All Forum Posts by: Robert D Wade III

Howdy everyone, I’m a young investor looking at my first buy and hold opportunity in northern Wisconsin. I think it would make an amazing deal. It is currently a 2 unit property with one unit being a 2:1 upstairs and the second being commercial offices downstairs. It’s completely vacant right now so I’d be able to get in and renovate it without having to work around tenants. It is large enough that I would be able to turn it into a four-plex with roughly $1500 coming in monthly and have a unit to myself. My question is what options do I have to finance this? I currently am self employed and just had a major car expense come up so banks aren’t likely to lend. It’s an opportunity I can’t just let pass me by tho. Any advice?

Thank you,

Robert D. Wade III

@Essence Leandre I am currently going through this myself. Yesterday I called every title company in my area and told them I was an investor doing my homework and getting an idea of what title companies worked with investors and things like that. I found in my area at least that it’s best to not lead with the assigned contracts. Just ask them if they deal with contract assignments odds are they won’t know what you’re talking about. Don’t get discouraged tho. Once you find one ask them what kinds of things they like to see in a contract to keep it above board. In my area there are three companies that do it and I’m meeting with one of them tomorrow about integrated marketing.

@Rebecca Hays I’m not sure if Salvator answered this for you already but I’m in the same exact spot right now. My plan is to find an assignable contract and have a lawyer in my state look it over after I call around to local title companies and see what they like to see in their contracts. After I know I’ve got a legal contract I plan on driving for dollars for awhile. I’m currently a doordash driver so that won’t be too hard. If that doesn’t produce leads I’ll have to change tactics. I hope that helps. Also you should find Lili Thompson on YouTube. She has a series showing the process she did to get her first deal. She goes really in depth and takes you for walk troughs of the properties, cold calls etc.

Hello, I am 20 years old and trying to get into real estate investing. I’ve listened to every BP podcast. I’ve figured out that my best avenue would be to get into wholesale. The problem being I don’t know all that much about it and I really don’t want to be that guy that goes out and does a hack job of it and ruin my reputation before I even have one. That being said if there are any wholesalers in the twin cities that would like to go to lunch on me any advice would be more than welcome.

Thank you,

Robert D. Wade III

@Marcus Auerbach Thank you! My area is Brandon Turner small unfortunately. I ended up calling all the banks in my area and found one that would use the mobile home as collateral and approved me for a loan. The plan is to rent the spare room to my sister and save up money for a down payment on a 3-4 unit in Minneapolis Minnesota about 2 hours away and house hack in a bigger market.

@JD Martin Thank you! I loved your podcast! Losing 100k+ and bouncing back was inspiring. Tho I hope to avoid that in my future. It served as a lesson I don’t have to learn for myself. I ended up making it to ep.259 and was reminded that that banks are all different. I found a bank that would use the mobile home as collateral and was approved for a loan that closes Tuesday. It’s not ideal but my sister and I will have a roof. I also can sympathize with your story. I at 19 having been on my own since I was 17 am about to be living in one of the nicest homes I’ve ever lived in.

@Tarik Turner Thank you! That’s actually what I ended up doing. It didn’t get me much but enough for a down payment for a loan to buy a mobile home.

@Raven Walker Thank you I hadn’t thought of that! But it’s a house on the owners farm making it a bit of a hard sell in my town of 3k.

Hello, I hate posting this here but I am out of options. And I know in real estate that’s never fully true. I discovered BP in the process of doing research for my RE license course and I have got to say the community here is incredible. I’ve honestly become addicted to the point that the BP podcast has almost replaced my smoking habit I’m on ep.237 at the moment in a little over a month and It’s opened my eyes to another world that I am excited to explore. The reason I am posting here is because I am dealing with the landlords from hell. I hate to talk ill of them but at the same time I am sitting in a house with no heat in northern Wisconsin as well as them come if and going as they pleased. When I confronted them about these issues I wouldn’t let it go and I was told to be out on the 20th and the doors would be locked when I got home from work. And I know that it’s not legal but I also don’t have a lease with them it was a dumb move but I hadn’t discovered BP yet and took them at their word that the issues would be fixed by the time it got cold. In my area all the places I know are rented. I’ve been able to negotiate a price on a mobile home that’s not ideal but there is potential for improvements and a flip but I am to young to get a loan and I just moved to the area so my employment history is short. I’ve called every person in my life that I could think of to co-sign but most of them are running from one creditor or another. Typically I wouldn’t care I lived in my car for the first 7 months of the year and I don’t have a problem doing it again until an apartment came along. Unfortunately little sister is a minor and lives with me she also has no were to go. Our dad lives in a home with no heat/electricity and I just want to be done with this kind of life and pull my self out of the squalor that our parents taught us. Please if you’ve made it this far, what am I missing I know through creativity anything can be possible but right now I don’t know what to do to make it happen. I have everything I need for a loan I have a $2000 deposit on an $8500 purchase price. I bring in a decent income for the area time is just not on my side I’m afraid. Thank you odds are no one is reading this but at least got a chance to vent and get it all laid out in writing.

@Max Tedford I've only just started my journey in REI. I'm currently working on my RE license. I'm also saving up for a down payment on a 3-4plex in the area. I don't know if I could be of assistance as boots on the ground but I would be more than willing to fill any gaps in your strategy in turn for the experience.