All Forum Posts by: Prestin Sokoloski

@David Watson You could try and find a flipper, GC or another established wholesaler in your area. If you offer them some cash I'm sure they would come walk through a property with you. After a couple properties with the same or different people you can compare that to your estimates and make adjustment where it's needed. Just be sure they have experience on similar property to what you are seeing!

@Kevin Lee, I would ask if the 80% equity in your own home would cover the cost to acquire the Quadruplex? If that is the case and you are happy in your home you may consider refinancing your home. This would give you cash to buy the 4 unit. Then if the numbers work with your higher monthly payment on the house as well as the 4 unit mortgage, problem solved. On the flip side if you decide to sell and move instead you'll have to see if you can swing a down payment for both your new home and the rental property. 

@Sid Sriram Many sellers would have no clue what you are talking about if you stated "wholesaler". That said cash buyer is not a bad idea or just simply investor. To be honest with you I've had better luck simply introducing myself as a property owner and landlord as some people seam to get a sour taste from the word "investor". These things are nearly irrelevant in the scheme of things as many times a motivated seller is just that motivated. You will quickly notice the difference when you find those deals! 

Don't stress the small things too much get out there and make it happen!

@Matthew Lindsey BP also published on from Amanda Han titled "The book on tax strategies for the savvy real estate investor". Which is a pretty good read with plenty information on what you can and can not right off. As well as how to structure things like travel in order to correctly write that off!

@Luke McDaniel In my experience you may not even choose to go to the property until you have a contract. For one thing you never know what sellers will actually follow through with signing the contract. Just find your MAO and present that to the seller also be sure they know you have an inspection period to get in the property. Huge time saver and keeps you from dealing with unmotivated leads.

You will likely find the sellers who are motivated will not be too worried about the purchase price as much as you think. Thats why I've found it is not hard to make an offer with out seeing the property.

@John Gauger Awesome to see your interest! My question is what are you looking to do exactly? I'd love to hear about your goals and help anyway I can! 

@Mike Rodriguez Have you considered running the numbers and keeping as a rental if it works? If it would work out that way it might be a good idea to just refi like you were saying then use the cash for the next one! 

Imo the best way to go about a 1031 would be trying to identify your next property before you even sell this one! That way you can move your profits to a better deal with out the timeline!

@Alesia Hardy

Message me! We have a small group of people that get together every other week for accountability and sharing ideas!

@Garrett Crain

You can post it in the BP marketplace but I think you do need to be a pro member.

@Jadine Bullock You found the right place to get education on real estate! Bp has many ways to learn, look into the podcasts and webinars that are weekly. There are multiple different podcasts they have on different topics too. 

Welcome to the community!