All Forum Posts by: Tim Hall

@Ran Iarovich I started with nothing. So you’re ahead of the game. I earned less than $20 an hour. You have to start at the beginning. Start with your property. There’s lots of programs out there that will help with your down payment. Find them. Buy the biggest house on a reasonable street, preferably near restaurants and stuff to do. Make sure there’s enough parking for tenants. Do not listen to nay sayers that tell you there is nothing out there in your price range, there is. You’ve just got to get good at finding them. You will not find it on the mls or on Zillow or anywhere that everyone looks. Find a network of investors/wholesalers/realtors that actually invest and see if you can be of value to them. Help them out, be their sounding board become immersed in the business of real estate and opportunities will come up. 5 years is easy, try doing it in 3 and while your at it why not 2 million instead?

Hey guys I was wondering how to attract snowbirds to my motel for the winter. There’s lots to do and the weathers always nice down here. We are going to offer bikes( there’s a bike path that’ll take you to the beach or restaurants) or there’s 100’s of miles of trails. We do offer kayaking now and you can fish from our walk out bay access. I wondering where to advertise to the snow birds. We’re located in panacea Fl. It’s an old fishing town. It used to be famous for it springs and fishing. You can look us up it want panacea motel. Any input would be much appreciated. Thanks

@Michael Peralta oh dear mate, bring on the realtors and how they earn their money. There are many steps to closing on a property. If you found the property on the mls then you’ve already secured a realtor whether you like it or not. The seller pays for both sides of the buying and selling process. In this case why wouldn’t you get one of your choosing. Otherwise if you found a property direct to the seller then you don’t have to use one. You just have to go through all the steps. Drawing up the contract and making sure everything you want is in there. Finding a title company, Surveys , negotiations inspections, re-negotiations. If you’re new then you have to go thru a few of these with help and then you can start doing some on your own.

@Tyler Piciullo using other people’s money is the only way to scale in this business. As properties come up you need to secure them even if you’re not ready because deals come up when they want not when you want. Also as you get more adept at real estate you’ll want to do more than one property at a time.

@Janea L. The reason they fail is because they’re over leveraged and then they run out of money, normally half way through a flip or a rehab or some sort. . I’ve ran out of money because something unforeseen has come up but because I had some un mortgages properties I was able to leverage one of them and get the money to get me by. Also not being liquid enough to get you through unexpected stuff like Covid or a materials shortage or maybe even a labor shortage. However if you follow the rule of every 10 years the real estate market will correct it’s self and have cash on hand to weather the storm, you’ll be fine. Real estate is not for sissies!

@Amir B. Patience is massive. Realize that numbers don’t lie. Be consistent and persistent.

@Eric Samuels knowing your market inside and out and knowing when to pull the trigger and when to hold back. It also helps if you’re obsessive with finding the deals. I love trawling through old mls stuff, market place, Facebook to find the one place I want and just texting or messaging the owner. I do this all the time for fun. I put in different filters and I can spend hours looking.

@Brett Grz hey man, I would buy the biggest house you can afford in a nicer up and coming neighborhood surrounded by restaurants and swanky bars. I would air bnb part of the big house and live in the other part. Maybe you could find one with a mother in law suit or make a mother in law suit. You’re going to get the biggest return doing it this way.

@Fallon Gilbert

Nope there's nothing wrong with your numbers but there's 2 things that are wrong. 1 the number of deals you're analyzing. It needs to be more, obviously because you haven't found a deal yet. Analyze 100 units, find 10 that are deals and drill down into them you'll find 3 that you'll want to offer on and you may get 1. Also when I analyze deals I do the 2% rule. It's just a quick analysis. Property seller wants $50k for their unit and it will yield $1000 in rent. That's 2% return. I'm doing that deal. I then drill down into the real numbers T12 all insurances, class taxes etc and offer if it's a deal or pass when it's not. I can analyze hundreds of deals a day. 2 where are you finding these properties? If you go looking where everyone else is looking then there is a lot of competition. Go where no one is looking and you turn into a big fish in a small pond. So you go direct to the seller then you can talk one on one and get the best deal for both parties. Cut out any middle men that can inflate the price. Don't let anyone tell you that these deals aren't out there because there are and their wrong. Many people on here do them everyday but they're not bragging about it. You're just going to have to work for it.

@Patrick Eldridge

Wow, thanks for sharing that. What a great idea. It’s funny everyday I learn something new. I may have to try that on my next property. Cheers