All Forum Posts by: Mathew Morford

I need some advice. I bought my primary back in April of 2021. I love my property, but I want to get into real estate and I think I could possibly leverage my equity some how. 

I owe about $115k(ish) on the property. Zillow shows $215k, realtor.com shows $213k, but that’s without knowing any of the improvements I’ve made on the property. 

Is it worth selling and using the possible large amount of equity to buy a rental property or should I HELOC and maybe buy a rental property? Or am I even going about it in a good way? I just need some ideas.

I just had my first new born son and I’m wanting to start getting into real estate so I can spend more time with him in the future where it counts. 

Hello everyone, 

I have a neighbor who approached me about his current situation. He has recently moved out of his property next door to mine and wants to sell it. It needs a decent amount of work. He does own 5.2 acres. This is a rural area. His house is still standing and the structure seems to be sound, but he said it needs a lot of work. I imagine it needs north of $30k worth of work. 

Zillows estimate shows it to be worth closer to $189k, but I haven't ran the ARV on it myself yet. He wants to sell it to me because he is old school and believes in friendships and only wants me to have it. I have the ability to get a HELOC on my current home to buy it, but I don't know if I want to try to purchase his home because it is in a rural area.

That being said, the place he is currently living was supposed to be sold to him on an owner financing contract, but the person passed away. The person who inherited it wants to just sell it and gave him 90 days to come up with $100k to buy the place. He is struggling to get that, so he has to sell his house on the 5.2 acres. He asked if I wanted to buy it closer to $100k. He might be able to make up the rest of what ever I can get. 

With it being in a rural area, is it possible to do a double closing on this? Has anyone had any luck with wholesaling in a rural area? I thought if I could get it on a cheaper deal, that I could possibly make some money off of it. 

The property is mostly trees and hasn't been logged. He was quoted $20k just for that, but never wanted to do it. 

Any ideas or suggestions would be great. 

Thanks,

Mat

Hello everyone,

My question is: if I was to find a property I wanted to purchase, but wanted to do seller financing so I can use a loan to finance the rehab, is it possible for me to sell the house after the rehab when I still owe on it? 

For example: I agreed to buy a house for $50,000 with an ARV of $150,000, and did this with seller financing. Then I put $20,000 - $30,000 into it and then sell it for the $150,000. Can't I just pay off what I owe to the owner, and pocket the rest?

Im sure someone has asked this question, but I couldn't find anything similar. 

Thank you to whoever reads this post. 

Mat 

Quote from @Konstantin Ginzburg:

While I think mentors and courses can help many fast track themselves into a position to make deals; I also think that the amount of free information that is available to people entering the market is substantial. If I was brand new to real estate investing or any new industry; I would prefer to spend a large amount of time reading books, reading this forum, listing to podcasts, watching youtube videos, and networking at local real estate investor meetups before I pay a substantial amount of money on a coach or course. If I was to go the coach route though, I would do a lot of research to ensure that they are legitimate such as referrals and background research into their business track record. 

Thank you. I appreciate the response. I listen to podcasts all the time. Specially Bigger Pockets Real Estate Rookie podcasts. I literally listen to it everytime I am headed to work, headed to the gym, while at the gym, and headed home. 

My biggest issue is that I am just trying to gain some experience and I feel like having a mentor/coach help me would be best. 

Hello everyone,

I am new to real estate. I am trying to learn wholesaling and I am still learning. I know there is a lot of tools here to utilize, but I still wanted to try to learn from someone first so I can get started. 

That being said, I was approached by an individual on facebook who is a coach. He told me that he wholesales "administrative land splits" and then re-sales the other half for an even greater profit. I have heard of this and I know that part is real, but I am just getting this feeling that he is just trying to take my money. 

Here is the deal he is trying to get me to do. $500 up front, he has hours of videos to provide lessons on wholesaling and administrative splits. He also wants me to go 50/50 with him on my first 4 deals. After that, I can either continue working with him as a partner, or I can go solo. He said he will teach me everything I need to know and he will give me all the tools I need to find the deals and make money.

Honestly, that sounds great and all, but I haven't signed any contract, he has already sent me some videos to watch, and he wants me to pay him with cash app. Again, in today's age, I get that cash app is easy, quick, and convenient. He also wants me to send it to his wife's cash app which is why this has thrown me off. Once he told me this, I started really digging into his background. He told me that he has been doing this for over 30 years, but I don't see any pictures or posts of anything that would prove that. He also told me that he did a deal recently that landed him a $70k payday that he split with a builder/buyer (I could have miss understood that one). 

Again, this is me judging a book by its cover, which I try not to do, but I am just trying to get started and I am not trying to be taken advantage of. Does anyone think this could be legit, or should I just put my money else where? 

Hello everyone,

I was wondering what everyone thought on the 2 sites: Propstream and Propwire? I have been playing around with Propwire for the past few days and it makes me wonder how accurate the information is on the site compared to Propstream. I saw a post from over 6 months ago about it, but I am wondering if anything has changed? 

Quote from @Caden Wakim:

Hey Mat, Congrats on starting your real estate journey, ill be happy to share a few things regarding wholesaling.

Wholesaling requires a ton of marketing, the goal is to put yourself in front of the most MOTIVATED sellers. The ultimate goal is to have deals come to you rather then you out hunting deals, so building an effective marketing strategy is key! When you are out hunting, it may take 1000 calls to get 1 deal or maybe 10 calls, you never know!

As far as forms used, generally on a simple wholesaling deal, it will consist of a purchase and sale agreement between you and your seller, and then you will need an assignment of contract between you and your cash buyer. 

Hope this helps

Best of luck 

Thank you for that info. After the past few days, I believe one of the biggest objectives I got to achieve is just to go out there and do it. That was one of the things I was questioning is how to start and Im just going to start. HA HA. Thanks for the info. 

Hello everyone,

My name is Mat. I live in Indiana and I want to learn more about wholesaling. I have done tons of research and I have listened to hours of podcasts. I am ready to find a like-minded mentor to help me through the process. I am willing to do all the leg work, I just want to learn. I also want to use the opportunity to network with investors/agents/property managers/etc. 

I generally know how it works, but I still want to have someone there to guide me through everything. If anyone would be interested, regardless of location, please message me on here with your contact info and I will reach out to you. If you just have any tips you want to share, please share them. Regardless if there isn't any responses to this, I appreciate everyone taking the time to read this post. 

I think the most difficult process for me is understanding the contracts to use and how to make it where its best for all parties involved. 

Please, if you have any questions, please feel free to ask. 

Thanks, 

Mat