All Forum Posts by: Joe Arida

Unless the property is just an absolute knockout deal, you probably won't have much luck trying to wholesale someone else's wholesale. The end buyer is the one taking the most risk, and if too may people take out a little piece of the profits, there's not enough (or any) left worth taking a risk on..

That said, I like the suggestions from @Gabriel Amedee. If you can find a way to make a little with the other wholesaler, then that's great. If not though I love the suggestion of just linking up an investor with the deal they are looking for. It puts you in a good position and I can definitely see how it would pay off in the long run!

A licensed realtor can obtain this data for you as well.

Wow, sorry everyone. it appears my line breaks didn't show up when posting through the app...so it's just one big chunk of text. J

This is why it's good to have multiple exit strategies. If the market crashes, could it be turned into a rental? Or you could try to protect yourself from a limited downturn by ensuring your profit margins are high enough to at least break even. How long do you think the flip will take? Do you have specific concerns about your market and, if so, is there anything you can do to mitigate them? It is July, and markets around here really cool off with the cool air of winter. As far as financing goes, maybe look at finding an investor for that first deal as well. Have them finance part of it so you still have capital to put down on the second deal. You could find someone else in your market with more experience and see about doing a joint venture

@Shal Patel

Are all 3 mortgages fixed rates, or are any of them ARMs? If one is an ARM, I would aim at paying that one off first. If all are fixed and at similar rates, and you really want to pay off one of the properties for peace of mind then pay off your primary residence first

• This wouldn't increase your cash flow from your investment properties, but it would produce more green on your cash flow statement overall, as your primary residence expenses would no longer a mortgage payment.
  • You can then get a HELOC to use as needed, for whatever you need. A lot of flexibility there with a lot of liquid funds to reinvest or just plain cover your butt in case of emergency.

If you are worried about being over leveraged, then you could focus on paying the one with the highest interest rate until you are satisfied.

Of course, if you are looking to acquire another property in the short/medium term, and not super concerned with your amount of leverage at this time, then just pay them all off on schedule (or even refinance to pull some cash out) and grab another deal. 

This would be an awesome feature -- I have wished for this exact thing many times!

Goal setting is tricky! I HIGHLY recommend you (and everyone) read The One Thing by Gary Keller and Jay Papasan. It might actually change your entire idea of how to set goals (seriously). As an intro, Brandon Turner does an excellent crash course to the book in AskBP: www.biggerpockets.com/askbp039

I feel goals will come with education, it's important to know and feel comfortable with the basics just to find what you want to focus on. The UBG is a great start, so kudos for that!

Once you've got the education that gives you the ability to set your goal, and that goal will evolve over time. Once have it and are trying to figure out how to reach it using shorter-term goals, check out The One Thing.

Wow, powerful stuff. I am sorry to hear things have been so tough and I greatly appreciate that you were able to share! Definitely good advice for anybody.

So you have the advice of not renting to family/friends, screen your tenants, no verbal contracts, no residential property for commercial uses. It also sounds like you've taken this advice and implemented some systems advice and it's going well--which is excellent--rops for learning and growing rather than backing out or hiring someone to do it for you!

Wow, I am surprised by the wealth of support and responses from an introductory post! Thank you everyone for the support and responses. It definitely seems that I am in the right place :)

I've started listening to the podcasts and doing research in my spare time, considering at getting into REI in the near future. I currently work a full time job in IT, take night classes 8 hours a week, and do web development on the side (which will hopefully wrap up in the next month or two). Looking towards next year I am looking to learn as much as possible and determine what niche might be of interest to me. Currently this researching and absorbing as much as possible about the trade.

So, other than the podcasts and huge wealth of references on biggerpockets, does anyone else have any tips they'd like to share for someone who's not quite yet at the starting line of REI?

Definitely! There's one about 2 miles from my house so I'll definitely have to check it out soon, for now I am going to start with the Beginners Guide and work my way through. Also followed their podcast on SoundCloud. I am always interested in broadening the horizons (time permitting of course). I expect it'll be a slow curve here at the beginning with other projects going on, but I want to keep in on my radar and have some of the information coming my way. Thanks for the tip man!