All Forum Posts by: Michael Carbonare

House hacking and first deal shoudn't be your entry into real estate investing.  You will make mistakes and they will likely be expensive.  I say this from first hand experience, losing $25K on my first hack.  That was years ago and I can laugh about it now, but at the time it was painful, to say the least.  There are less risky strategies for the new-kid-on-the-block.

How is a text or call to a homeowner who is advertising their property for sale considered an unsolicited contact?

It's an old law adage, Scott, but an applicable one here:  A Man Who Is His Own Lawyer Has A Fool for a Client
I get it, you want to save yourself the expense.  But this is not where you cut corners, particularly if you are in a state where the landlord-tenant laws favor the tenant.  And if this guy is a professional deadbeat, he knows his way around the system and can drag this out for months.  That lost income may very well cost more than the attorney.

@Nick Carozza  I think much depends on your chosen strategy.  If a coach is an expert in, say, multifamily acquisitions, and you're interested in low entry point strategies, that isn't a good fit.  If, like many new investors, you are starting with a budget, then you might want to consider wholesaling or lease options.  What's your preference for starting?

Hi, Chris.  I'm not in Denver, but I have been investing in deals virtually for about 10 years.  Many approaches you can take.  I do lease option assignments.  They are risk free and minimal to no cash out of pocket.  For example, I recently did a deal on a property in Oregon.  I'm in Florida, homeowner lives in Arizona.  Bottom line:  $0 out of pocket, about 6 week from start to finish, assigned the deal to a tenant/buyer and pocketed $15K assignment fee.

The state of Illinois, like every state, has many markets, many of which will be quite different from others.  One market may be a strong sellers market, while a county over could be something entirely different.  If you're just getting started I think you'll find it easier to narrow down your search to a local county or two.  

Don't give up the dream, Ra'Jon.  The Knicks suck.  Show 'em your tape and you're on the roster.  

@Brian Kempler  You've noted on several occasions that you've gone through several lease options courses.  Which courses?  You probably know more than you think you do.  What's holding you back?  I've been working these deals for 20+ years.  They aren't as complex as you seem to think they are.  You might want to consider lease option assignments, specifically Cooperative Assignments, as you entry in lease options.  Risk free and no cash upfront.  Smart and safe.  My two cents.

Committing to what?