All Forum Posts by: Keith Robinson

Well done! You are taking a thoughtful and strategic approach so I commend you for that. Having the construction background gives you a huge vale add. You've gotten great answers already but if you need help finding a lender I can make a few introductions for you. Just let me know.

1 Vote

Tampa, Florida

If I am reading this right you're not planning on representing yourself correct?

I commend you for wanting to be thoughtful of your future peers/real estate agents time. That says a lot about who you are. But really answering questions and helping people self discover the right path for them IS the job of a real estate agent. So I wouldn't worry too much about asking lots and lots of questions.

If you are going to self rep then I think the co list/partner idea from Bruce above is a solid one.

1 Vote

I'm in the real estate industry and in the past was an agent and here is my opinion: selling your home on your own is a viable option if you're willing to do EVERYTHING a real estate professional does. I could build my own engine but I don't. I use a pro. But if I wanted to wrench around in the garage eventually I could figure it out.

Disclosure is, of course, important. But a seller selling with an agent still has disclosure requirements. And since a majority of law suits in real estate come from a lack of disclosure I do think there is some increased liability being consumed by a FSBO since it is just a bit harder to prove you didn't have intent (or really you've got more incentive to) misled.

This is why I personally use a friend in the industry when selling my personal home (the one I live in).

Dunno if that helps but those are my thoughts.

2 Votes

https://privatelenderlink.com/ is a very good resource and agree call, talk, before you have a deal try to find the right partner for you.

0 Votes

A lot of "bad idea" answers and I do see why (and they're probably right) but there are other ways to structure deals that can work.

For example you can do a joint venture structure with a homeowner who owns the house. They carry the paper, you go into partnership on the deal and secure private financing. Technically you'd have "no money down" but there can be a great equity position for the private lender and the homeowner becomes your partner in the deal and takes a share of the profits on the back end.

Of course you'd have to paper it so plan on some legal spend and you'd need to disclose so plan on some questions but to me the cliff notes is this: find the deals and the money will show up.

0 Votes

Miami, Florida

I have used TopHap and it is a pretty powerful product. Full disclosure I am an advisor for them so I am biased but it can do all of what you mention and I use it personally myself for exactly what you've outlined. If you want an introduction feel free to message me or just take a look if you'd like.

0 Votes

Miami, Florida

Quote from @Dean Lupowitz:

Hello everyone,

I want to start investing in real estate this year. However, I feel as though I am stuck in "analysis paralysis" in making decisions. I plan on investing out of state and am looking for guidance or a mentor for someone who has been in my shoes.

GOALS:

1) My short term goal is to find something that I will be in for no more than $40,000 between down payment, closing costs, and rehab and will cash flow right away.

2) My medium term goal (2 years) is to have 6-10 units that are all cash flowing

3) My long term goals (5-10 years) is to have a multi-million dollar portfolio mix of residential and commercial real estate

Things that are stopping me:

1) Choosing the "right" market. I feel that it is impossible to actually get started without having picked out a specific market. Areas that I have been looking are:

- Detroit MI

- Cleveland OH

- Birmingham AL

However, when I think about pros and cons, the pro's are that it seems these properties fit my budget of 40K out of pocket but the cons are that the neighborhoods appear to be full of crime and could lead to ruining my actual investment. Being that I am looking to build a rental portfolio, I would want my first 5-10 properties all in the same neighborhood to make managing these properties more convenient.

2) Section 8 versus Not Section 8. As a 24 year old, I see all these social media gurus that talk about how great section 8 is and guaranteed rent, but no-one talks about possible cons. Does anyone here have experience in both ? Multi-family versus Single Family?

Once I have these 2 decisions made, I think I will be able to move forwards quickly and confidently. I am also a lender, so financing will be no issue for me. I look forward to hearing from you all!

Welcome to the journey. :)

Like others have said I don't love Detroit. I'd add Memphis as one to consider. Knoxville is another one that I like as well.

The key imo is to do some research (sounds like you've done that) then do a site visit or two. Personally I like to experience a market before I make the big decision to go in especially if you're going to try to acquire 4-5 over time in the same area.

Good luck and if you've got specific questions on a market feel free to message me and I can dig through some of the data with you.

0 Votes

Quote from @William K.:

I'm having difficultly finding the phone number for a person whom is selling their home themselves. Is there a general website I could use? All the website that show up through a search want money.

There are companies who will (for a fee) help you track down contact information for folks/addresses. It is of course not 100% accurate (far from it) but a great place to start. I have used smartzip.com to help me in the past with this but there are many others. Hope that helps.

0 Votes

Quote from @Thomas B.:

I'm hunting for a local bank to refinance the balance I have on my HELOC and 401K that I used to purchase my 1st rental property and renovate it. The estimated market value is $165K and I have $130K outstanding between the 2 debts. I'm looking for a 30-year fixed rate and all I can find so far is 15-year with higher interest for my current cash-out situation.

I read of a strategy somewhere on BP where I can Write a Promissory Note and a Deed of Trust, to properly segregate the business from my personal finances and that when refinancing, the bank would treat it as any other mortgage. Am I missing anything? Can I do this all myself or do I need an attorney?

Do I need to create an LLC to accomplish this, or is it doable as a Sole Proprietorship?

Right now I think you should be able to find some financing the conventional route should be available and due to curiosities of the market right now we're seeing private money money for investment properties (even 30 year fixed) are not wildly different than conventional non owner loans. Happy to help you out if you need a deeper discussion around it you can just message me.

0 Votes

San Antonio, Texas

All Forum Posts by: Keith Robinson

Keith Robinson has started 3 posts and replied 25 times.

Post: New Agent Introduction and Question of the Day

Post: From contractor to investor

Post: Ethics Regarding Agents

Post: FSBO potential problems - a seller is liable for everything and anything listed

Post: How can I vet private lenders?

Post: Is borrowing money from Private Individuals a good idea?

Post: Software - Analyze Active Listings

Post: First Rental Property - 24yo investor

Post: How to contact the ower for a FSBO

Post: Generate my Own Mortgage?