All Forum Posts by: Jacob Anderson

@Quintin Mortensen

Not right now but thanks

Investment Info:

Retail commercial investment investment.

Purchase price: $515,000
Cash invested: $90,000

We decided to purchase Main Street Retail strip mall.

What made you interested in investing in this type of deal?

Positive Cash flow each month

How did you finance this deal?

Down payment was from positive cash flow from our other investment properties.

Lessons learned? Challenges?

The challenge to using a bank is all the hoops you have to jump through. After establishing a trust with a local bank, our future deals will be easier to finance.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Our realtor is also an investor, so we do not have to explain to him what we want in a deal.

@Tony Marcelle I only use a lease option if I am the buyer (keeping the property). I know that I won't default. 

@jay 

@Jay Hinrichs It's good to hear from you, I always value your intake. Thanks

I agree with @Mike Hill .

You are only limited by your own lack of imagination.

@Michael Quarles I would also like to know how you got that list. I am looking for properties in the Cedar City Area.

Thanks 

I forgot to put @Tony Marcelle

The purchase I just mentioned above was with another investor. It was actually one of the easiest transactions that I've done. Investors already know what is to happen and they are not unrealistic (or think their property is worth more because of the work that they did or personal sentimental value). We just used an online portal through the Broker to sign the paper work. We dropped off a check and viola, the deal was made. We each have the option to print or just save the file as a PDF. When the actual purchase takes place then it will be with a title company just as if we were buying any other property.

@John Colin Rogers,

I would share another way to raise your credit. I had only $1,000 to start with. I went to my bank and put it all in a 6 month short term C.D. and borrowed the max amount that they would give to me on that $1,000 C.D. I put that money into a Savings account. The difference between the Interest I made and the interest I had to pay was about $8 a month out of pocket cost. At the end of the 6 months, I cashed the C.D. and paid off the loan. I had a little more than I started with, not counting the monthly out of pocket expense. (I was willing to eat that just to raise my credit score). I did the same thing a second time, with more money into the C.D. I also got better terms with the bank because of never being late on payment and then paying it in full. I also had a loan with maturity paid off, and by the way it raised my credit score. After the second time, another 6 months, a total of 1 year. I had a little more money, not very much from the interest. I also saved some more during the year of work. I also was learning the local market in my area. 

After the year was up, I had a property that I found with owner financing. I used all my money for a down and lived in the house. After about a year I easily got a conventional loan and paid off the owner financing that was due. I also fixed the house up while living in it. I moved and rented the house out and used the equity to buy another. 

There is no one way to do things. You just need to look outside the box. 

I like the comment from somebody on this thread about buying and then re-selling items. I have done this a lot and made good money. Washers and Dryers are a killer in Cali and in Utah, lol.

Talk to everyone. Last year I found a cash cow, just by opening my big mouth about my plan to have rentals. He has the money, I have the knowledge. He puts the money down and I do everything else. We both are happy and we both make money.

Endurance that is the key.