All Forum Posts by: Sam Wilson

@James Ohliger - What are your goals?  What are you having trouble doing that you would need a third-party service to help you with?  

@Jacob Bushman, Congrats!!!  What's your long-term plan with the property?

@Clint Bolton - didn't know if any of your developers might be interested.

@Blake Dailey and @Donna Hampton -  Thank you!  We (my wife and I) are excited to come chat real estate with y'all.  Always fun to be able to incorporate beach and investment time!  See you in a few weeks!

@Ross Francis - Yipee! Welcome to the big, wide world of REI!

Super curious if your BRRRR is in LA or elsewhere? I don't hear much about that type of investment in urban CA areas.

Next up, current favorite business book?  and all-time favorite?

I am constantly listening to business related audiobooks and looking to add to the library. 

This was the house.  I should have kept it.  Worth twice as much as what I sold it for!

The day before I purchased my first investment I had no intention of ever becoming a real estate investor...

Facebook notified me this morning that it was 8 years ago today I began my real estate investment journey with this foreclosure at auction in Tennessee (that I didn't even know about until 2 hours before the auction)

As I wrote in my BP blog post (https://www.biggerpockets.com/...), I knew absolutely nothing about real estate or investing or foreclosures, but there I was purchasing this foreclosure and thus starting my investing journey.  And luckily it was a successful start and one that completely changed my career trajectory.

I know many of you will agree with me that your careers and investment journeys were not a clear or straight path, but a series of trying and learning and investing and then seeing   where it all will take you.  

I write all of this as an encouragement to everyone who is wondering "when/how do I begin my REI journey": just start. Even if it is starting small as a passive investor who is wanting to learn, just start. Books and podcasts are great ways to learn from others, but that is not investing and you will learn so much more by doing.

Anyone else have similar start to their investment journey?!  I'm sure it would be an encouragement to others as well!

@Craig S. - Side note: Reading your post brought back memories of many a cold morning shoveling ice and snow in parking lots in Indiana! (My dad owned a snow removal company)

Real question: Does your insurance company demand certain standards of snow/ice removal?  (All my investments are too far south for this to be of a concern so not sure if this is an important question or not)

@Alan Martin - Got it.  Thanks for the clarification.  There is a fairly simple solution then:  buy the home from him subject to the existing mortgage.  The current mortgage stays in place and you pay him whatever the difference is between selling price and the mortgage.  You continue to pay the mortgage and own the home.  

We have done this several times and worked out great for us and the seller.

I'm sure there are more resources here on BP or the internet if you search for this concept.

@Ellen Campbell - Love your desire to hustle and make things happen!

One way to get into these deals without the bank is to approach the owners of these MFH and see if they would agree to owner financing? I have done with with SFH but not with MFH, but I would assume that there are owners out there who want to get out of the business but still make some money on their investment.

  You will have to reach out to a lot more owners, but that would be a way to get in without a traditional loan.  You might also ask your local bank about this and when they would be consider helping you with financing.  Though you might be better off with a deal from the owner.

Best of luck and keep us posted!  Look forward to hearing of your success!