All Forum Posts by: Mikey Cas

Hi everyone, I had a question about accumulating investment properties. I just finished reading an interesting article about how an investor amassed hundreds of properties. I know everyone has their own unique situations, but I was wondering how this is possible. Lets say I want to start off with one property, then eventually save up enough and buy several others. If this were to become my full time job managing and investing in properties, How does one obtain financing. I always thought Lenders base loans off debt to income ratio (example 50k income will give loan up to 250k) It doesnt add up all of the debt these investors rack up, is income based on projected rentals? Do they have corporations finance the properties? I know im getting ahead of myself but I was trying to figure out how these real estate gurus obtain financing. Thanks

Hi, My question is about bird dogging, I have been getting some investors responses for my ad. They ask me what the address is of the property. How should I present myself. Should I say that we must sign an "bird dog agreement" before we look at the property. Obviously he is going to want to look at the property, but I dont own it or am not under contract. I just want to make sure I get my finder fee. Thanks

Sounds Great! Thanks for the help....But also..Sometimes potential investors will ask me over the phone if they can have the address of the property....As a bird dogger I dont own the property and just charging finder fee...So what is the best way to go about presenting myself to investors without saying I cant disclose the address? Should I have them sign papers first then look at it? Thanks

Hey guys, I recently came across a property that was for sale by owner, in an excellent neighborhood, and it needs a lot of work, but could be a gold mine for the right investor. I have some investors lined up, got some solid comps ready, I am just a little confused on how to flip the contract. The price is in the $400,000s, and I read online that i can put some money in an escrow account maybe $4000(the article said as little as possible)? and then assign the contract to my investor for a profit. I just got off the phone with a real estate lawyer and he told me I would need to put down 10% at least which is 40,000. Is this true, and should I tell the seller of the home my intentions before going into this? Or should I be a bird dogger and assign a fee to an investor for the property without me going into contract? But who is to say the investor wont screw me over and once he gets the address to look at the property he just closes and says he doesnt know who i am lol. I would have to sign a contract for bird dog agreement before I disclose the address to potential investor? Thanks for any help It would be greatly appreciated! Hoping to get this deal going.

Hey guys Im trying to get into wholesaling, and I am doing alot of reading on here. I know there are many different ways to network, but is it a good idea to network through this site? Can I make a post saying that I am looking for investors and trying to build a list of contacts for wholesale investing? I feel this would be a great tool to network. Im just not sure what the guidelines are for posting if it is limited to questions only. Thanks

Hi, I have a question about wholesaling. The question is dealing wih approaching a lead. I just recently found someone who says they have a home for sale, and 'many oher properties' he wants o sell in he near future. I believe his could be a good lead, I know I must see if he properties are actual deals. Lets say they are, should I let him know I wan to assign the conracts and wholesale?? Would this be a good start...."Hi, I have a list of investors that would love to buy your property and I can have it sold quickly.....by assigning the contract...etc" Let me know if I am on the right track.

My situation right now is the amount of money I have available works best here. I have tried getting more through a mortgage but I could not get one...simply because I am still in college. Imagine a 22 year old trying to get a 400,000 dollar loan with no fulltime job lol. I dont work on the books so I have no documentation of income. The property I found is a situation where the seller buys properties at auctions and sells them to investors. For this particular property he is willing to let me put down some cash and He will finance it himself. This way I dont need to go through any lenders.

As Ive been reading through some threads what the maximum distance should be for someone to invest in a property, it seems the consensus is no more than an hour. Where I live it is impossible for me to invest anywhere near me with my financial situation and cash and funding available. The average home price is around 400-500k. But what I can say is that I found some nice potential deals that are between two to six hours away maximum in various cities and towns, where I can afford them and the cash flow works. I have contacted several property managers that have been in business for some time. Am I foolish to invest in a property that far from where I live. I figure the property management in place will be the deciding factor, because otherwise traveling up to 6 hours seems ridiculous. What do you guys think?

Hey guys, Ive been doing tons of research about investing, cash flow analysis, rental properties etc. on this forum and reading books. Now I am actually close to a deal and I want to get a move on it before I lose the opportunity. When it comes to a FSBO property, would I need to hire a lawyer, or could I just write up a contract with seller. Also with insurance I would like to get some sort of policy but Id rather get into the property first. What do you guys think. Ive passed up deals because I was too cautious, maybe a little scared, but now Im ready and I dont want to miss this investment, but at the same time I dont want to rush.

Is the main purpose of owner financing for someone to get into a property quickly and refinance or sell after some brief time. Most of the owner financing I came across have terms with a balloon payment after 2 years or so. Are there any owner financing where it is over a 30 year period, or is that unheard of. I got the impression that seller, and owner financing was for people who have a hard time getting a loan, that may be for many reasons such as they work off the books or are self employed, or bad credit and would rather not go through a traditional lender like a bank. So after the 2 years wouldn't they have the same problem refinancing? Or is this strategic if you are looking to flip etc. Need some help thanks