All Forum Posts by: Joao Cappellano

@Marelyn Valdes I've seen a lot of people posting on craigslist and Facebook! My wife and I have been discussing the use of a cash advance but need to look some more into it? have you purchased a property this way, or are you using it as a down payment or mostly just for rehab cost? Thank you for your feedback! 

I could always use the cash advance as a down payment to get owner financed like @Tom S. mentioned. Then use anything remaining on cash advance or additional credit cards for a rehab, then refinance and pay everyone back! Thank you guys! Loving the feedback! 

@John Warren Sounds like that was a pretty awesome deal! Thank you sir! You've also opened my eyes to IRR

@Frank Patalano Your right! All the properties I listed above were sold within the past 6 months, exception of this property i am interested in. Both Quads sold in 3/19. According to the guy selling the triplex, both of the 2/1 units are renting for 750/month and 800/month. The 1/1 rents for 450/month.

@Frank Patalano I am currently looking in the Ocala area. I guess I have been trying to look at it as a BRRRR type deal where I would be able to pay someone back after doing repairs/improvements and refinancing after the 1st year to pay back the lender/partner. I guess also part of the fear with it is how much the seller is trying to get for the property considering the comps. His property is a triplex, 5/3 with 2066 sqft, asking price of 155k. I found 6 comps, that sold within the last 6 months. Most were larger by about 600 Sqft and newer by 20-40 years. Couple of quads with 2695 Sqft, built in 80's, sold for 130K and 145K. Couple of duplex 6 bed 4 bath, built in 04 and 06 sold for 160K. Duplex built in 60's with 4 bed 4 bath, 1531 sqft, sold for 128K. Only Triplex I found, with 2736 sqft, built in 85 with 6/3, sold for 154k. Even though the property cash flows I found it over priced when looking at comps. But I can offer less than he is asking for. Thanks for the help!

I'm a little late to the discussion, but better late than never!? I found out about Biggerpockets 1 year ago, I absolutely love it! I have learned so much over the past year! My wife and I had our first almost 10 months ago, I've found that a baby at the house adds a huge new dynamic to our ability to generate extra income. Our finances are now the issue for our inaction. I also have Fear overpaying, if I'm not the one providing the funds. I found an off market triplex that would cash flow very well but doesn't seem like I can add value, to refinance and pay back my partner/lender.

John Warren thank you for your reply! Congratulations on your recent 6 unit purchase! I found bigger pockets a year ago absolutely love it! I haven't done any deals yet, I've been listening, learning and scared to take action. I think a lot of my fear comes from not having money and my inexperience. I had a new addition to my family last September, he is the biggest blessing! However My wife and I have not been able to save money like we used to. We also don't have the equity on our property to do a HELOC. I've learned so much listening to the podcast and webinars and should have no excuses for not getting started. If a deal is GREAT then I should not have problems finding a lender or the funds through a partnership. I've been studying my market in Ocala FL and it's hot! Just missed out on a property this weekend. I set up appointment to go see it, was told that it was already under contract, just hit the market last week. I found a few listed for sale by owner, one is a triplex that should cashflow very well even at the current sale price, however I'm not sure how much value can be added to the property based on what the current owner said. The current owner lives in south Florida I'm getting in touch with him again this week to see it. The issue is, it may not be a property that can be Refinanced to pay back an initial down payment loan, doesn't seem to be in enough distress to get at a lower price and then add value to it. I'll know more later in the week. Do you follow the 70% rule on properties you go after so that you can BRRRR them? What is your typical criteria? Thanks again!

I'm looking to get my feet wet with my first deal. Looking for some inspiration from the community.  

@Brandon Turner also mentions in webinars, you can carry a hand written letter (or create one using) biggerpockets.com/dmletter and keep it in your car for an opportune moment. Someone will see it at some point, whether its the owner or a neighbor (who may inform the owner of said letter). Unfortunately I haven't even done this myself yet, but i remembered the idea being mentioned. My wife and I are very new to investing in real estate and are currently at the analysis paralysis hurdle we still have to get past. Good luck on your journey!

@Or Basan