All Forum Posts by: Nathan Norway

I truly cannot answer what it would be best to do with your building. HELOCs and cashout refis both have pros and cons so that will be based on your business strategy and your tolerance to those pros and cons. As far as getting prepared, start meeting with agents and go to real estate investing meetings! Mingle with people who share same goals as you and meet with agents to find an investor friendly agent that can realize potential in a client buying a lot of properties if they bring you good ones!

Peter, I think that would be a tough question to answer. I think more research would be required for what would be the best fit for YOU. There is so much going on in big markets with industries, local companies and economy, public transport, the day to day energy that a city and it's surrounding areas has that can help you make the best decision you can for yourself. 

Investing away from your primary location should warrant a weekend trip at least to those locations to meet with as many people as you can (realtors / brokers / government employees / restaurants / coffee shops / and More). Explore the areas, find out if that city fits your criteria!

For the first question here is my thought process. How sure are you on the 200k ARV? How sure are you on the 15k of repairs?

Ken McElroy's book: the ABCs of Real Estate states the asking price should mean nothing to you. He may be asking for 150, but you can do your own homework based on numbers. What is it rented at (if vacant it's worth less, and properties should be assessed based on how they perform). Seller financing can be a good benefit for both parties, you may offer a lower price but give him a higher interest rate and put in writing a plan to refinance with a bank in 2-4 years to pay him in full. 

1400 / mo in rent for 150k is less than 1%. Combining that with repairs might not be a winning combo. Do you believe the repair costs and the ARV could also warrant raised rents making the deal worth while?

As for the second question I'm not sure you could get a HELOC unless you refinanced with a bank and had a larger amount of equity in the home. That can be better answered by a lender.

Good luck to you! Don't try and force the numbers to work and don't be afraid to walk away from a bad deal!

Awesome! Do you rent the home and unit above the garage or is the home your primary to complete a house hack of sorts? What are rents like in Newburgh? 

Keep crushing it!

Hello! I would assume a fair and equal deal would be relative to what you are getting out of it. A lot of books will insist on calling multiple contractors to bid out jobs to compare pricing, and most of those books also have information in them related to investor friendly pricing. If you would be going into business flipping homes, it might not be sustainable to pay "full price" or "retail" depending on what that entails and if you are flipping a lot of homes. 

Complete your due diligence and compare pricing, if you want to survive you need your money to go as far as possible. He may be the best priced option out there, and he may not. You owe it to your bottom line to check and make the best decision for your business.

Welcome to BP! Good luck with your ventures into this industry!

Hello everyone! I’m writing as I’ve seen posts before about listsource and using it effectively but have not previously received the info I was hoping to. I’m shopping to find a multi-family property to house hack in a more expensive and competitive market.

1. Who has used listsource and what do you like / dislike about it?

2. If not listsource, do you prefer an alternative? Maybe one of the alternatives in the member perks or elsewhere that mails postcards / text messages for leads?

I’ve been searching and so far nothing substantial as far as a property has come up in the areas I’m looking so I’m working on getting creative. Working on expanding my network , attending events, being active on BP, going to open houses, I need to start contacting brokers or other investors as well.

@Andi Ndini hello!

I mean you can find a great deal out about Fundrise on their website. There are other alternatives as well but I believe Fundrise looks pretty decent. I have not invested with them but it only takes 500 dollars to get started! Just research through different sources until you decide if you are comfortable putting your money into their platform!

Johnoson, that sounds awesome. Your story I think is what most people strive for when they start on here (or at least of a similar variety). Buying multifamily properties or small apartment complexes would get you more units at a lower price per unit and may generate more cash flow! With that in mind you might also need someone on site to manage if they are big enough complexes / buildings. 

Numbers don't lie!

Harrison, it sounds like your next logical step is in your subject line with the keyword legally. Set up a meeting with your lawyer and get it sorted out with legal advice for your specific situation! Best of luck to you!