All Forum Posts by: Tyler Carpenter

So would it be safe to say that If I can find a way to mix both of your strategies that I would be set for an awesome life as a real estate investor?

I would sell my car, but with the way these specialty cars are selling, I would actually lose thousands of dollars, and with me being so young and paying on time, my banker says its helping raise my credit score..Plus I actually have many investors that I am in the works of setting up which will help me get started, so Im good to go.

Understanable. Thanks for the info, so if I would be taking as much as I could on a refi to buy one or two more places, would this be a smart move or not in your eyes?

I know that usually when you buy a foreclosure for rehab, you are getting a good deal. My question is that if I buy a place and rehab it for 50% of the ARV and get a refinance, should my NOI still give me a positive cash flow after I have taken the equity? Or is it a ok to be paying a little bit each month and figure out that down the line, I will be breakiing even and then back into the positive cash flow?

For example: Say I buy a place for 70K and i put 30 in it for rehab, my ARV is worth 200k, and I take 170K out on a refi, should my NOI reflect a positive cash flow on the 170k that I refied on since I bought the place at a "wholesale" price? Or is it good if Im breaking even or just paying a little each month, because in theory I have made 70K in equity that can be used to start another rehab project. Any suggestions or help would be much appreciated. Thank

No worries about getting off topic. I have since decided to focus all of my energy in gaining more investors instead of using credit cards for the main down payment and has been working out well. Im close to about half of the money I need for "proven liquidity."

Alright: thanks a lot for the information as always. Ill get it set up in soon and start trying to obtain a little bit of credit line. I think when I start my llc that in my mind it will really make me an investor and boost my confidence in that Im just one step closer to my dream.

So its safe to say, that even though it may be a few months before I actually buy my first property, I should start seting up my LLC and obtaining lines of credit so that the business is ready for when the time comes?

I am in the process of buying my first property in the next few months and at 6 months in the longest. I talked to a rehab lender and everything seems to be pretty good once I get them money from some of my investors. The person I am working with says that the rehab lender only lends to LLC or corporations. My questions is: If I start this LLC and dont buy anything for a little while, will I have any expenses or taxes I will have to pay to keep open this business? Im new to this whole corporation thing so any advice or information would help me. Thanks

I am basically planning to get a bank account set-up under the LLC as well.

Renae:

I am new and upcoming and understand what your feeling. I agree with what everyone has said to your response. You just need to go out and look at places and talk to people. You would be suprised at how many people actually are looking to invest or are just curious. I have not bought my first place YET, and have started looking. I dont have but a few thousand dollars to my name and in just about 3 weeks of talking to some of my friends and random people at bars and co-workers, I have a handful of people that are willing to invest in my business because I sold them my idea and where I want to go. I dont have a single property to show for collateral or anything but these people believe in me because I believe in myself and am confident in showing that to them. My advice is if you want to be a successful real estate investor, ACT like one. Even if you dont have a property be confident and make it apparent to people that you WILL be. Im not saying lie at all, because I dont believe that gets you ahead, but go out and learn everything and just make reality. If you want something bad enough you will find a way to make it work, even if that means going out of your comfort zone and trying something new. That will make you more successful in your life.

As far as a mentor, you have 100+ on here that you could call mentors. These people on this site are very successful and are willing to blog and give you information for FREE because they care about other peoples success. They will give you the information you need, now its up to you to put the pieces of the puzzle together. Good luck.

Thanks again Mike.