All Forum Posts by: Shanna Bechtel

A friend of mine pays her contractors in thirds. One third upfront, one third halfway through and one third once it's done AND received her stamp of approval. Not exactly time related but her strategy is a little different.

If I had the ability to borrow from my 401k at the tiny interest rate they have, I definitely would. Good debt is debt that generates cash flow. Plus it really helps if you can house hack. The article titled "net worth of 0 to a million in 2 1/2 years" is a good article. Depending on your area you may qualify for a CRA backed mortgage which allows 3% down and no PMI. One such mortgage is called HomeReady by Fannie Mae.

Patrick, I've read (just last night in fact) articles about "wholetailing". It is a hybrid between wholesaling and retailing. Supposedly an investor buys a property needing minimal work (think cleaning and painting) then lists it on the MLS for retail sale. I don't know how it would be legal because it sounds similar to brokering, the investor has a purchase contract with ability to assign to someone and the contract includes a phrase allowing them to list on MLS. They might have a real estate license? He makes more money than straight wholesaling and less investment than a fix&flip. You can find some posts on BP about it.

Welcome Joshua Thompson I'm in Hershey/Harrisburg area. No deals yet but seeking out vacant properties to flip/wholesale/hold. I'm going to the local REI Meetup called LIMG in Harrisburg this Thursday at 7pm. Maybe you should check it out!

Awesome post. I'm so new I have no deals. I can speak for myself when I say I'd happily give away a half or more of profit to be able to partner with an experienced investor. I'm afraid of the legal ramifications of something is done wrong. Sure I'd like to make more but I don't think it's worth the risk. Maybe for some, they've heard the guru hype phrases of "300% ROI" and "Make $41000 on every house you flip with none of your own money" so much they think anything less is bad?

Good luck Adrian Fajardo If you make 80% or less of the median income of where you are purchasing the duplex, you may qualify for a CRA mortgage. The CRA is a program established in 1979 to prevent discrimination of lenders regarding locations of lending. A CRA mortgage only requires 3% down and no PMI. Every bank and credit union is required to have a public CRA file. I believe the "Home Ready" loan from Fannie Mae is a CRA loan I'm not certain. You can visit ffiec.gov for more info.

Congrats! Best of luck to you!

Welcome Cory Johnson I'm also a newbie with no deals but I have a lead. Similar situation but idk if they want to sell. About 3 years of taxes due and I have only $1000 for investing which is closing costs basically. First thing we both need to do is get a contract, for 60 days if possible so we can take the necessary steps to sell or prepare to buy. There's no point in worrying about anything else until there is a contract. I however googled the owner and learned a lot about them such as how many mortgages they have, how many deeds are in their name and that they filed bankruptcy in 2015 which is all ammo in negotiations. I could not reach the first owner so I reached out to the second. First owner lives out of town and doesn't seem like they are in a good financial place. Plus I'm in a tax deed state where they sell properties that are delinquent at auction. If I get interest in a contract I'm negotiating seller financing the amount owed on the mortgage subject to with no money down. The house has a foundation issue (at the very least) plus $12k in taxes owed. I can use that info to negotiate nothing down. Good luck!

Hi Antione D. I watch a ton of videos from Chris Goff on YouTube. He is amazing at what he does. One of his techniques is to seller finance pre-foreclosed homes. If you don't have huge cash reserve, this could be an option. He usually gets the mortgage and taxes utd, does minor repairs, sells or leases to someone and pays the existing mortgage subject to. He is a wealth of knowledge, I would say definitely look him up on YouTube. I also utilized his REIPro software he mentions and it is quite amazing and takes a lot of time out of finding leads.

Hello Paul Hoffman! Fellow BPer from PA. Amateur investor as in I haven't done a deal yet but learning how. There is a guy called the "Land Geek". He has awesome insight on building passive income from raw land with none of your own money. He's one I follow regularly. I believe he also did a podcast with BP I just don't know the episode number. Good luck!