All Forum Posts by: Sean Phillips

All,  From what I have been reading and from what I plan to do.  House Hacking is where you purchase a home to live in and rent any free rooms you have in that your tenants would be paying your mortgage.  Look to the bookstore to get a better idea of the strategies you can utilize.  Granted the book was not available at the time the question was originally asked.  Looking for updates to what you did??

@Jason Terry

No I never got any replies to my inquiry.  I have since moved so.........

I have a question on this.  What would it cost to have the PM company schedule site visits?  Maybe quarterly/ semi-annually?  

@John Woodington Ummm I am thinking that he (home Owner) isnt paying for anything.  If I were selling drugs this is the best deal.  My name isnt on title and all I have to pay is some fines and possibly pay the house off and keep it in his name.  Do you really think $3000 is a hit to a dealer.  If you really want this out of your hood invest in cameras and start a neighborhood watch.  Capture the cars on camera and possibly invest in a directional mic.  Then submit these to the police regularly.  They can look at the plates on the cars and start leaning on the buyers to give up these guys as the dealers.

Good luck!!

@Charles Huang are you meeting this weekend??

Need a few GC contact information to provide estimates on work.

Thanks in advance

There are people out there that dont have them time nor the inclination to manage the property.  They want to invest and get a better return than what the banks or stocks provide.  There are many people in your network right now that have the capability to help.  Professors, your MD and or OB/GYN.  You can work on creating an investment club but be careful on soliciting for money.  Seek the advice of an attorney.  Get in tight with the people in the CFRI.  

Regarding your situation some investor may partner with you if you bring them a deal.  Just like the one you are talking about.  What makes your deal good?  What are your numbers and how did you get to them?  In this particular case if you are talking to the owner you can place the house under "contract" and look to wholesale it.  This can be a good starting point in getting "skin in the game".  If the numbers are right the money will come to you.  Being able to see a win-win when you dont make as much money as you would like is the case as the investor/partner provides the cash/credit and in some/most cases the experience.  

You have to have a plan on getting the property but to also have one on getting out of the property.  The later being more important.  This is how you and your investor partner get out of the deal.  I think when you can explain to anyone how and when they get there investment money back plus whatever return you or the deal offer.  Then you can market the deal and the investment money will come.  Some Questions that come to mind:

1. what is the amount you are asking for?

2. how will you guarantee my investment?

3. what is your plan? meaning buy and hold of fix and flip?

4. do you have estimates on the renovation cost? for rental? for selling?

5. When does the investor get the money back?  How?  

Sabrina, You talked about owner financing. You need to have conversations with the owner? You can also look into partnering with another REI or family member, someone that has either the cash or the credit. The part about being creative is that you need to expand on what you know so that you can offer that creativity. In partnering what do you provide in the partnership? How will the investor get paid back, when. How is the investment secured for them? meaning are you giving a note on the property? Are you looking at house hacking this? Once your credit is better between 1-2 years ideally then looks to refinance the property to buy out your partner. And that is just one way. If you arent already you should look into Brandon Turners book in the book store

http://get.biggerpockets.com/nomoneydown/

The other thing to keep in mind is have the patience to understand that there will always be more deals.  And after you have taken care of the Credit and have the connections and built your team then you will see them and get the rewards from that time between then and now. 

@Jason Richey yeah you are way off base.  There is NO projected frustration at the education @Shiloh Lundahl paid for. As a parent I hear what my kids and others around them say. Getting something for nothing is "Entitlement". From what I have read Shiloh is asking a question about newbie investors based on what he is offering. The answer to your question Shiloh is yes. The newer generations have embraced the word "Deserve". The majority of them do not have a solid work ethic. When I am not working REI I work in IT. I see the younger generation only wanting the answers and not going thru the process or earning the information. Many newbies are looking to get a deal as that is what @Brandon Turner talks about in the webinars but they think it is easy and that it will take no time at all and that the money will just fall into their laps.  You only have to look at those joining the site then going dark.  I want this and that but when action is required or they don't see success at the speed of emails and snapchats then they go to something else.  @Shiloh Lundahl you are looking for them to commit and if they cant see the benefit of education for the price you mentioned it is not your issue.  You mentioned that you have a counseling background so what is the psychology here?  And like others have mentioned move on.  I am sure others will take the opportunity and will thank you for it.

One of the counties I am working with I can see the receipt.  Looks like the living relatives are still paying a mortgage as "CoreLogic" is paying the taxes.  I also found something interesting in the great state of Florida.  

"Florida law allows a family to own property in a decedent’s name if they continue to pay taxes and do not sell it."