All Forum Posts by: Shawn Ackerman

If your interested in 20% down and reasonable terms for this or another property Dawn please keep me in mind.  

I'll send you my banking routing number and acct number lol!! What I would do with 70K is find a lender either conventional or commercial that will finance 85% on SFR's or 20% on a 2,3 or 4 units and leverage 50K of that into 200-250K in financing. buy a couple or few right then Refi those and your off to the races with 20 K tucked away for a rainy day fund and hopefully a good amount from the 200-250K Refi, Then use the Refi $$ to purchase more property.

You must treat money like a slave, work it hard 24/7, then work it's children even harder, then it's children's children.  Enslave your money or it will enslave you in the form of mortgage payments and other expenses and debt obligations.  Just my outlook on things.

I would also look in another market, doesn't seem like you can achieve what I mentioned above if your stay were the current property is.  You will most likely have to branch out and develop a boots on the ground team elsewhere.  Good Luck!!!

You have to create value....in your ideas Learn a specific market/niche and present your knowledge base here on bigger pockets.  If you can create value for an investor in your market or any market they will be more likely to give you guidance and or partner.  Forget about your less than desirable credit (WORK ON IT) and don't use it as a stumbling block but a lesson never to repeat.

You have to think about your market or a market and learn the ins and outs until you can sit in front anyone and make them believe that you can be there boots on the ground, their go to guy in the area.  That's how you create value and how you can start in this business with no or low money and or poor personal credit.

Start working on business credit and at least you have another avenue for credit. There are lenders who will lend to your business without a personal guarantee from your personal credit. Harder to achieve but doable. I'm working that angle now... Network, go to the local REI meet ups and talk with like minded people. This is a good place to bring your knowledge about a particular market too. Investors attend these meet ups all the time.

Keep your head up and project "business man" not a guy who is looking to find his way.  "fake it to you make it." People believe what you project and you have to vision yourself as a successful real estate investor, and you will be.  Nobody can't tell me I'm not a multi-millionare!!!!!  And I don't have a single property under my belt LOL!  But ask me about my market, and you'll think I've been investing for years!  We all start from point A.

I'd be happy to share my route with you, PM me as I may have personal experiences that may help you along the way!!!  You have to be in it, to win it.

@Jordan Williamson congrats on your first steps to financial freedom.

Awesome!!!!!!  Sounds like your really putting your passion in motion.  That's the key, stick to what you feel is best and everything else will fall into place.  Hey if your looking for a silent partner I'm all ears.....

Congrats again on your plan and keep me posted on how things are progressing.

The fact that your offers are not being accepted means your "offering right" Low enough where your leaving room on the table for a decent equity position. Don't offer more than what your comfortable with. There is little to no leverage with REO's with regard to fixing issues that come up in inspection so why over bid just to run into a headache that you will have to pay for. Keep offering along your same criteria and something will crack. Don't get discouraged.

PM me, I can put you in touch with my property manager.  Additionally, I have a handyman team and a team of license contractors for larger items.