All Forum Posts by: Michael Plante

I am looking at buying a single family investment property in Fayetteville NC for $140,000.  Estimated repairs are $25,000 with and After repair value of $180,000.  If I want to keep more cash on hand should I get a traditional loan and then seek an additional home repair loan for $25,000 or should I look to get a fix and flip loan?  Are there other options or creative ways I could explore financing the rehab portion?

@Michael Plante the area I have been working in has just exploded in the last year plus in SWFL. I am not finding anything below 100k anywhere near me or even within two hours (Tampa area) although I just started looking there. The ones I have found so far are around 165k-200k+ but I don't know the areas yet so I am still studying those. I don't want to make a mistake that will cost me my life savings so far if you know what I mean. As Taylor L said above I may just start doing JV deals if I can find the right partner. I appreciate the input.

I'm sure I'm not the only one who has been getting beat out by cash offers on SFH's that need rehab. I don't have a PML in my pocket and have been using hard money. Even with hard money it has been taking 30-45 days to close due appraisals. What has anyone done to overcome or be able to find PML's to fund the cash purchase? Needing tips and advice as I'm getting frustrated after several losing offers, even at full price. The market I am in is very hot which doesn't help for purchasing but does for selling in Florida. Basically you have to have cash, close quick and no contingencies. I do not have the 250-350k cash quite yet to do that. Help!

Hey all! Wondering your experiences as investors or wholesalers in NY. I'm in upstate NY, not the city. I'm just beginning but am planning on starting in PA (williamsport and Scanton) just for now. I keep hearing how there's not much money for wholesalers in NY and how the strict laws make it a huge headache. What do you guys think??

This may sound like an odd question, but so many times we hear that (insert name) has gotten up to 1100 units, or has a portfolio containing $400M in multifamily real estate.  But how many of these folks only "co-own" these properties?  

For example, Guru X states that "he/she is up to 1100 units".  Does this mean that they actually own each of these 1100 units themselves, or does this mean that they are involved in multiple deals, where the total 1100 units are actually owned across *all partners* within these deals(thus exaggerating the true ownership of the individual)?  It may seem like splitting hairs, but this certainly makes a difference to me.  Any thoughts?

Hello BP fam, wanted to see who would share some insight on what it actually takes to be successful in the real estate business as far as lead generation goes. 

Would you be willing to share a quick insight into what that looks like in your business? Whether you wholesale, flip, Brrrr, or are an agent, let us know what type of business you run.

What does your marketing strategy look like (ex. Direct Mail, Word of Mouth, Billboard, SEO, PPC Etc)?

How many leads are you generating per month in your funnel vs how many of those leads you are sending offers to.

Lastly of those offers how many are you closing?

Hopefully, this will give some investors a better idea of where their funnel needs to be in order for them to scale or get their first deal. 

Thanks again BP Fam!

I've never heard of a bank asking for receipts in a standard refinance. However, if the appraiser is experienced and knowledgeable, they'll be looking at the quality of the rehab. Now that's a big "if." Appraisers follow the 80/20 rule just like everything else, so most aren't great at their job. But plenty of investors take on rehabs themselves in the beginning.

Sure it's easy to not lose money if you buy and hold and never sell a property.  This is obviously a subtle advertising post to attract investors, without getting flagged.  When someone tells me they've never lost money on a deal makes me very skeptical.  

I stopped reading when you said that you've never lost money after 18 years in real estate