All Forum Posts by: Terry Hershberger

Hard to tell from just pictures but a ballpark guess from the info you have given would definitely be less than $350K unless some major issues when doing inspection are found, then less. But again, that's just a guess without seeing the property and having good comps.

Wouldn't you have to declare the interest as income then? Kinda would defeat the purpose??

Marcus,

All you need to wholesale a property is find a good enough deal and the buyers will come.

I am considering the idea of starting up a Mastermind Group in the Corona California area. Is anyone in the Corona or Inland Empire area interested?

If your rents and other info is correct, the duplex is a no-brainer.

For the SFH, I understand that one is for sale for 137 but, asking price and selling price can be very different. I would ask the realtor to run you some real comps that have sold in the last 30-90 days. That will give you a better idea how good of a deal the SFH may be.

Felipe,

Your real estate license is a big help. You have more access to properties than the average guy. There is nothing wrong with starting PT or even staying Part Time. The ket is constant persistent action. Don't stop and you will soon have a deal, then another and before you know it, it will grow like a snowball when building a snowman, but again, you have fro have constant persistent action. Part time in 6-7 years, you will be amazed at what you can build in real estate! I am currently managing 21 SFH and a 100 Lot Campground. It can be done. You will learn to put some systems into place as you grow your business.

@ Trevor Rutherford: Went to the only bank in town that would lend against a, "non-owneroccupied," property.

Trevor,

How do you know this? Did you visit each bank in your town or are you relying on others opinions? I know of banks that will loan on non-occupied properties in Ohio. Some banks will count the income so long as you have signed leases on your properties. You have to be very professional to the banker and kind know what they look for. Have you tried getting a Commercial Loan on it? There are always options, but sometimes you have to hit the pavement hard to find them. Hope this helps.

Jennifer,

Yes it is possible! I own a company that I work 12 hours a day on and have been investing part time for 6-7 years and have accumulated a 100 lot campground and 20 SFH and a Condo. All CASH flow great! I would first educate yourself, you can do that on BP, sets some personal goals, get pre approved if you want since you have great credit and start looking and making offers! It does take persistent constant action. Before you know it, you will go WOW , has this paid off.

Sign in the yard, craigslist, letting other good tenants know we have a vacancy (chance for a referral fee) and local paper in small towns. Also staying in touch with prospects that are looking but were too late for the last vacancy.

Brandon,

Welcome to BP! Take advantage of all the great knowledge and information on this site. It will help point you in the right direction! Happy Investing!