All Forum Posts by: Robert Vorhies

@Tracy Jelliff Have you ask the seller to finance? You can get a owner occupied first time buyer assistance program with only paying some closing cost. Call credit unions or a broker. There are a lot of government programs out there. Ask questions and do you part in find a lender. I wish you luck.

@Rich Hupper Hi, I bought my first house being 100% self employed. The lender just went full docs and I had to so a P and L report. 5 years after I bought my first house I incorperated my company and saved thousands of dollars in taxes. I created a C Corp. I hope that helps. Don't be afraid just do it. Good luck.

@Danielle McClelland Hi, I just found Bigger Pockets October 1st 2018 and it has re vitalized my dream. I have taken Real Estate investment classes in 1993 with Dr. Marshall Reddick. I was learning about buy fix flip sell then repeat. I got stated when I was 29. I bought my first house did a house hack, by renting out a room. 12 years later I moved out and rented the whole house out. This last May I bought my second house to live in. I am currently looking for a duplex, triplex or fourplex by the end of the year. It took me I feel a really long time to get to this point, but life circumstances slowed my vision. Ok I lost my direction both in real estate and my business. I was asked to read Rich Dad poor Dad network marketing book which reminded me about the first Robert Kiyosaki book I read Rich Dad poor Dad, and it reignited my direction. Bigger pockets is a awesome platform of constant education to help me along my new path to being successful again. I have received more information about real estate in the last 30 day than all the seminar classes combined. So investing A10 age can be done.

Investment Info:

Single-family residence buy & hold investment in Simi Valley.

Purchase price: $194,500

I purchased this home with the intention of fixing it up and renting it out after I rehabed it.
I have been earning a positive cash flow for the last 7 years.

What made you interested in investing in this type of deal?

I have been looking into real estate since 1993. I went to a few real estate classes on flipping and real estate investments.
I know that real estate is the best way to being self-reliant and becoming debt-free.

How did you find this deal and how did you negotiate it?

I've been looking for houses for about 8 months. 1999 Market was on fire I put down several offers on homes people would come in with cash offers and get the property or there was a huge line of offer prior to mine.
My aunt actually found the house that was for sale by owner.
It wasn't in the best condition but I knew I could do the work and fix it up and turn a profit on it and it sure bet renting.

How did you finance this deal?

I had a great mortgage broker that got me a hundred percent financing I just had to come in with some closing costs the homeowner paid all non-recurring closing cost.

How did you add value to the deal?

Well at the time just that house was a deal because it was hard to get into a house with this many people coming in and buying a property as quick as they were so for me to get the that price on that house and close the deal was a deal now it's worth three four times as much as what I paid.

What was the outcome?

My purchase the house fixed it up lived in at for many years. I still have it and I'm running it out turning a profit.

Lessons learned? Challenges?

Biggest lesson is it's hard to do construction while you're living in it sucks especially when I had to change out the bathtub. Because of it only had one bathtub was a one and a half bath.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Unfortunately I lost contact with the lender.