All Forum Posts by: Michael Lee

Hi Jeremy!  First of all, I would create a physical plan and follow it.  You do sound like you know what you're doing.  Do not be afraid of "good" debt.  "Good" debt is any debt that puts money in your pocket.  Pay off any "bad" debt as soon as possible.Learn/Join property and real estate investment associations to help you learn and be able to network with like-minded people.  Stop any partying you do and concentrate on what you are doing as work.  Continue with your education that keeps you current.  Have a remodeling plan    Block out your time and stick to it.  Where you are, remember there effects of weather and plan for it.  Good luck to you!

It's depends on what the original loan document allows.  A regular bank usually does not allow it.  If it is allowed, just write up a sales agreement with the buyer as your other entity name.

Consider asking for owner financing.  They might consider spreading out there income.  if they need some cash,coffee them teio notes with one due prior to the other which will lower your debt service.  You might consider a cash rich Partner.  There is also Private Money Lenders that may be short term or long term.  Good luck!

Hi Jesse!  It sounds like you have some good experience.  I would suggest that you raise some money and form a Partnership that allows you to be in control.  The more units, the better you'll be usually.  I've been a member of Biggerpockets for about 5 years and since then I've read over 100 books and feel like I'm ready to go when I can walk again.  Apartments are a good choice right now because the demand is high.  Do a detailed evaluation and look at actuals, not pro formas.  Demand to see every unit to verify the repair/updates that are needed.  I have about 30 years of construction management and about 30 years of licensed real estate brokerage and I would like to assist you.  I'm also a numbers freak. I've spent a couple years on apartments and have done all types of residential and commercial work.

Hi Bill and welcome here!  I think Shan wee had some good news things to say,. The best area to go into is where that area is hot.  Be creative with the price and tinanciñg and do not suggest a bank unless they are  very qualified.  See it is he owne r would consider financing and make more. What is the owner's biggest problem?  Solve I think it you can.

Hi!  I'm glad you're getting off to an early start.  I wish I would have but that is along story.  Do not focus on one thing at a time.  Always work some on your future.  One way to do that is called the"time blocking" where you block out different times each day to do important things. Always continually learn and go to local events and network.  Spend some of your time regularly with successful people that have done what you want to do. I could go on forever with advic3 but I'll end th8s by telling you to stay flexible and be able to go to a popular place and remember that debt can be a good thing if it puts money in your pocket.

Hi!  I'm glad you're getting off to an early start.  I wish I would have but that is along story.  Do not focus on one thing at a time.  Always work some on your future.  One way to do that is called the"time blocking" where you block out different times each day to do important things. Always continually learn and go to local events and network.  Spend some of your time regularly with successful people that have done what you want to do. I could go on forever with advic3 but I'll end th8s by telling you to stay flexible and be able to go to a popular place and remember that debt can be a good thing if it puts money in your pocket.

You need to realize it will ttake 25 or 30 units to maybe pay all your bills unless you just are looking for supplemental investment. To here are many factors consider but I would want ARV on x .70 as well as your C on C return of at least 12 percent and a positive cash flow.

It all depends on how honest you are because a license might hurt you if you are licensed.  Otherwise, you got a good statement on not focusing on getting one deal done.  Always be working on the prospects and work on things that the others do not do.  Do not make your commission #1.  That will occur naturally if you focus on the closing.  Try to keep your "pipeline" of prospects full and try to stay away from Banks unless the customer is well qualified.

It all depends on how honest you are because a license might hurt you if you are licensed.  Otherwise, you got a good statement on not focusing on getting one deal done.  Always be working on the prospects and work on things that the others do not do.  Do not make your commission #1.  That will occur naturally if you focus on the closing.  Try to keep your "pipeline" of prospects full and try to stay away from Banks unless the customer is well qualified.