All Forum Posts by: Brant Richardson

If you're considering giving it to the wholesaler for $1000 then you might as well try for $5000 on Craigslist. If you're coming in at half the price of any other lot then you'll probably get more attention than you did at 1.5x the lowest price.

"HOW

I have no idea how I will go from zero experience to 100 doors in 5 years"
If you have zero experience then your first step is education. Start by listening to all the podcasts here on BP. There are books recommended on each podcast and a little summary of the top 12 here.
http://www.biggerpockets.com/renewsblog/2013/10/14/real-estate-books/
Read them all, start with #9.

Hi Thad. I live in Santa Barbara and am currently investing in Kansas City so we have some stuff in common. I found that the numbers in Santa Barbara just don't work for buy and hold. Though the appreciation can be incredible, I'm looking to build a portfolio of passive income properties. I'd like to discuss Florida and Kansas City some time.

You can also advertise that you are holding an open house for a few hour time slot.

Do you have some other debt that is screwing up you debt to income ratio? Perhaps spend some time paying down that debt and trying to build your credit score.

As others have said, the 50% rule allows you to do a 5 minute analysis of a property you are interested in and quickly move on if it isn't close to working. If it works with the 50% rule then you spend the time to find the real expenses and get a much more accurate projected cash flow. Now that you own the property and especially now that you have owned it for a while you can plug in the real numbers.

At this point my questions would be too broad, I don't want to waste anybodies time with a question I could easily answer after a little reading. I need more knowledge before I can ask anything specific.
I'm trying to figure out the best overall strategy to maximize tax advantages, minimize liability, etc.

The title says it all. I'm looking for a highly recommended book on the use of LLC's specific to real estate. I saw this one on Amazon with 4.5 stars but figured I'd ask here because I trust the BP consensus more.

The Real Estate Investor's Guide to Corporations, LLC's, and Asset Protection Entities, by Richard T Williamson.

So you make $3750 if you dont have to pay the sellers fee. You are taking a tremendous amount of risk to make the same amount of money as you would just selling the place and taking your sellers fee with no risk.

Paying $5k to borrow $50k (or pay 10k for 100k) for 4 months would be a 30% annual return. Or you could call it a 10% return in 4 months.

$35k profit. Minus fees to buyers and sellers agent of 6%, $15k. Now a $20k profit divided between you and your buddy. $10k profit for you. Now pay your lender his $10k. Profit is 0. Assuming repairs and sale go as planned.