All Forum Posts by: Robert Ferrell

@David Thompson Great advice! I read through the blog post as well, very inspiring. What is your website url? I'm definitely interested in keeping up with everything you are doing.

@Abel Sng Wow, 284 units, that's incredible! Did you come from a background in RE or was this all a new venture for you? Great advice about the ROT. I've long struggled with how to provide value because I've associated cash as being the only way to do that. Do you think that having the ability to find deals is valuable enough, though? I've recieved mixed opinions on this. Some say that bringing a mentor a deal is a great way to offer value, while I've seen others say that simply supplying a deal is not enough as they could have easily found a deal themself. What is your opinion?

Also, if you dont mind me asking, what role are you playing in your MF team? And how did you find/build this team and get to the point that you are at so fast?

@Federico Gutierrez Hey, thanks for the comment, I've got a few questions if you don't mind. What was your experience like using a hard money lender? How did you locate the lender? What did your down payment look like? Did that go to the lender, the seller, or to the renovations? What was your term with the hard money lender like? And also, if you have already refinanced out of the hard money, how did you go about that?

@John Warren Also, if you wouldn't mind discussing how you worked the financing for those deals, that would be great. As my pockets have yet to become bigger, I am trying to learn and understand all that I can about RE finance and especially creative financing strategies. I don't want lack of funds to be my excuse for never taking action.

@John Warren Property and location class is something that I too never thought to evaluate up until very recently when I learned the distinctions in Brandon Turner's book on Rental Property Investing. This knowledge hasn't completly deterred me from considering lower class areas, but it has definitely opened my eyes to some challenges that I may face depending on where I decide to invest. Although, if possible, I would much rather stick within the higher grades!

@Chibuzor Nnaji I agree, education is paramount to future success. That is why I have been spending a few hours a day not only listening to the BP podcast but also browsing the blog, reading books, and trying to be active here in the forum. I've also recently discovered there is a local REIA that meets once a month in my town, so I'll be attending the next meeting and introducing myself to as many people as possible. And I'll have to check out that book you've recommended as well. Thanks for the advice, and good luck closing your first deal!

@Nicholas Cook I absoluetly agree. Nothing is more important than the due dilligence. It seems that is where most wannabe investors fail. I don't plan to make that mistake. And thankfully, the BP community is helping to make sure I won't. Also, great point with number two. 

At the moment, I am primarily looking around my area in northern California. I am wanting to keep it local for my first deal so I can really keep an eye on my investment and refine my strategy. Definitely open to the idea of out of state investing after I have a good system in place and have acquired more knowledge about rental in general.

@Jojo Joy Haven't heard of him before, but I will definietly check out his youtube channel. Thanks for the info!

@Ben Wilkins Great advice! That sounds like the perfect outcome for any deal, satisfying the sellers needs as well as your own. I will be sure to remember this when negotiating for my first apartment building!

@Andrew Postell Definitely a lot of information, but after rereading several times I think this basic finance tutorial is finally starting to click! The manner in which you lay out your information is clear, concise, and extremely helpful. 

I do have a follow up question though. So when you refi with a bank out of your initial lending situation, will this refi go against the (I believe the number is 4...or is it 10?) mortgages a person can claim under their name? Or would these fall under some other category?