All Forum Posts by: Jordan Williamson

@Parker Swank congrats on taking the first steps and often the biggest step of making a decision to jump into real estate! That being said, EVERY market has opportunity. Do not rush into something feeling like you are going to miss out. 

If I were you, I would take the next two months (2 months, not 12) actively watching the market and educating yourself on all aspects of real estate/rentals/analyzing deals etc while also getting your personal finances in order. Watch your credit, save money like a mad man etc

THEN when preparation meets opportunity I would house hack. You are young and can use that as your opportunity. Buy the largest multifamily property you can afford 2-4 units as a primary residence and use a FHA 3.5% down loan. Once you do all that, you will have your first property under your belt, keep educating and financially preparing and in no time you will be ready to purchase another, but this time you will know what to do from there :)

If you're talking friends and family, it will be best to just share your love for real estate. Talk to them about it all the time. Don't stop. Show your passion, but also show your competence (humbly). Then talk about what your looking to do with investors, scale etc. THEN find a really good deal (its important to find a real deal) and then you've laid the framework to bring it to them.

Excitedly go to them and be like "Oh my gosh look at this awesome deal! I can get it for $70k and its worth $125k!! I'm out of investment dollars though. Want to do it together? I'll do all the work, you help me purchase it and we share the profits 50/50 etc etc"

If that feels uncomfortable another popular approach is to say something like "Hey I found this amazing deal, do you know anyone that has $XXk dollars and would want to invest together?" That gives them an out if they feel uncomfortable.

Good luck!

In my experience, if you find a local hard money lender,  you need to talk to them with confidence but not pride and know your numbers.

Do that, and they will lend. If it is a deal they don't like they will still do it, but they will hit you on the value/LTV until they like the deal for THEIR business. (it may not be a good deal for YOUR business)

I love everything about Dave Ramsey other than his stance on debt used to buy assets. I want to get as many mortgages as possible on cash flowing/appreciating assets and as many loans on cash flowing businesses as possible.

When it comes to personal finance though, he's spot on. Most people try to get fancy and just shoot themselves in the foot.

Why so specific to two deals? lol. My first two deals where FHA house hacks. Bought my first duplex with 3.5% FHA owner occupied off market deal. A year later I refinanced into conventional because eI had a bunch of equity and then used my FHA again to purchase an additional house hack duplex with 3.5% down. I still own both duplexes to this day and they've about tripled in value and cashflow like Champs!

cozy/apartments.com, turbotenant.com, Lendinghome.com, lendingone.com, flipperforce.com

The realtor would still get paid as you would typically make some kind of down payment to the seller. That being said, I love owner financing and you absolutely should see if its an option, but if it is not, I wouldn't give up on other loan options. Call all the local banks nearby (small banks not national banks) and see if they will;l do it either on the portfolio/personal side or on the commercial side. If they won't do it (after actually calling all 18 of them) then pull up craigslist/ Facebook marketplace for that area and look in the real estate services offered section. You will find hard money lenders that are in that exact area. They will be familiar with the location and be willing to lend. You may pay a premium for it, but you can find a hard money lender if you want to.

Thats a low price! is that typical for your area or just a smoking deal?

Congrats on an awesome first year!

Charlotte State Bank and Edison National Bank are known to have an appetite for that, but I typically go to national brokers. There are many lenders these days