All Forum Posts by: Joshua D.

@Jamie Fankhauser

My most recommend books are...

1. Millionaire next door.

2. Richest man in babolyon (free PDF)

3. Rich Dad poor dad

4. Proverbs (in the Bible)

I like books that you have to have to interpret and make you think. Rather than step by step books that are hardly ever accurate for each person.

@Nathan G.

I just saw that you manage over 400 units. holy smokes! Of course your gonna get a few bad ones with that many. Ide love to talk with you about this and figure out how you grew.

Feel kinda stuck here at 15 you units and wanna break into comercial or business related stuff.

Can I take you to lunch sometime this week? I'll pm ya.

@Nathan Gesner

Your making me a bit nervous here...  your supposed to be the one with the answers, not the questions. 

It’s so sad to think that we are at this point as a country that we have no recourse against entitled people during theses difficult times. I wish I had answers for you.  So far we have had everyone pay though this whole thing, as our area has had hardly any impact from shutdowns and job loss (as far as I can tell).  
I sorta assumed it was that way in all rural areas across the country other than tourist destinations. 

Do you think realeste will change if these things become permanent? 

@Wale Lawal

I'm looking forward to double digit appreciation!!!

Or a realeste crash!!! To buy more good deals.

Or just another average year of growth...

@Daniel Domingo

Love the enthusiasm! Keep it up as this can be an exciting but bumpy journey.

Don't want to discourage you but want you to know what your up against... Wholesaling is a business for the top marketer. 95% of those who start out on this path fizzle out quickly. You need to be the best of the best to sucseed in this field. Honestly you better off getting a licence and working under a good broker...

Buy and hold or BRRRR is a whole nother story. Even a dumb guy like me can amas a small fortune in under a decade.

All ya gotta be able to do is say no to 10-20 bad deals untill that beauty comes along! Then you buy it... And hold it... It's that simple.

If I was you I would look closely at the house hack strategy. We used it about 4 times and it was a huge welth builder for us.

@Daniel Fridrij

Glad you are thinking of getting your money working for ya!

As others have said, I would avoid the 50k value price point. Although I have paid 50k or less for at least half of my properties, they are now all worth well over 100k and rent for the 900-1100 range.

This is a MUCH better place to be that the 50k that rents for 650 a month.

You can make it work. Just buy better value in appreciating markets. You'll be glad in 10 years that you did.

@Matthew Tregoning

Ultimately I would have the 120 k invested in property that I could Barrow against via Line of credit. Then use the line to exicute on the BRRRR method.

Buying power is the number 1 rule in realeste investing in my opinion.

Number 2 rule is buy good deals.

Good luck and have fun!

@Joseph R. Smith

For me... Too many deals right now... Not enough money. Forcing me to look for other means of capital than I have used before.

With that said, I would find the big players in your market, take em to lunch and ask em... "If you were in my shoes, what would you do?"

Then... DO EXACTLY WHAT THEY SAY! (Most people skip this step)

Are you considering house hacking? What types of deals are you looking for? What are your goals? Why realestate?

@Jason Hirschfeld

Good for your sir! It's cool to see cash buyers that are using creative deal finding strategies. (Driving for dollars) love to see you maxing that buying power. I've seen so many cash people get lazy and therefore lose out on optimal returns.

Keep up the good work!

@John Colagross

Good Job on being financially savy and having margin in your life! Do you have other savings? What's the 401k or IRA look like?

Well I might be a bit of a contrairian here on this site but I love having equity in my homes. Full equity is even better!

However with that said finding seed money to start is so important.

What I would do in your shoes in find a local credit union (or bank) that would do up to 90% ltv HELOC and Barrow the 45k they would give you.

Then I would use that 45k to get on the BRRRR wagon. I'm not sure what price point your looking at but in Alabama I assume that 45 k would just about pay cash for a starter rental. When your done reahbing it you would want I. To be worth 70k+ range and rents north of 750 or 800.

Don't deal in price points or rents lower than this as they are usually duds. The goalin the next few years would be to get to the $1000+ per month rental Range as that is a better place to be.

BRRRR is such a powerful tool.

What I like about the Line of credit is that it forces you to buy deals that will have enough equity to get it all back (via refinancing) so you can pay off your line and do it again.

Finally, good job on having a goal of 4 properties. If your crazy out of your mind determined, I'm sure you'll have them bought and making you money in the next year or so and off to a great start on your first 1 million income producing net worth.

Good luck and remember to enjoy the process!