All Forum Posts by: Lawrence Robinson

Hello, Scott Dorsett. More often than not, it's easy to differentiate new and inexperienced wholesalers from the seasoned ones that add value to investors. If they're bringing MLS listings which they are unable to purchase themselves and don't disclose as much, it's usually a sign they're new and inexperienced. If they package the information in a useful way with pictures, comps, ARV, pricing, etc., it speaks to value that can easily translate into dollars. In short, wholesalers are great once you learn how differentiate true wholesalers from want-to-be's. Best wishes!

Hello Dan Krupa. Have you considered a HELOC? That would allow you to keep your very low interest rate and, at the same time, pull out only the equity needed to complete your rehab. With only $3,300 as gross annual income, not considering management fees (if applicable), unplanned vacancies and other misc. expenses, that leaves a pretty narrow margin from an investor's point of view. One single major expense could potentially wipe out all your profits for the year. The HELOC option would afford additional tax savings as well. Just food for thought. Wish you the best!

Congratulations, Arsh Benipal! You're official now. Just make sure the comps are within the last 6 months ideally and find guys who are licensed to do the work. Otherwise, you may learn through trial and error that there are more headaches than real savings in taking shortcuts. Sounds like the best days are ahead of you!

Welcome to BP, Dezara Beck. I would seriously think about whether or not this is the right property given the numbers. You're correct in that this wouldn't work for a typical wholesale deal, but if you're confident in being able to keep a good tenant in the property, a buy and hold could certainly work. Personally, I would want to have enough skin in the game (equity) so if I needed to unload it, I wouldn't suffer a loss; but that's just me. Finally, make sure you account for any periods of vacancy when you do the numbers so any loss of come doesn't come as a surprise. Wishing you the best in your new RE adventures!

Welcome to BP, Julian Earle. I would do a quick deed then refinance it while the rates are still low. Once it goes into probate, you need to have everything tied up because they take no prisoners! If you have a good amount of equity in the property, that's great but since you didn't do a short sale, you can't negotiate a reduction; you also inherit any outstanding liens. You may want to ask your step-dad about liens, but I would also do a title check for your own peace of mind. Best wishes in your RE endeavors!

Hi Andreas Blomst. If you know a concrete pouring company, it may be worth it to widen the driveway. Of course, this would probably require permission from the HOA. This problem will continue to rear its ugly head until some corrective action in taken one way or the other. Have you considered remedial action via a local magistrate? Great tenants are a diamond in the rough, so congrats on reaching out to BP and best wishes on getting it done.

Hello, Alvin Posey. Welcome to BP. For now, just write out your goals for 2016 and start looking for properties with great potential and the buyers will show up. Best wishes in 2016!

Welcome to BP, Avnish Khare. Your IT discipline will certainly position you to enjoy the benefits of RE as organizational skills are key to success in any business. Best wishes!

Welcome to BP,  Grant Kot. Your IT discipline will certainly help here, as it will help you stay organized which is key to any successful business. Best wishes!

Hello again, Angela Fitch. Before you jump in head first, sit down and make out your 2016 goals: 3 month, 6 month, and one year goals. Place them in a conspicuous area where you can always look at them at a glance. This will serve as your veritable business plan. Then create a weekly to do list that supports your long and short term goals. Now off to achieve your wildest dreams!