All Forum Posts by: Payton Pearson

So, as we all know, real estate investing tends to be a very high barrier-to-entry venture, and therefore having partners who can invest with you is very much desirable. However, finding people who are more than simply tire-kickers, and/or who you can trust is very hard in and of itself.

Recently, I have had five separate people all express an interest in going the distance in investing, but it turns out every single one of them was simply riding the wave of energy I was putting into it. And frankly, carrying all that undertow of people who are jokers and not actual aces is sucking the wind out of my sail.

So the question is, what techniques do you guys use in order to find investing partners who are actually serious about partnering with you? So far, Bigger Pockets isn't doing the trick either... And I'm quite frustrated with doing this on my own.

Hello everyone,

So I'm leaving my job as an Air Force Research Analyst to focus all my time and energy on a network marketing company. While this venture will undoubtedly be difficult, if I can focus a full-time effort on what is expected to be a part-time one, success will come more rapidly. I also have enough passive income already from my real estate portfolio and other business ventures to allow myself to live and conduct my business freely.

Unfortunately, for this particular network marketing venture, there is no representation in my local area. I'm basically going to start it here and be the focal point in the future. This makes it much more difficult, but the rewards are potentially even greater.

The reason I post this here is because all of this is in pursuit of being able to garner large sums of money for down payments on very large properties in the future. Not to mention, all of the richest real estate owners and other business owners (or many, many of them anyway!) have done and do network marketing.

Any advice or thoughts?

Colleen Carr is an excellent real estate agent. I recommend her.

Thank you for your advice good sir!

I find the best bang for your buck when it comes to advertising, is doing Facebook advertising. I don't know how exactly you would swing it on there (maybe wholesaling?), but that's a good place to look into.

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It's against Bigger Pockets' rules to post the contact info here.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $180,000
Cash invested: $1,000

Nice duplex in a middle-class, good neighborhood. 1972-built, very well-maintained.

What made you interested in investing in this type of deal?

I saw it on realtor.com, beautiful home, well-priced, and I was looking to move from my current residence to take advantage of VA loan benefits. I also wanted a slightly better neighborhood than where I was living at the time.

How did you find this deal and how did you negotiate it?

It was on realtor.com, and I had my real estate agent take a look at it. Negotiating was fairly straightforward. We offered 176.5, they countered with 180, and that was where we settled. It was originally selling for 185.

How did you finance this deal?

I did a VA loan with 0 money down, at a 3.625% interest rate. The VA loan required about $3000 for origination, but other than that, it was a very nice loan.

How did you add value to the deal?

Property will eventually have a fence added around the backyard. I will also be doing various improvements around the property as time goes on.

What was the outcome?

Smooth sailing. The other unit is already occupied by another tenant, paying slightly under market rates, but she is very clean (elderly lady). I will likely increase her rent once her 2-year lease is up, if she decides to stay. Only up to market rates of course.

Lessons learned? Challenges?

Unfortunately the property did not appraise as high as I was expecting, but the lesson here is not to expect a high appraisal. Though appraisers are quite professional, they still have variance in their judgments, even when informed by similar property values nearby. Two duplexes directly adjacent to this one were both selling for 194.5, and in the same condition.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Loan Officer: Phil Forbes
Real Estate Agent: Colleen Carr

I use these two individuals regularly. They have never guided me astray, and are very, very good at what they do.

@Ozzy Smith I think so too ;-) Thanks buddy!

@Nathan Rude Thanks bud! Yes, when I get the units fully renovated, I'll be able to get 550-600/mo. It'll be a total monthly NOI of around 1000-1200.