All Forum Posts by: Kenny Colato

Hello,

My Name is Kenny Colato. I have set a goal for myself to begin house hacking at the age of 25 or younger. I am currently 19 years old, what can I do to help me get the loans I need to finance the properties I want to house hack. I am in a hot market, Los Angeles and I plan on house hacking here in LA.

I'm steering towards the direction of FHA 203k Loan and get an off market deal and fix that property up and get instant equity once I cash-out refi.

What strategies do you recommend? Go through a hard money lender? Get a conventional loan? Or what shall I do to obtain my first rental property by the age of 25.

Thank you in advance.

@Cornelius Charles

Hello Cornelius,

I understand that trying to wholesale here in this competitive market is very difficult. I have spoke to my partner about virtually wholesaling, but the VA's we have hired, are not doing what we've told them to do, neither following up, nor following the script we've given them.

Thank you very much for the suggestion and I do agree with you on people wanting top dollar for their home, here in LA. There will be one person here, that will definitely want to sell their home off market for whichever reason.

@David Lichtenstadter

Thank you for your suggestion. I will most definitely take it into consideration because I’m having a pretty difficult time trying to find one deal, I’ve been doing this little over 2 months and nothing has came up.

@Stephen Keighery

Hello Stephen. I called over 1,000 numbers and most of them said they weren’t interested. There were several that said they may be interested in a couple of months and I have them saved on a CRM. I have followed up, I spoke with them a month and a half ago, and they say they don’t know who that is, that they don’t own a property or anything.

My script is usually that I say I work with a group of investors in the area and we’re buying homes for cash.

I only sent 100 mailers because I didn’t want to go that much into the mailers than speaking directly to the sellers.

@Jim Pellerin

Most of their responses were no, I’m not interested in a rudely manner.

@Jim Pellerin

Yes, that’s correct

@Jim Pellerin

Morning Jim, Yes I have pulled up the lists for those homes and I have pulled the list for those homes, skip traced, and cold called but, unfortunately, no luck with that..

Thank you for your time though.

@Duane Alexander

Hey Duane,

I have spoke to some wholesalers here in Los Angeles and most definitely, there is potential to find a deal, it’s just very competitive so that makes it difficult, yet not impossible.

A close friend and I have been trying to find out first wholesale deal in Los Angeles. We hear countless stories that we cannot wholesale in Los Angeles because it’s too competitive.

We still haven’t gave up, and we’re not in the verge of giving up either. What are some tips that may be useful for my friend and I to succeed in at least one wholesale deal here, in Los Ángeles?

We have tried mailers, cold calling, hiring VA's, pulling crazy lists. Nothing has seemed to work as of right now. We've been using VA's for a month already and nothing positive has came back from that.

Our issue is filing motivated sellers anywhere. Finding off-market deals are really difficult to acquire.

It’s obvious that I won’t get a deal within a day, but I would like some tips from people who have overcame this barrier and have succeeded.

@Dennis Pressey Jr

Thank you Dennis for the insight.

So if property's ARV is 100k, the land value will generally be within 20k-30k, correct?