All Forum Posts by: Nick Miller

I always try to have three exit strategies per-property.. If you cash flow, have equity and think you can refi with the full amount coming from the hml then go for it.. If not you might want to reconsider the numbers for the project.

not worth all the red tape

Welcome to BP!

The site is called "Bigger Pockets"

The deal of a lifetime comes around about twice a month.. this isn't one of them! Keep looking

Getting into the game early is the best thing you can do! Try to find a local investor and see if he/she will hire you to do work over the summer. A good mentor and on the job experience at your age will compound in value in the years to come.

I would recommend starting with a single family home with a high ARV. See how you like being a landlord, if you enjoy it you should have the ability to leverage yourself into a lot of units very fast but if you don't enjoy it than you should be able to liquidate and still come out on top.

Adam Gerig knows a thing or two about this topic.. He manages in areas Im afraid to drive in and others that I couldn't afford to buy in!

In my market some of the most successful landlords have lots of properties in the lower income areas. The tenants might be more of a headache but in all reality if a unit costing $10,000 to $30,000 will bring in $475 to $600 and a $70,000 to $90,000 property will only bring in $800 to $1,000 the economics make sense to stay in the lower bracket since we really do not have much (if any) appreciation.

Granted the Northeast Indiana market will differ greatly from the Chicago market but you will want to consider your capitalization goals, exit strategy and investment ability before you commit to a particular investment strategy.

and yes you can put together a deal with no money and no proof of funds... Last year I picked up 19 units (several multi family buildings) without using any of my own cash, credit and I never needed a proof of funds letter.. Unfortunately, if you think cash and proof of funds is the only thing standing between you and success you are mistaken and you should probably work on your network and education before pulling the trigger on any deals.