All Forum Posts by: Sam Zes

Thanks Ryan!  I've thought about using hard money lenders and it seems like a good option.  I believe that's the only way I'd be able to buy properties quickly.  I've also talked to lenders about refinancing after using a hard money lender.  I have a job with a decent salary which will add to the $40,000 that I currently have so it's not like I'll be completely out of money with no way to get more.  I just didn't know if there was an advantage one way or the other.  I think my only option may be a hard money lender.

I'm in the St. Louis area and I'm trying to buy my first investment property but not having any luck finding a property.  I've made a few cash offers but none of them have been accepted.  I'm not going to overpay for a property just to get my first deal.

So I'm looking at other financing options to possibly start looking at higher priced property. I have $40,000 cash so I've been looking at this price range so far. I've been talking to a few lenders about financing options but I get different advice from all of them. What is the best strategy for my situation? Do I find a house I can pay cash for with what I have or try financing first? I don't want to get in a situation where I spend all my cash and then I can't purchase anything for 6-12 months. I'm aware of the BRRRR method but I still think it would be a 6-12 month waiting period. With the BRRRR method, I will be out of cash right away. If I finance from the beginning, I could put 20% down and still have money left over to purchase another property with 20% down. The downside of this would be not having a cash offer.

Any suggestions or advice?

Thanks for the advice and recommendations.

I have been attending the local REIA's and have met several investors. I was going to ask at the next meeting if anyone had any suggestions.

I do realize that creating an LLC doesn't create any tax savings, I was more concerned with personal liability. I don't want to lose my own assets if someone decides to sue. I wanted to talk to a CPA to make sure I'm doing everything correctly with transferring cash, etc. to the LLC.

I haven't bought a property yet but I have an offer on an REO property. My finances will be changing in March 2018 which is when I plan on aggressively purchasing properties.

Thanks again for the advice. 

Does anyone have recommendations for a CPA that works with investors in the St. Louis/St. Charles area? I'm just starting out and in the process of setting up an LLC. I've already talked to a real estate attorney but would also like to work with a CPA going forward. Thanks.

Hugo and Arianne, thanks for the advice.  I just wanted to make sure working with wholesalers wasn't a completely bad idea.  I think you answered my question.  I plan on spending the next month or so going to networking events and meeting people in this business.  There are many different groups in my area so I think my next step is to keep talking to people and seeing what's out there.  Thanks again!

I'm just getting started in real estate investing.  I've been wanting to do it for the last 20 years, read hundreds of books and listened to hours of podcasts.  Now I'm in a financial position to make this happen.  I work a highly demanding full-time job so I don't have a lot of time to put into everything in the beginning.  My plan is to rapidly purchase rental properties and eventually replace my salary with passive income.  I've been to REIAs and have had numerous wholesalers approach me.  It seems like buying from wholesalers is the best situation for me because of my time constraints and they would probably beat me to any good deals anyway.  Is it a feasible plan to buy from wholesalers with the plan to rent the properties and still achieve cashflow?  Or do the wholesalers take all the profit out of the properties?  I realize there probably wouldn't be a lot of cashflow, but I'd be happy with a couple hundred dollars on my first deal.  I'd appreciate any advice.