All Forum Posts by: Nathan Cross

Hi Phil. Are you buying these properties on or off market? Are you trying to get them financed, or are you using cash or hard money? Ask because its partially true that you may get out bid by cash buyers with how the market is right now and where you are investing in as well. Also I have seem a slight rise in rehab cost as well, but I think thats contracts getting a little greedy IMO. We just recently bought a property here in STL and we are going to BRRRR and hope to close another one next week. Just have to get them at the right price and find the right team to get the rehab done.

You are more than welcome man. Hope you can find a great deal for you to get started.  

@David Ounanian I click on the tab attend event and it said no longer available. Is this still a go?

Have you found any local Investor groups in your area? I ask this because you will meet other investors there and they maybe looking for off market deals. They can tell you what and where they are looking to buy a deal if they can find one. Also in these groups you can find other investors that you can actually learn from, but if they do make sure you are ready to bring them some value in some shape or form and it doesn't need to be monetary. This will help you be able to see what the cost of a rehab will be. This is key, because that is where I see so many new wholesalers fail, they have no idea what rehab actually cost. So their numbers are so off, and people will not take them seriously. A key factor I use when I wholesale, is to make sure that the investor/client makes money if they buy your deal. This just equals repeat business in the end a win win for everyone. 

Finding a seller is the challenge, but it is accomplishable. Just stay consistent and follow up if a potential seller is on the fence. Once you get a deal or two done, you can refine your skills with every person you encounter. Be ready to hear a lot of No, and some other worse words. Good luck 

Good play man! Have you joined local Real Estate Investing pages on FB? That may be a good source to find some deals that are not on the market. Sometimes their are deals shared on their buy other investors and you maybe able to work a seller financed deal. Word of advice is look for deals every where and any where. Tell everyone that you know what you are looking for, you will never know who they know that may have a deal for you!

@Dane Maglinao love your question. So I am not sure if this is the best way, but this is what I been doing... Have you joined local Real Estate investing page on FB? I am sure there are a bunch in your local market. Join the group and post what you are looking for, but you may get some deals that are over priced. 

BP has great calculators to use for figuring out if the deal well cash flow!

The search for a Property Manager is finding one that aligns with your over all goals. I think that you should manage your first rental, so you know what it takes to manage it. This will also give you a baseline what PM go through and see what value they are able to bring to you in the future. 

@Artem Shum are you planing on house hacking this with getting roommates? I am asking this because your numbers look as if this is not going to cash flow well. If your plan is to rent the rooms out, then you should get the investment to cash flow for sure. Have you though about maybe finding a small MFU (2-4) doors? You are still able to use an FHA loan to buy it.

@Hugh Carnaha, I recently just got my MO RE license to be able to do exactly what you are talking about. Also I needed it for my Property Management Business as well. What the MREC has stated and which is talked about when studying to the RE Exam, is that you are not able to legally conduct any type of real estate transactions if you are not a licenses agent. That the individuals can be fined and given a restraining order by any court with jurisdiction. 

But I am sure you know people wholesaling dealing in MO without a license just like I do. Not saying that they are not legitimate, but some sellers may take you more seriously than others IMO. There are pros to getting your RE License as an investor as well as cons like your RE dues. It is all about what your over all goals are. 

 Hi Brayden. I am sure you have found a tenant screening platform/service  to help you in those matters correct? Or are you planning on using a Property Manager? Either way, this will help you see if they had any previous evictions or other issues with their credit. They will have to provide proof of employment and you should always follow up with that a recent pay stubs. Make sure they make 3 times income over rent as another safe bet. Hope this help you in some way! Good luck and stay frosty out there!

Hi Corey. I would have to ask have you reached out to any HML to see what their rates are, what they charge for points, what they charge for inspections for draws? I ask this because that is going to make a difference when you are running the numbers on a property that you are looking to BRRR. If you go in without at least having a few quotes to factor into the whole project, this may skew your numbers. Because these fees and points will add up to your holding cost; which just eats are the bottom dollar for the deal.