All Forum Posts by: Rick Pozos

It's always good to know what is happening and where things are going. It would be great to have that breakdown of sales every 100k instead of 200k to 500k.

Increase in average price SEEMS like prices are rising, but maybe just high dollar houses are selling and lower end is struggling? Maybe I am just a pessimist right now, but it seems like things are still in a change to a buyers market. DOM is still increasing, 91% of list, over 6mo of inventory.

BUT you want to buy when low, hold for some years and sell high, right?? So...maybe it is time to buy!!

As mentioned above, lots of rules. You might NOT be able to get an STR permit. Do you know that you can?? Rules are changing every year or two. Lots of evolution recently. Plus the market is cooling down somewhat. But if you do need something, my contact info is on my profile.

Almost all of my deals are 100% to 150% financed.

BUT they are friends and family who lend me the money. They finance the purchase AND rehab all up front. When I buy something, my sister, her ex-husband, some friends, they all send the 100k to fund and the 20k for all of the rehab to closing. What ends up happening is that I usually get 17k or 18k wired to me at closing. I might have to end up finishing up the rehab with a few thousand, that got taken for closing costs. 

I have never had a hard money loan company where I did not have to put down at least 10% of purchase.

So...if jobs are trickling down or unemployment is slightly up, does that mean that the economy is NOT doing as good as it should be?? That might mean that prices might get hit a little harder because there are less people looking for a place to purchase??

Lower rates might be good for investors to finance a lower payment, but is the value going to be there if you can not rent the property or it takes 6 months to get a tenant??

Shadow your father in law. There is already a system in place. Yes they do construction, but you learn so much. Talk with him about his business and the ups and downs. THAT is where you will find more great information than anywhere else.

If he is profitable, maybe he will see your enthusiasm and drive. Maybe he will be your first and best private money lender. Maybe partner.

I would definitely house hack. ALSO take some property management courses in your area. Act like you are going to be a property manager... well...because you will be.

Learn the state laws to better help with managing some friends and/or family OR strangers. Since you will probably purchase some rent houses in the future, it would be good foundation to know all this anyway.

Are you looking to be the GP or an LP?? 

Hey @Verril Martinez   You should be doing all of the above, BUT it is all for retirement. It is all to pass down to your future children so that they can become the next Medici family.

Seriously, It is all to get you to the point of not having to work for the Man. Start your own part time business, real estate. Get set up to take advantage of all the many, many tax advantages of owning a c-corp or s-corp or even an LLC. Grow your business so that you are making enough money and have enough assets to NOT have to work for someone else.

Hey @Matthew Banks Just think how much more time you would have if you had 40 more hours to dedicate to your business!! Do you think that you could go to more networking meetings to find more private lenders? Do you think that you would find more deals?

Maybe start scaling back the expenses from a 150k(or whatever your income) job & life and start getting ready for the 50k or 60k life for a short time while you scale. If you could save 10k or 20k or 50k from the job and get used to it, you will be golden with all that extra time to work on YOUR BUSINESS instead of someone else's business.

@Matthew Banks

If it cash flows $900 per month, you should have over 10k in a year. At the same time, put $500 or $1000 of your own money every month to get to a $15k or $20k down payment on the next deal.

Find someone who will owner finance.

Get a sub-to deal

Find someone having some payment issues and do a wrap around mortgage with them. 

Get a private lender to fund and use the 10k to do repairs if needed.