I guess any private money is the same.  Surprisingly he mentioned Dave Lindahl and attending his raising private money seminar.  The guy basically left that seminar (late 2009) and within 90 days raised over a million dollars in accredited investor forms.  That just blew my mind.  Bob had no experience in apartment investing nor did he have any apartments in his portfolio.  So then I started to think about it and it brought me down the rabbit hole.  Still learning all the ins and outs of RE investing and working toward closing a first deal but in the mean time there is so much to learn and I believe on a larger scale that this is one key skill that investors in general are not able to leverage.  The funny thing is that Bob now gives the seminars on gathering private money for Dave..  I saw someone mention that Dave no longer does the seminars himself.  Bob is his replacement for the past couple years.  Just thought I would throw this into the discussion and I hope that the past 5 years have all been beneficial to you and your investing strategies. I think the key takeaway for me was the accredited investor form and how it works.  I will be digging into this more and more and probably do a blog post once I figure it all out.  All the best!

jumping on the thread late but just recently (2 weeks ago) was turned on to the "real estate" version of the book. I previously read the e myth revisited and enjoyed the concepts it laid out. I find the real estate version of the book takes Gerbers concepts and then expands them from a real estate investor point of view (as stated above). I have this book on audio and I am currently looking for it on digits if anyone has a copy of it they might want to offer up PLeASE feel free to message me directly. I may also have a treasure trove of book you Might want as well. 

I will say this about book and how relevant they are and how much time should be allotted for them. As Gerber and his co-authors all speak about learning is a lifelong endeavor. Taking time and money to dedicate to learning (not just about real estate) is essential to figuring out new and complex problems. If you want to find new ways to innovate your way out of problems then knowledge is key. Expanding knowledge about people and psychology and marketing and technology just to make a few will enhance your ability to see holistic solutions to problems. This book touches on a lot of these key topics.

I have the book on audio so that I can consume it while I drive back and forth to work or even on a long trip. A lot of people tell me they are not able to listen to audio podcasts or books while driving. I would say try to slowly incorporate it into your daily routine. Worst case you just have to listen again. 

Google NACA. I just went to their little 2 hour spiel the other day. Sounds like something you can leverage. They are an underwriting non profit that has great relationships with major banks. Let me know if this helps! Best of luck!

Also if your browser has been open and you are just refreshing/reloading a page even when things change on the server side (that's geek for the bigger pockets or which ever page you are trying to visit) the info is cached rather than fresh...meaning your browser is using information and satay it already has rather than asking the server to give it the new information or changes. Most times closing the browser completely and the reopening and trying again will clear the cache. You can also go into most browser options and "clear SSL state". I have issues with government websites all the time and that usually does the trick. Hope that also helps a little.

Thanks for the quick response! I will check them out. I was also contacted by a gentleman who works for/is a partner of Georgia Gold Mine Property management and their numbers are similar. Might be another option as well to check out. Wish me luck on putting together my first deal. 😬

Hello all!

Any investors in the Augusta, Georgia area who might recommend a property management company. Also would like to shoot some numbers back and forth regarding expenses on rental property. I know the area pretty good as I have lived there a few times over the years. Looking to make that my primary area of investing and looking at a couple deals in the area. I am not so much looking to make a ton of money or some amazing ROI up front but to build a solid business and provide a ton of value add to my specific customer base I am targeting. Also looking to build relationships with local investors, realtors, brokers, banks, etc in order to bring some life into a still developing market. Talking to a few investors there already on the phone it seems like most are doing their own management and everything in house. That is not a bad thing but I am trying to put together a complete system and possibly replicate it down the road near other bases on the east coast. I would love to hear from any of you in that area! Thanks!

Nice @Ben Zimmerman!  Great story, great advice and some really good info that I have not heard before!  House hacking is by far one of the best ways to conserve cash and free up some bills, pay off debt, double or triple down on mortgage, etc.  Thanks! 

Just a general question..  maybe for the state of Georgia (GA).  If I were to purchase a duplex and there was an open lot next door why or why not purchase this open lot.  I am looking at properties and there are a couple that have an open lot next door for a fraction of the cost of the property I want to buy.  It looks like the lot belongs to the city maybe or the original developer.  There is no tax information on it as far as the prop tax.  So lets say I finance and I go to the bank and say "give me this property and I would also like to pick up the lot next door as well" can you do that all on one loan?  Does it make a difference if the loan is commercial or residential?  Im just thinking long term future you could potentially get it zoned and build another building on it or combine the two lots and put a larger building with more units all together..  Build a parking structure for the duplex like a 2-3 car garage...  I think the possibilities are endless.  What are your thoughts?  Thank you!