All Forum Posts by: Michael Malloy

Thank you both for your responses! 

@Michael Bishop. I just subscribed to your blog. Also following David now.

@Louise A., I'd like to start with one of DL books to give me the basic foundation. If you had to say which the best one to start with was, which one would it be? Also, did you attend one of Dave Lindahl's Live events (https://rementor.com/events.php ) or just took one of his courses?

While I'm only about 2 years into my RE investing career, I've already been through a couple of paid events (only SFR flipping, not commercial multi-family yet) which certainly propelled my career forward but also included a whole lot of sitting through a bunch of 'Get Rich Quick' sales pitches to buy even more educational products. Hence, I want to invest my time and educational dollars as efficiently as possible to more rapidly get to a point where I'm actually comfortable enough to pull the trigger on a deal. I'm not saying that I don't appreciate some of the motivational content but at this point I'm already sold on RE investing and just want as much substance as possible.

So, in a nutshell, for me and anyone else who stumbles across this post in the future: Knowing what you know now, what book would you start with and then what would be your next 2-3 steps after that?

I'm a single family investor now ready to transition into Multi-family and looking for some good informational resources to get started. I know that this question isn't very original one but when I search this topic on BP, I keep landing on posts that are 3+ years old. Hence, I'm curious if there are any updates to the list or if I should just stick to the favorites. Basically, here's what I'm considering after reading comments from other BP members. However, I'd rather not invest my time in anything that would just be redundant or too advanced for a first time commercial investor. I'd even be open to attending some seminar if someone thinks that it be worth my time.

-Ray Alcorn's: Deal Maker's Guide (This was authored in 2005, is it too dated or still have plenty of relevant content?)

-The ABC's of RE Investing

-David Lindahl's: Multi-Family Millions, Emerging RE Markets, Apartment Houses Rich Course
-Steve Burges: Complete Guide to Buying and Selling Apartments

Any endorsements or suggestions beyond this list would be greatly appreciated.  Thanks!

The hardest deal in Real Estate is the first one.  I wanted to do RE for years but simply had no idea of where to get started. I started only because I paid WAY too much money to a local RE Investor's Mentorship in DFW.  $8K! Yuck.  Although I definitely don't think that it was worth anywhere near that much money, I do have to concede that I don't know if I ever would have had enough courage to do my first deal had I not had someone there to hold my hand. You never feel like you have enough information. Now I look back and say to myself, wow, those were some awful deals that they served up to us that only a naive fool would invest in! And I'm right. I was that naive fool. Yet I learned a ton from that experience and am definitely reaping the financial benefits today since I simply decided to finally take action. 

By the way, this almost reads like a subtle advertisement for one of those paid investor mentorship. I promise you, I don't work for any of them and would suggest new investors do NOT pay some company a whole bunch of money like that to get started. I could have learned everything that I needed to know on BP and by going to local RE networking events. But you live and you learn...

Thanks, Mike!

Don't get me wrong, I understand the value of a good RE agent to source deals. I've used a realtor on every single other one of my deals. But on this one, I sourced and negotiated the deal all on my own. I'm getting an additional $8K discount for not coming with a buyer's agent. So, while it might be a little bit more of a headache having to figure these things out on my own, I'm not willing to pay that much money to a realtor to enter a little bit of data into an online computer program. But I will use a realtor when I sell the flip.

Anyways, I actually found an answer to my question online and purchased a guide for about $50. It was way easier than I thoughts. They have state specific guides.  http://partners.uslegalforms.com/partners/fsbo/ 

I'm about to buy a wholesale FSBO in Texas for a flip and I'm not coming with a realtor either. Negotiated the price down since the seller wouldn't have to pay any BAC. This is the first time that I've taken this approach and the seller is relying on me to hold his hand for him too. So it's kind of like the blind leading the blind here. (I understand that any licensed Realtors will respond to tell me that I should only use a realtor but please just understand that I'm definitely not going that route this time around.)

Basically, I've made him an offer below the asking price and I'll be paying all of the closing costs. Is there any online template that I could follow to ensure that I've filled out the contract correctly? How do I ensure that he has supplied me with all of the proper disclosures in order to submit the contract over to the Title Co?

If there's some sort of step-by-step instructions that I could access that would be great. Thanks in advance for your responses!

I'll be there. Is this going to be in a private room or at a table?

That's what I thought but was hoping for hard money to conventional would have some sort of legal workaround for scenarios like that. Thanks for your response.

I'm looking for a wholesale (duplex) multi-family to purchase in Texas that I plan to owner-occ once the rehab is complete. I don't want to lock up all my cash and would like to refi out of the hard-money loan at 90% LTV. However, whether I go conventional or portfolio, I'm concerned that the Texas A6 law is will prevent me from refinancing above 80%.

Does anyone know if there is a work around for this scenario that could get me to 90% cash out once I move in?

I'd totally agree to give them an incentive to move. However, it would have to be contingent upon the deal closing. Meaning that I would need the seller to get the lessee to agree to sign a lease addendum to vacate the property within 60 days of selling the property if they accepted the inventive. Often times the seller views this as too much of a hassle and just takes one of the other offers.