All Forum Posts by: Todd Murphy

@Jeffrey Douglas LAWS OF HUMAN NATURE by Robert Greene. Excellent information with a profound look inward.

Highly recommend!

@Karen Lipa First question is if the prospective tenant passed all of the minimum qualifying standards? Do you have minimum qualifying standards?

I have had applicants that knew the minimum qualifying standards and still applied.

The type of activity the applicant involved would lead me to believe that that person may not have met your qualifying standards.

@Adam Rudolph Bought my first investment property un October 2018 and just closed 64 units this past week.

If you really want it, recognize the education, network with good people and understand your "why", it isn't too late.

If you don't try, you will certainly never know if it is possible or right.

All the best!

@Lindsey Spivey The answer to the question with info included is yes.

We bought 2 duplexes last year with cash, a little different than your scenario.

I am working to find my nephew something like you are.

He and his fiance have enough of down payment to purchase a minor value add duplex for up to $125k.

FHA and they are pre-approved.

When we make an offer will be on something 15% or more under market list price.

If your offer is offensive to an agent, you have the wrong agent. 200+ days and no deal? How do you know, if you dont try. You offer what you feel somewhat comfortable with.

He will live in it for 2 years and then do it again. He can sell it if he has to, but preferably hold.

He is tired of throwing rent money away!

@Russell Redford Great thread here!

1. Yes it is possible. The fact that you are asking how and thinking of ways to get there has you out ahead of all others thinking of just riches.

2. I can't answer you honestly here yet. We feel like we are well on our way, but had we not taken our step back in April is 2018 I wouldn't even be able to answer question 1.

Great job taking steps to whatever you define as the life you want!

@Clinton Fisher Meet with parties you are interested in representing you. Investor referrals are key, especially from experienced and successful investors.

We met with a couple attorneys before settling on one. It was an investor referral that was key on our attorney. A clear pattern emerged with the same name popping up.

One attorney brushed our goals and subsequent plans off in the meeting. Mailed a thank you letter, followed it up with an email and he never even emailed back. Later found out he owned nothing at all.

CPA's are a completely different individual. We found a younger, hungry firm owner who has recently started investing. He sees the value of what we are doing and not just does our tax preparation, but helps us strategize on things.

Do your due diligence and meet with anyone you are planning to represent you. Find out what they expect of you in the relationship.

@Jason Krawitz I will first say that you are looking at it from the right perspective, opportunity.

I can't speak to the success yet of what I am doing, but I quickly transitioned from multi-family (4) units to (64) units under contract.

It is a different niche, but Mobile home parks can be as good as spoken about. The learning curve is a bit different and I by no means have it all covered.

You could make a huge impact with the $425k you are talking about utilizing. You could acquire a turn-key park that is already stabilized or a turn-around park that will require more work and money to stabilize.

No matter what you do, put it to work for you in the most efficient way possible.

All the best!

@David Waddleton Congratulations on your first! Action step like this was crucial to my start, but now you have to make the deal work for you.

My first duplex last year we were up against multiple offers.

Be patient and ensure the projected numbers are enough to withstand all the things that could bring those down after acquisition.

My second deal was better than the first by applying lessons from the first.

Great first step and keep learning.

All the best!

@Brian Lynch I like many before were faced with the spousal challenge. I can recommend three things...

1. Talk with passion and conviction when you talk about REI!

2. RDPD definitely helped change my wife's mind. She literally thought I was crazy when I told her I wanted to start investing in RE.

3.Understand the numbers to realize the upside of a deal. If he doesn't want to be a land lord, hire a PM. Build it in your costs and now you aren't landlords. One person sees opportunity and another sees the worst.

If I can do it, you can as well! 2 properties acquired 7 months from March '18 and currently under contract on 64 unit MHP.

Learn everyday and help your spouse see the "WHY"

All the best!

@Bob Romano I love that you put yourself out there! Hopefully other investors will take note and you can be the reason they don't make the same mistake. THANK YOU for having the guts!

Lastly, file the eviction yesterday. Going forward file that 72 hour notice at 72 hours everytime! You present a pattern of how you will do business and hopefully you won't have to go to court, but if you do you can show responsibility on your part!

Best of luck!