All Forum Posts by: Account Closed

Welcome to BP, Marc.

Hey Brandon, welcome to BP.  That's quite an intro, you've got there.  May I make a suggestion?  Next time, instead of making your post all about you and your dream team, try telling others how YOU can help THEM.  I understand you are looking for people to help you be successful.  We all are.  But the way a person comes off in a post will determine the responses you may, or may not get.  Good luck and I hope I didn't offend.  Just trying to help.

Nice job landing these two deals.  Mind if I ask how you found them?  You said they were off market.  Did you use yellow letters or some other type of marketing?  I'm looking for my first deal and would appreciate any feedback.

@ Jason Gooch

I currently live in Apple Valley and have lived South of the River for the past ten years in either Burnsville or Rosemount.  New home construction is on the rise as well as new apartments for senior living.  Not many multi family units but SFRs don't stay on the market long before being night up.  Hope that helps a little.

@ Todd Dexheimer

That is exactly the method I plan on using.  I would love to get the 3.5% or even 5% down but now have a family (wife and 4 kids) so the owner occupy option isn't viable.  I'm in the process of refinancing my primary home for seed money. Granted, it's less than 20k but it's more than I have now.  When the refi goes through I'll have about 22k to start with.  Unless I wait until after tax season.   If I do that, I could add on another 5k potentially.  While that option gives me more money to work with, I'm sure I can find a deal before then with the 22k and make something work.  Thoughts?

@Bruce Runn. My plan is to use a HML to get into a property. That helps spread out the little capital I have for unforseen expenses and allows me more purchasing room. Then refi into something with a longer term and better rate. I'm looking for something I can value add to force appreciation so the refi will look more appealing to a lender. It's that or I get a conventional loan with 25% dp and roll the dice on an inexpensive property.

@Todd Dexheimer. Thanks for the clarification. Can I ask what your criteria is when looking at a potential deal? I haven't bought a property yet so the only numbers I have to go off of are the BP numbers from @Brandon Turner (ie: $200/mo cash flow for SF, $100/door/mo for multi). What do you look for COC? I'm sure your deals a bit larger than a 4 plex but any advice for this newbie would be greatly appreciated.

@Todd Dexheimer.  Hi Todd.  I'm new to investing and was just looking at your numbers compared to Jacob's.  My question is this.   The last number (profit); is that annual return?  To me, if those are the numbers, I would look for something else.

Amazing transformation!  Where is this one located?

@Jayden Walsh I second @Steve DellaPelle said about getting involved in your local meet ups. A good group you could look up is Millinial Focus Group. I've only been to one of their meetings but from what I can see, it's a group of like-minded, young individuals interested in REI. Many of them already have properties and would be a great resource. They meet every third Tuesday to network, connect and encourage one another. The next meeting will be October 17. Let me know if this is something that may be of interest and I can put you in contact with one of the founders of the group.