All Forum Posts by: Account Closed

Hey guys,

I saw this asked elsewhere and thought I'd see what you guys have to say! 

Hypothetically, if you lost everything BUT your current knowledge of real estate, including all assets and personal connections in the industry, how would you get started again? What would be your first step getting started in the real estate game? 

Thanks! 

Hey guys,

So I've been approved for a hard money loan of 100% of the deal up to 70% ARV with 10% cash or collateral down. Terms are 12% interest and 50/50 profit split. This will be my first real estate deal so I'm not sure what to expect and I was hoping you guys could answer a few questions I have. I could easily call the lender with these questions, but I'd like to hear what you guys have to say first.

If I can find the right deal and keep all costs below the 70% ARV, will anything at all have to come out of my pocket? Like fronting rehab costs, closing costs, etc. I'm assuming so, please fill me in!

I don't have much cash now, and have a family member putting up the 10% collateral for me to help get me started. Is it realistic for me to think I can jump into this right now? What else should I be prepared for? 

Thanks! 

Hey guys,

So I've been approved for a hard money loan of 100% of the deal up to 70% ARV with 10% cash or collateral down. Terms are 12% interest and 50/50 profit split. This will be my first real estate deal so I'm not sure what to expect and I was hoping you guys could answer a few questions I have. I could easily call the lender with these questions, but I'd like to hear what you guys have to say first.

If I can find the right deal and keep all costs below the 70% ARV, will anything at all have to come out of my pocket? Like fronting rehab costs, closing costs, etc. I'm assuming so, please fill me in!

I don't have much cash now, and have a family member putting up the 10% collateral for me to help get me started. Is it realistic for me to think I can jump into this right now? What else should I be prepared for? 

Thanks! 

Hey guys! 

So I have a little problem and I wasn't sure where to go with it, so now I'm here! I'll give you guys a little taste of what my business does and maybe you can help me!  

I'm involved with a start-up called Trashaul Waste Solutions (www.trashaul.com). We offer valet trash removal services for apartment complexes. We offer the service to management, who then implements the services in their complexes for all tenants. Complexes up rent $25 per unit for our services, and receive a kickback % depending on the length of the contract signed with us. This is a very marketable amenity that tenants love! Our service offers many benefits to management, investors, and tenants alike. 

Now, we are in talks with a few property management companies who are interested. We got these leads through personal relationships and contacts. We are looking for ways to get more leads, whether it be management companies, development, or individual complexes. Who is the best target market here? What's the best way to reach them? We are kind of in a slump and we're desperately trying to progress. I'm open to any and all comments and suggestions! 

Thanks a lot in advance guys! 

Great advice! Thanks! @Robert Leonard

Well guys, it's under contract! Another thing I probably should have mentioned is that this deal was brought to me by a friend whose cousin is the one selling the 4 plex. The problem is that he lives a state over from me in Louisiana. Do any of you have experience finding buyers in a completely different area than you're in?

Thanks again for all the support! This community really is a great resource for us just starting out! @Jon Klaus @Jonathan Marcus

Thanks so much for all the replies you guys! This is awesome! I'm still not sure whether I should go ahead and put it under contract though. It seems like every is pretty iffy on this one!

Would it be smart to try and flip this to another larger wholesaler in my area? Is that a common practice?

Will do! @Matt Swartzendruber

@Jon Klaus it should rent for $575 per unit after repairs and tenants pay utilities. I should probably mention this is a wholesale deal, too.

It's vacant and all 4 units need work. Each unit has 2 bed, 2 baths and is actually closer to 950 sq feet. Its been stripped of all appliances and copper. The furnaces in the closets have been taken/stripped as well. Some of the bathroom sinks are also missing. There's broken windows , and most of the carpet probably needs to be replaced. There's drywall damage in all the units. There are no signs of water damage though.

That's exactly what the owner sent me.