All Forum Posts by: Derek Guyer

I have several investors who have been in this position and they have focused on buying a rehab and when all of the rehab is completed, they have it appraised and refinanced to help them pull out some more cash towards their next purchase. They will either use hard money lenders or conventional financing, whichever will work better for them, and then sell it as quickly as possible. This allows them to pull out some quick cash towards their next purchase.

The beauty of it is that they can do this repeatedly until they have enough cash reserves for the serious investing they really want to do and if they've purchased correctly, which is the only way we let them buy, they can sell it back off and/or rent it out and still make a solid profit.

If you know how to buy right, this could be a great option for you no matter how little cash you have at this point.

DC Group, that's a great question and sircaesar, that's a great answer.

As far as specifics of the investing itself go, I believe the majority of the greatest investors understood and understand leverage well. They know how to balance it and use it to their advantage.

I personally believe leverage is the secret to large amounts of wealth and growth and any major players I read and trust say the same.

Welcome to biggerpockets. Although I know nothing about it personally, I hear good things about St Louis. Good luck and we look forward to seeing you around!

100% agreed.

That might be a valid point if you're looking for flips or for quick returns, but that's exactly why it's perfect for those looking for cash flow and who can see the long term value of the city. We still have three of the top 50 fastest growing counties in the country and that's only going to help our values when the foreclosures finally level out.

Go pick up a copy of "How to Make Big Money in Foreclosures Without Cash or Credit" by Peter Conti and David Finkel. This book answers every question you just asked and makes you feel like a pro when you're working one of these deals because of how much information they give you.

I hope it's as helpful for you as it has been for me!

Well, this isn't an easy one for me to answer, but I'll give it a shot:

Rich Dad Poor Dad- This one gave me a great start and because of the fundamentals within, I'm a different person from a business and investing perspective

The Richest Man in Babylon- Still reading, but this one rocks! Great principles for any one of any age!

Wild At Heart- Incredible discussion of the way God made men and what that means for our society and homes.

That's a great question. I've been looking for something similar. There has to be a way to analyze this and I'm working on how to do that now. Any takers?

The major thing I always think is vital in any purchase, whether you're experienced or not, is having a great team of advisors around you. If you trust them and they know what they're talking about, you pretty much can't go wrong. Get a team. You won't regret it!

I mostly work with multi-family properties myself, but have seen investors on both sides of this be successful. A lot of your decision to choose one or the other depends on your goals, your resources, your time, and your work ethic. I would take the time to visit your local REI club and try to talk with some experienced guys. You'll hear lots of different ideas and thoughts, but most of all you learn what makes sense to you.

REI isn't an exact science. Certain things work in certain cities and then completely fail in others at one time and then succeed at another time. So, learn as much as you can and don't be afraid to jump in when you think you're ready. As long as you have a good team around you, you'll be fine!

Oh yeah, I have single families now and they're working fine for me. I do very little on them and they make a nice return. I look forward to getting into multi-families in the next couple of months as I'm locating good deals.