All Forum Posts by: Tom Lafferty

ugh. once again I feel sick at jumping in right now!
I'm also debating partnering on a larger apartment complex with the same money so I cant decide whether to tie it up on single family homes or not!!

Carlos, I saw your post re the guy getting names of people waiting in line. Must have been the hurst rei expo. I was in the same line and got handed the pad and pen too!

I am sitting here with a pile of money wanting to purchase some SFH's as rentals using hard money. Ideally I'll buy something around 90-130K ARV that has at least 20K equity in it. Looking primarily for distressed (even heavily) properties, is this wishful thinking without becoming a full time wholesaler in order to find motivated sellers in terrible situations?
Apparently this was going on consistently even 6 months to a year ago buying FROM wholesalers and using realtors. I was talking to a hard money lender yesterday whom I trust completely and is a successful investor himself. He said even four months ago his customers were regularly ending up with 12-15K out of pocket on a 100K ARV. Now it is very common to need 20+ at closing. In FOUR months! Makes me feel like I'm late to the party....
All that to say, I'm trying to find a balance between putting the money I have into something now that is an OK deal, or hold out, start marketing for sellers myself, and wait for a really good deal with more equity.

Hi All, My name is Tom Lafferty and I've been looking to start a business for the last several years. REI fits all my criteria and I'm sick that I didn't hear about it until very recently.
I'm 16 yrs into a career as a firefighter, currently a captain in a suburb of Dallas. I am eligible to retire in 4 years, although thats not possible unless I create some new income between now and then. My goal is to go into REI full time and see if I can make that happen. I have tons of free time now, and some money to invest so hopefully I will. No, make that I KNOW I will!
I am absolutely overwhelmed with trying to get focused on where I want to start! I've taken in more info in the last few months than I think I got in 5 years of college!
I want to get involved in multi family property, but will most likely have to start with some single family homes. I think I better break down the rest into posts in other forums or this will be 8 pages long....