All Forum Posts by: Ryan Craig

@Noor MustafaThe best way to find a mentor is to find a deal and offer to split the profit with them if they are willing to walk you through the deal. You have to bring something to the relationship, eagerness and a deal are a great way to start. 

@Tom Sutherland The good thing about mold is it will turn off much of your potential competition. Mold treatment can be $1000 or tens of thousands and treatment can be anything from just the drywall or a complete gut. 

My best advice is to make offers contingent upon inspection and have a mold remediation expert come out and do a thorough inspection. Build a relationship with a good company and offer them future business for fair pricing and maybe free estimates. That strategy works best if you find a local company and not a national one.

@Daniel Renteria Are the cash weeks taxed? If so then you can prove your income. If not do you qualify with just the check income amount?

In this situation I would seek out a mortgage broker instead of a traditional bank. They tend to be slightly more flexible and can shop around. 

@Francis Musyoka Not necessarily. You can use Hard Money lenders, private money, your own saved money or even start with a deal that is in a relatively inexpensive market so the cash needed is low. 

Without knowing how you want to get started and what you are looking for that's the best answer I can give. 

@Daniel Castellano You definitely want to screen them just like you would any other tenant. Have set rules for possible tenants and if they meet the requirements I see no problem. Often times they are very good tenants as they do not want to lose their voucher.

Provided you keep up the apartment or home and have fair market rents vacancy shouldn't be a problem in a mid to high section 8 housing area.  Keep in mind you must conform to your local section rules and meet their level of standards before they approve your units. 

@Andrew Dean Can't argue with cash flow like that. Now rinse and repeat several times and you will achieve great things. 

@Iris Mendoza Welcome to BP. I would definitely check out the Bigger Pockets podcasts and do as much reading on the forums as possible, it's a great place to network and learn. 

One that makes me money. 

My go to line if we are having trouble reaching agreement is, " I want to buy this house, you want to sell this house. Let's make a deal." That usually breaks the tension and gets negotiations back on track. 

@Account Closed The best advice I can give you is to go in to this conference call knowing everything you need to know about this deal. Acquisition costs, realtor fees, rehab cost estimate, holding costs. Many people forget to factor in closing costs, transfer tax and realtor fees when seeing if a deal makes sense.

Have two exit strategies in case option A doesn't pan out. I'm assuming it is a flip so a good back up would be the BRRR strategy ( Buy, Rehab, Rent, Refinance, Repeat). Meaning if you do the rehab and the home doesn't sell in X amount of days you will then find a renter and refinance the home so your partner can get his money out.