All Forum Posts by: Scott Swanson

Hi Thuy,

One of your comments stuck out and that comment was what your realtor told you. You might want to find a different source other than a realtor. Find a "quality" wholesaler in your market and see what they have available that's off market. However, the Texas market in general right now, is on fire. So finding a good deal might be tough, but they're out there. I think you have a better chance of finding a good deal off market. Just be careful who you deal with. There's a LOT of unscrupulous wholesalers out there! Best of luck. 

Hi Brendan,

Are you familiar with Subject 2's and how they work? This is an excellent way to get an investment property with very little down. It can be difficult to find these type of deals, but we've done quite a few of them for our investors. They're a win win and something you might want to look into. If you'd like more information, PM me.

William,

Can you give me some numbers as to how many dollars in equity you would pull out of the 1st house and how much your second purchase would be? Also, how much is that second property worth (ARV)? Then I can comment on what strategy to use.

@Kevin Kong, I'm not sure why everyone keeps telling you that you can't meet the 1% rule. Yes, the market is tight and prices are up. But we just sold a 4 unit and the investors are getting 1.38 and that's after rehab costs. We've sold sfr's above 1% as well. Is it harder to find them? Absolutely. Prices are high right now, but they're still deals out there. It just takes a little bit longer to find them! Best of luck. 

Hugo,

I think you might be talking about Subject Two's. That's where you take over the payments from the seller and all the responsibilities of the property and tenants. Then after a "set" period of time, you buy the property from the seller. If you can find a seller willing to do a subject 2, they can be well worth the effort! However, you might still have to put some money down. But my experience has been that we put very little down. Message me if you'd like more information.

@Alexandra Feig, @Lee Yoders comment, was the only person that addressed what you MUST have when you buy long distance rentals. He mentioned a team. That means you need a solid property manager, a good realtor, an honest contractor and someone who can be trusted to evaluate properties for you properly. In other words, without "solid" boots on the ground, you're asking for trouble. Investing long distance can bring you wealth, but if you don't have a solid team to assist you, you could very well get burned! So be careful. Best of luck to you.

Regina,

Take a look at Northwest Indiana. Cities like: Griffith, Hobart, Merrillville, Hammond and on and on. The taxes are much lower than Illinois, yet these cities aren't from Chicago. The area is growing as well. People are migrating from Illinois, because of high home prices and especially because of high taxes. Hope this helps.

Alan,

F.Y.I. If you create it in Indiana, it's much cheaper than Illinois, cost wise. 

Damien, where are you interested in investing? Have you narrowed it down to a state or even several cities? You need to build a team with a realtor, a "quality" contractor and a "quality" property manager. Also having a reliable wholesaler on your team that is reputable, can help you find good deals. All of these people aren't easy to find and it takes time. But having solid boots on the ground is the only way to accomplish your goal. Once you have an area picked out, start asking people for referrals and see if they can assist you in building your team. Best of luck.

Deangelo,

When did you but it at the tax sale? Do you know that the owner has 2 years to pay up the taxes and redeem the property? Also, where is the property located in Indiana and how much are you asking for it?