All Forum Posts by: Luis Cortazar

@Taylor L. Thank you Tyler ! That first tip I believe is essential and a great way to get started with a big deal!

Yet to add on that note, for someone that has never actually made a deal, they will not know what they are good at. Like I can tell you what I’m good at because I’m personally self aware( which a lot of people arent)... but am I really good at what I say i am? What backs it up when there’s no track record?

My intent with this post was to kind of prove my point or figure out that Grants 0 to 100 units is not so attainable as he makes it seem for the newbie that has never done a deal.

But if someone out there did go from 0 to a 62 unit property please enlighten me!

Thanks for the reply Taylor

@Alina Trigub thank you Alina ! I believe in scaling, but 10 x 0 = 0 haha so I totally agree with you.

Grant is an influencer and sometimes makes it seem like looking for a small deal to get started is the dumbest thing.

I just personally don’t agree with his methodology of starting with a 16-62 unit deal, when you have no “skin in the game” / experience.

Thanks for the reply !

@Mac F. Thank you Mac ! I will give it a good listen!

Grant preaches that people do not think bigger... I consider my self a Big goal kinda of guy. I like to set the bar up high for me because I do believe in my ability to achieve my set goals. Im very willful when i set my mind to something...

I listen to grant talk about these big deals, as im sure most of you have, and although I do believe I can successfully turn some multifamily properties into more successful businesses, my mind goes back to being realistic and thinking, How in the world is a strange successful multimillionaire going to let a non experienced, no track record having guy manage his or her money?

I believe all Grant preaches is true, as long as you have somewhat of a successful track record. Maybe some flips? and a small buy and hold portfolio? Right? or am i wrong? am I limiting my self?

no problem! I think your realtor should know if there are any liens if it is already owned by the bank. I would ask first before you pay for a title search.

That is awesome my friend!! CONGRATS!

did you save up the 15k or did you get friends and family to recruit your initial dp?

How did you find the property?

and how did you estimate the ARV?

Hi IGGY!

How expensive are these renovations or improvements?

I will suggest the good old Credit Card swipe. If you are currently maxed out on your CC, call your bank and get an increase. Credit cards are great. Also you can open a new business credit card and not pay interest the first year, maybe even get a cash back bonus.

hope this helps!

Hi Anthony!

I will drop my two cents here, but please keep in mind this is just knowledge as I do not have any rentals of my own, Im saving and searching for my market.

That being said! If I were in your position I would definetly go with more units and less rent. 

Why?

We have been in an amazing bull market run. Credit worthiness is everywhere... but as Benjamin graham says the higher they rise the harder they fall. It is not a matter of IF, it is a matter of WHEN, and that nobody knows, which is why we as investors buy right. The market will correct it self, and the first properties to go vacant will be the high end rentals. Middle class Rick will realize he can move in with his pal into a smaller unit and save 3/4 of his money. Grant Cardone says money doesn't go away, it just shifts. Grant him self doesn't buy A+ Multifamily.

Also buying a multifamily with lower rents raises the possibility of value add. and that is more beneficially to you because that can create more equity in the long run. 

I hope this helps! 

LTC * (typo)

Jason, most hard money lenders will rewquiere you to have skin in the game... in other words experience and/or a 10-20% down payment of the LTV.

Other than that, lenders are sales agents, if you can sell them on your willingness to succeed, without money or good credit, you can get a yes. 

hope this helps!