All Forum Posts by: Michael Carbonare

What enabled me to get started in this business was learning and then utilizing various types of lease options.  I specifically used a strategy called a cooperative assignment.  Done correctly they are risk free and require all of $5 out of pocket.

The closest I come to nothing down is with lease option assignments, specifically cooperative assignments.  Risk free, and typically $5 down to secure the deal.

The myth, the fantasy, the dream. . .wholesaling.

No, definitely don't want your personal number on a bandit sign.  Get yourself a Google Voice number or something similar.

@Sarp Ka  I've lived in south FL for about 21 years.  Single family houses will not work as rentals.  Property values have skyrocketed, taxes are high, and there are HOAs to contend with.  You may need to consider out of the area/out of state properties.

@Frank Dutton  There are a variety of approaches you can take.  Much of that depends upon the specifics of the deal and your financing abilities.  Over the years I have done many flips/assignments using my favorite strategy, a Cooperative Assignment.  It's a type of lease option.  Risk free and no need for cash out of pocket.

@Rasean Lowe  I'm not a wholesaler, so my experience may not apply here.  But for me, mostly doing lease options, without question the bulk of my time and effort is focused on finding the deal.  Once a deal is had, securing a tenant/buyer is usually a much quicker process.

It was easy.  I was the world's worst employee. . .I was fired.

I got my start while I was living on LI.  Did a few deals and then moved to Albuquerque, where I got serious about this business.  For me, the strategy that got me going was lease options.  In particular I was doing lease option assignments.  These assignments are perfect for virtual deals because if done correctly they are risk free and don't require cash out of pocket.  On the other hand, if you're looking to do more traditional buy and hold type deals and you're new at this, then yeah, I would agree that working deals in your vicinity is a safer approach, albeit limiting.

Hi, James.  Former Long Island guy here, now living down where all Long Islanders seem to migrate to. . .Florida.
Anyway, that market has always been a tough nut to crack.  Expensive, high property taxes, cumbersome govt oversight, and a strong bias against landlords.  That, combined with you saying you have poor credit and minimal cash on hand, makes your planned approach an uphill slog.  Would you consider different, less risky strategies?  Would you consider doing deals virtually?