All Forum Posts by: Joshua Wilson

https://www.biggerpockets.com/forums/88/topics/245...

You're doing yourself a disservice if you don't watch this video from Brandon showing you just how simple the BP calculators are to use!

Hey guys!  Like most folks in this sub-forum, I'm hoping I can leverage the experience of you guys!  I've grabbed a screen shot of the BP rental calculator, and using whatever information I could find on the listing, and through the broker, this feels good.  it's a cash only deal(seller preference) on a tri-plex.  I've attached the screen shot of the numbers.  Additionally, using my own calculator provided by a broker friend of mine, I feel good.  

The rental income is based on all three units being rented, currently only 2 of the 3 are rented.  There is an estimated $400 less coming in currently.  According to the listing broker, there are no outstanding major repairs or tax liabilities on the property.  This is what I think is considered a "B" neighborhood.  Here are the two analyses:

I present to you such a thorough analysis in the attempt to make sure I'm not making any glaring mistakes! I got a recommendation from "The book on flipping houses" which I thought was pretty good...

If you've made it this far, and you are an active investor interested in this deal, I would love to partner with you. I'll completely hand the deal to you, in exchange for you carrying me through your entire process and $3200 (~20% of the estimated profits from the first three years). I get to learn a TON, you only have a little extra work to keepme in the loop, and you get a deal at less than a wholesaler would charge.

Yet another inspiring and incredibly informative article from Brandon.  I'm just excited to get into the multifamily game!  Something like this is literally a 7 year road map to the highest goal I've ever set for myself.  Maybe I'll revisit this inspiration tomorrow and revise my business plan a little bit if I think I can get into multifamily sooner.  I haven't thoroughly considered that multiplex homes could be so affordable.

I suppose there is no reason to rush.  I won't let it keep me from analyzing deals, but I can lower the pressure on myself by setting a new threshold for how much to have set aside.  I know there is no golden number to shoot for, but I'll have to figure out a good amount to set aside for a down payment.  I guess the market is as amicable as it used to be about lending out money, reading older articles this was considered a decent starting point a few years ago. :(

I appreciate you guys being candid with me.  I guess I set my expectations higher than reality could deliver.  There must be a much larger amount of people who take the gamble and fail that we don't hear about than I thought.

@Tyler Ansell I know you guys are right... I've just been reading books and "planning" for so long now I am just not happy about having to wait longer! lol

@Marty True Thanks for all of your thoughts.  Strategies, dreams, or goals, titles aside that is what we want to do in the long term, short term I'm focusing on a 10 unit portfolio.  Hearing it read back to me, I realize "very respectable" sounds a bit pretentious.  I meant it only to say I am making comfortable money that's above the median salary for Florida.  I let it filter to much through my frustration when putting my thoughts to paper.  We are continuing to squirrel away money as best we can, I was just focusing on the "people do it with less" mentality and working to get started sooner than later.  Maybe it would be best to temper my ambition with patience.

I actually live in a USDA area currently.  Our house is USDA financed.  My hurdle with these lower interest mortgages is that I already have a primary residence that we both love.  Even though the mortgage is completely in my name, we still haven't found ourselves eligible because we don't plan to live in whatever we buy.  As ideal as our situation may be for traditional lending, it's getting those lower rates while working around the 20-20% down requirements for a traditional mortgage.  The closest consideration we've had is cash advancing our credit line for a down payment on a property.  It's not that I'm opposed to doing so, but we just got ourselves free of credit card debt and I'd like to have that for repairs instead of a huge chunk of the down payment.

I need some help from the community on recommendations.  As a new investory, finding funding has proven very tricky.  I've allowed myself to start analyzing some deals, but without getting funding it's very difficult.  Here's my situation...

According to the lenders I've talked too, my house hack 3.5 years ago isn't considerable as experience because of time.  So I'm essentially a vanilla slate.  I'm about half way through my course for my RE license, and I've found a broker who I am going to mentor with/work for.  My goals are to be an investor "part time" and maintain my full time job.  I'm in pursuit of Buy and Hold cash flowing properties.  We have two exit strategies.  The first is the most realistic, we will liquidate properties through retirement, and whatever is left hand down to our kids, or sell off and leave it for inheritance.  The second is our lofty dream.  We want to liquidate down the road, and use the money to buy an apartment/condo building with a decent view and renovate the entire top floor to be where we live.  I want a spot where I can stand and have a 360 degree panoramic view of the outside, as well as a roof top deck for entertaining.  To reach these goals I need a few things.

I need a lender who works with new investors.  I have $5k in available cash, $20k in available credit, a very respectable salary, a credit score floating around 800, and no debt but a car and house payment.  I felt pretty confident in my wife and I's situation since people somehow do it with next to nothing, but this apparently isn't enough for investment lenders.  Do you know a lender willing to work with these conditions, or can you recommend less obvious ways to better prepare myself or my pitch?

My farm area is South East of Tampa. Brandon, Riverview, Apollo Beach, Sun City Center, etc... I'm looking for Wholesalers working that area, but I'm open to other areas if they meet my requirements. I'm after SFR or Duplexes, 2/1 minimum per unit, that are likely distressed. I wish I could find financing for something turn key to get the ball rolling(Don't we all though...) but I'm mostly concerned that it's not condemned.

With these two things I imagine I'll be well on my way, and then can pursue the other pieces of the puzzle as they come into focus.

As a separate question... I've noticed prices are starting to get up to the 2006-2007 time frame.  Has anyone moved past concerned and into worried yet?

Thank you all!

While I'm still at the stage of figuring this whole industry out, it's inspiring to hear the amazing successes of others.  Keep's the motivation pumping while things are going slow.

The title says it all! I couldn't find a category to post in that seemed more appropriate, so if I need to move it please let me know. My wife and I are new real estate investors in the area. I've secured financing, decided that pursuing a BRRRR deal sits well with our risk tolerance and financial situation, and now we have to find it.

While "driving for dollars", Zillow, and networking have landed me a couple leads, I feel as though working with wholesalers will be a huge asset.  We're both employed full time so leveraging the time invested by wholesalers feels like a smart move. Even accounting for the loss in my bottom line isn't a problem.

So if you're a wholesaler dealing in our area, please leave a note or shoot me a message.  I want to talk.

Thanks!

Since we're throwing options, you could also partner with several REI's in the flipping market. You could fund deals, and they do all the work. Your involvement could end after analyzing and funding the deal.  This would let you diversify that money over as many markets as you choose.  And based on my understanding, it's not uncommon to fund a deal for 50% of net profit return.(Plus original capital)

Cheap and tasteless plug. As someone who's still pretty new to the industry, I'd leap at an opportunity to partner with someone like that. :D Though I understand why pursuing more experienced REI's would be more attractive.