All Forum Posts by: Jon Schoeller

Hello Angel. This is what I would do if I were in your shoes. I would find a local real estate meetup and go there with your business cards. Look for a chance to speak to the group and offer that you are shooting the first house free for anyone that is willing to give you a shot for the first 10 people. Plenty of investors and agents will speak up and take you up on your offer. If you do incredible work and have descent pricing they will continue to use you.  Also when you send these cold emails make sure you are sending an example of your work. Good luck! 

The capital or "pay" has to come from somewhere. You either pay your crew out of your pocket and hope to recoup all of that and then some when you sell it or you will need to find a lender. I doubt you will find any institution that will lend to you unsecured with subpar credit. Your best bet as I said before would be private money until you are able to get a loan. Good luck! 

Okay, well if you are confident in your ability to get financing in that amount time then I say go for it! 

This is going to depend a lot on your confidence in yourself and improving your credit and being about to get that loan in time. I am guessing you are going to try to get HM loan to fund the investment? What happens if you start the project and now you have money it and a payment due every month to your friend for the house? 

The deal seems quite lucrative. Do you have any private money lenders you could pitch it to for a safer approach? 

Welcome Crystal! Seems like you are taking all the right steps in educating yourself first. I would say that all of us in here have read at least 1 of those books in the past and it has been instrumental in shaping our journey. Keep us updated and let us know when you get your first deal. Good luck!

Hello Imran! This is a problem most investors, including myself, have when starting out. Especially if you don't have any contractor experience prior. Your best bet is going to be either parter with someone who has the experience or hire a reliable project manager. Yes, both of these are going to cost you money but they will save you ton of time and headache. 

Trust me when I say it is NOT as simple has just picking up the phone and calling the contractor. Many of them need constant baby sitting and management. Project management is not for the faint of heart. 

If you want to try to do it yourself the best thing you can do to protect yourself from price gouging is to get multiple quotes. Take the one in the middle. You don't want to pay too much and you def don't want to pay the cheap guy without experience or insurance. 

I hope some of that helps. Good luck! 

Hello Josh. There is nothing wrong with not owing the lot, many don't. Of course it would always give you more protection and control if you owned both but that won't always be the case. Simply go to the lot owner and ask about the details yourself. How much is the lot rent? What in included? Extra fees? Length of contract? How much heads up does he have to give you if he sells the property? Once you are happy with all of that then move forward with the deal. Hope that helps! 

Hello Bud! While this is a great question, answers to these types of question are very dependent on your personal preference. You can do both, get the larger building and increase your cash flow if you do it right. Yes your cash flow from your current multis would shrink but if you buy the right building you could offset and even surpass your current cash flow. 

Look, I know 2 investors that are 54 and 59 respectively. One wants to liquidate all of their C and Ds and just keep the good ones and live a less stressful life with less income and assets. The other is still buying up as many properties as possible. Neither are wrong as it is a personal choice. 

I would do a lot of thinking and maybe brainstorming with those who are close to you. Weigh all of the pros and cons and then make your decision. Good luck! 

You could owner finance it and force the equity. Basically if its worth 140k on the market some people would pay 155 if you allowed them to OF or RTO it back from you. Outside of that or making updates to the home to make ti worth more over the 3 years I am not sure what you could do.

Hello Eddie! There is so much more info needed to give appropriate advice. How much equity is in your parents home?  Are they okay with you gambling their house on investments? Are you okay with it? What is your experience level? 

Now if you are asking can you use your parents equity to buy rental houses, sure. You can't access it though. They would have to. 

Be careful leveraging your family's money for business ventures. It can get tricky really fast. Good luck!