All Forum Posts by: Rick Albert

 Got it. I'm seeing some wholesalers wanting to use their title company and this is out of state but I have some people I trust there to check things out. 

Thank you!

I've been in real estate for a long time but historically used Realtors and of course there is direct to Seller.

I see wholesale deals come across all the time but how can you vet them? The last thing I would want is to wire money and it ends up being a scam. 

Could I require to use my choice of closing attorneys? Could there be any other requirements as a form of protections? Especially because most of the wholesalers I speak with want properties non-contingent, adding another layer of risk.

Thank you in advanced.

I have a triplex and fourplex with Freedom Ventures and have been happy. I switched from another PM (one of the largest) who was I was extremely dissatisfied with. Freedom Ventures has been pretty good. You can tell them that I referred you. 

Hey Kevin,

My first house hack was a condo. It can be a great start because it is better than not buying at all.

Typically areas like NYC, LA, and SF are an appreciation and loan buy down play. That's where the wealth building starts. 

The other thing I've noticed in LA is fixer condos tend to sell for less than it would cost for renovating. Not enough as a flip, but enough to build some equity.

I would also focus on 3 bedrooms or more if you can afford it. I don't know your financial situation but then your condo would make for a great family later on. 

Here are the steps I would do:

1. Talk to a direct lender: Hard to say if you should or shouldn't buy if you don't know what you qualify for. Having a basis can point you in the right direction. If you don't qualify for high enough, then you can work towards that goal (for example debt reduction, increase income, or better credit score). 

2. Talk to a well qualified Realtor who has house hacked in NYC. That's going to be key because they will be able to point out what works and what doesn't. Don't just go with your cousin/friend/former teacher who may not be as qualified.

3. Set up auto searches now to set expectations. This is important even if you aren't ready to buy now, you can get a sense of what's out there.

Happy to talk through it more if you would like.

Good luck!

Thank you both! 

I am considering flipping in Birmingham. My concern is that I'm out of state. I know they can take photos/videos, creative payment schedules, etc. but often times that isn't enough, especially when it comes to the little details.

Have you experience hiring your own project manager to assist with things like this? What have you seen? What was the payment like?

Any assistance would be appreciated.

Thanks!

This is a tough question because it depends on (1) price and (2) your target buyer. You will find a buyer for all these categories at the right price.

The question becomes, what's the worst that can happen? It is all about calculated risk.

Are you buying the properties cash? Worst case you cash flow really well. Even if you end up leaving some money in the deal, it's no different than if you bought it traditionally. And even then you might end up cash flowing better because of the smaller loan amount.

I've done it once and in the process of doing it a second time. This second time there might be money left in the deal but I have to wait 6 months anyways and it is already rented out so I'll make it up in cash flow. It's a win-win. 

Hello,

Would like to speak with a few contractors in the Birmingham, AL market. Considering flipping but I do BRRRR (working on my second one now in BHam). Any referrals would be appreciated.

Some things I'm looking for:

1. Can provide recommendations from current and past clients, ideally with contact information.

2. Can provide before and after photos of past projects.

3. Has experience working with investors.

Thank you!

Whenever you do FSBO, it's generally two types of contacts that will reach out. The first are Realtors trying to get your business. The second are investors who want it at a discount. There have been numerous studies that have shown that FSBO homes sell for much less than if they paid an agent. And I'm unbiased here because I'm not an agent in your market.

With that said, it doesn't really matter if the tenant leaves or not. Either way an investor is likely to buy it.