All Forum Posts by: Shawn Ackerman

Hi Sergio, There is no better time than the present to get started.  There are conventional strategies and unconventional strategies to get started in real estate.  You can get started with rent to own/lease option or another creative strategy like buying subject to.  learn about as many strategies as you can then open up a prop stream acct and go to town looking for motivated sellers in Middletown.  

Aside from strategy you must understand how to underwrite a deal.  you are asking the right questions.  Keep pushing and good luck to you on your journey!

Javaria, Welcome to BP! Focus on finding and underwriting deals.  No better place to start. Good luck on your journey!

Hello All, Long Time BP user here, not as active as I used to be but still here. With that said, I have a couple of notes I am looking to offload. Both are performing. one is a 5-Unit $115K I/O(interest only) with about 3 yrs left of I/O payments and one at $73K Duplex-Two singles on 1 lot(Principle only) I am looking to package although these will be for two separate borrowers.

If you know someone who is interested please ask them to DM me.  

All the best to everyone!

@Carissa Clayton Step 1 have the property assessed inside/out.  You may want to consider an inspector who is unbiased and truly works for you.  I would look at the value and the repairs.  If you can keep the property after making repairs and remain around a 20-25% equity position then I'd say hold on to it. If not then I would sell personally, especially without having yet build a solid team to oversee the property present day.  All the best to you!

Hi @Sarah Castor That is one of my business but I do it In the Mid-West where I also buy and hold.  I built the business mainly to feed my buy and hold business.  But if you are doing it relatively close to your home market you can do alot yourself.  Since I am so far away I do everything with team members.  Propstream is a great platform for lead gen and skiptracing, but what is your mechanism for reaching sellers? Cold call, Text, email, Direct mail???? I would examine those things opposed to driving for dollars as that takes time out of your day.  There is so much tech you can use to reach many more leads sitting behind a computer than physically being in the field.  All the best and good luck to you.

@Mark Mounsey Congrats on getting started man.  All the best!

@Vivian Nicastro DO NOT use the funds as  down payment.  In that case the funds will be "stuck" in the property.  Consider "delayed financing" i.e. buy cash, rent then put debt on the property.  This is  scalable model which allows you to grow your capital while growing a portfolio.  I used this model and it works.  

First, look for a lender with 70-75% LTV or higher that will lend on lower end assets. I have a recommendation for you just message me. Also you would want to know seasoning requirements of the lender as this will dictate how quickly you can grow. If no such priced properties exist in your market you may consider investing at a distance. I'm in NY and buy exclusively in the mid-west.

This is a long term play, so nothing to jump into tomorrow but if you can put all of the pieces of the puzzle together you can make it happen.  

A big part of making this strategy work will be the ability to go direct to seller, which is a job in itself but will benefit you greatly long term.

All the best.

@Ishay Blutner "good" is relative.  Depends on what you are attempting to accomplish.  What type of investing are you into? Cash flow, Appreciation? Are you buying and holding? Flipping.  Add a bit more context to your question.

@Daniel Fridrij I would suggest learning the art of finding your own deals. This will allow you to buy properties for $50k that are not worth $50k. You can get creative financing deals in great areas also with that capital. Think outside the box. 

@Michael Burks you will either pay with your time or your money to get started. Choice is yours.