All Forum Posts by: Jonathan Small

@Dan Grove I would like to know how this conversation turned out.

It seems you have a lender willing to do 70-80% and be in 1st position.  You are looking for capital to do the other 30% plus closing cost and buying fees that will be in 2nd position.  Let me know if I got it right.

@Luke H. what did you decide to do with this deal?

2.  If the borrower already was foreclosed on, how are they still in the property and available to do the deal?

this deal seems like a lot of risk and I am interested to seeing how it turned out.

I love that the BP community is so open to giving advice and resources.  

i have done a few BRRRR projects. I recommend the book: "BRRRR: The BRRRR Rental Property Investment Strategy Made Simple" by David Greene and Clifford Ponder.

Message me if you have specific questions I can help with.

I have been buying properties from wholesalers since 2008.  I personally have never meet a good wholesaler.  I have meet wholesalers that have good deals.  I have not meet good wholesalers that I have bought more that 2 deals in their life.

I have bought plenty of off market deals from title companies, realtors, property managers, and home owners.  That is where I find good off market deals.

....but a good wholesaler....I have never heard of such a thing.

Poster is a member since Dec 24, 2024.  This is his 1st post.  I bet $1 this a bot.  I bet $2 we are all wasting our time replying to this nonsense.

I look for cashflow to service the debt, repairs, cap ex, taxes, and insurance while the equity grows, my taxes are decreased, and rents are increased to make more cashflow.  Cashflow is key!

I don't worry about what others are making.  If I want to make more money then I need to go figure out how to make more money.  I don't look at the cleaning lady and say you are making too much because I am making less.  Don't look are other people's pockets. Look for an opportunity and take advantage of it.  Don't take advantage of people.  Take advantage of opportunities.  If the cleaner is making so much money, maybe you can start your own cleaning business or figure out how to partner with your current cleaner.

I feel I have mastered rent increases.  I keep our rentals in great condition so this strategy  make is easy for me.  I usually print out the market rent provided by Zillow and a few other websites.  provide it to tenant.  Let them know taxes and insurance cost have gone up.  Ask them what is a fair rent rate to go up to.  Ex:  Lets say market rent is $1,200 and they are paying 900.  I may offer they can either pay 1,100 or 1,150.  Their other option is to move out and pay $1,200 somewhere else.

Don't just think about cashflow.  Think about capex and repairs.  Ex:  A roof in my area cost 9,000 and will last 25 years.  9,000 / 25 yrs is $360 a year.  The $360 a year breaks down to $1 per day.  As a land lord you need to be putting away $1 per day to pay for your future roof.  We still need to calculate appliances, flooring, windows, HVAC, fixtures....My point is that we need to be putting away money to keep our properties in max market rent rate condition.

look at deals on marcusmillichap.com/. These are brokers that provide professional T12. Evaluating deals on this site will help you understand expenses, income, and financial statement.

I don't think the police officer was correct.  Police enforce the law.  Judges interpret the law.  I don't think a reasonable judge would allow a tenant to remove your stuff.

Consider this, no lease says that the doors are not to be removed from the house.  So therefore a tenant can take the doors when they move out?  NO!  

I would seek advice from a real estate attorney.