All Forum Posts by: Brandon W.

@Mark Nolan

Okay sounds great. I will check it out. Thank you for your response.

About Me

Hello to everyone. I am new to BP and new to the Real Estate world in general. I joined to invest in my Education and to Network and meet others in my area. As I grow in my Education and Experience I will most certainly help anyone who needs it. I appreciate any help I can receive from the BP Community.

Real Estate Experience

I have little experience with real estate beside what I have read on BP and books, watched and learned from BP. I know some terminology and I know the numbers tell the story about a project... Numbers don't lie.

Real Estate Goals

To learn the in’s an out’s of Real Estate. To meet Wholesalers in my area. I want to learn how to market and find deals instead of looking on LoopNet and other sites. I want to grow into large multi-family one day. I am seeking people in my geographic area for advice. From what I’ve learned there is a lot of different ways to structure a Real Estate deal, Market a deal, and ways to market to find the deals. So I want to learn more about creative financing and Marketing. My MAIN goals is to develop a network of Wholesalers, learn how to market for properties, and complete at least 5 Wholesale deals before the end of this year.

I am just starting out in Real Estate and I am curious as to what marketing techniques are working to find deals? Any advice would be appreciated.

@Joe Villeneuve

Sounds good. Thank you for the advice.

@Joe Villeneuve

I understand what your saying. Stick to the live numbers and not what might be..... You don't know until you do a full analysis.

Do you use investment calculators here on BP?

@Jon Behlke

Thank you for responding to my post.

So its Market based so I can run a quick analysis at the 70% and determine if its under or over my Market and adjust from there until I figure out what % is best for my Market. Makes sense Thank You Jon.

@Joe Villeneuve

Thank you for responding.

Not necessarily, My question is the 70% guideline good enough to quickly analyze deals instead of having to do a meticulous analysis on everyone which can take a lot of time.  I heard people say the 70% is good like Brandon Turner then I've heard people such as yourself discredit it evening mocking such an idea. So I want to get to the bottom of this. People who come on this site should be able to get truthful reliable answers to practical  questions this site should aid in heuristic learning.

@Nicholas Daddis idea best and I should just spend time doing an analysis right the first time on everything property I am considering?

Any advice would be greatly appreciated.....

@Kait Hill

If its a 4 plex its consider residential and if your going to be living in one the units then you can definitely get an FHA Loans. Check out this web site or just google FHA Loans

http://www.mortgagecalculator.org/mortgage-rates/fha-rates.php

I hope this helps you. Also like everyone else said if your lender said you cant do it then move on try someone else.

@Mark Elliott

Thank you for responding to my post. I am kind of caught up about my first deal. However The property I have in mind is currently listed at 147K the owner owes money to the HOA so they need to sell if I offer a cash offer of 127K and they are willing to go the low the investor would love to buy because an identical property sold for 169K in the same complex. So it the investor buys at 127K and sales to me for a little less than markets say 12% less then the investor would make 21,720 dollars just on the mark up not to mention me paying 6% for 240 months.

So technically if I didn't refinance I would end up paying $276,726 during the life of the loan but I would refinance after 2 years so I wouldn't have to worry about that. Maybe I am wrong but to me this looks good especially because the property would still be cash flowing for me at these terms.

But I really appreciate your advice because it is my first deal and I think its very important to talk it through with someone so I don't make an EMTIONAL purchase and miss something that could be devastating. Maybe I'll keep looking I don't know maybe I am rushing it I just want to get started already I am tired of just reading about this stuff I fell like I need to make a move already.

Thank you for your help Mark.......