All Forum Posts by: Todd Powell

@Zachary Zimmermann it maybe be difficult but maybe look outside the MLS. Look for houses that maybe meed a little work and try to find one that way. I was told it was impossible but have found MANY houses this way and word of mouth as well. I would never play the games today of $30k and "best and final" possibly even bidding yourself up.

@Kay March isn’t amazing though that most appraisals come in at the exact sales price.

@John Bradley that would be a time suck! Find a bank that has the machine that counts fast and produces a receipt. That is what I do and last week got $586! I check mine every 3 months and empty them and cannot imagine rolling them myself. Even if you are NOT a member of my OSU Credit Union they only charge you a couple of dollars as a “non member” to walk in and use them in the lobby. Shop your market as there as to be a better way than hand counting. Technology exists today!

@NIcholas Hamel I have used my personal home equity via a HELOC many times. Literally flipped 40 properties and began with my personal house line. Back in 2001 I began with only $60k and several times throughout the years kept pushing the available higher limits and now at $421,000, which represented a 90% LTV, 15 year draw period, and a interest rate of prime minus -.25% Many have told me it was "risky" but the flips helped me build capital and now own massive doors. I have also used the equity in the same HELOC for down payments (rehab costs) to then take loans on various 4 plexes, then flipped to pay off the down payments and rehab costs. There is a lot more to my stories but this is the simple answer, YES!

When opportunity knocks, walk through the door. Do not buy off the MLS but buy off market distressed properties. Buy a dollar for .60 cents and let everyone tell you how "risky" you are!

@Grace A. $7000 did not feel unscathed. We did this for the good tenants in place and more of a moral victory, but not a financial one

@Grace A. Oh, great catch as I did not mention the significance. He claimed it was a racial attack when it reality it did NOT matter what color or ethnic origin he was. This claim only complicated the matter more. There was zero argument as the facts spoke for themselves however if he really wanted to press the issue, I could have lined up many culturally diverse tenants I have including people of color. Thanks for asking about that as it was a part of the story.

@Deangelo Mack I wrote my own paperwork. Just think about the terms you need. In my area there is one titling company that will do this and very professionally for both sides. $150 set up fee and then $7 monthly each for the buyer and seller. They are in Stayton, Oregon and called SANTIAM ESCROW.

@Jayden Hamilton the easy ones, yard and curb appeal, paint, kitchen remodel. Of course, there are many more ideas.

@Todd Powell oh, I meant to say NOT writing to brag. I left the word NOT out of my first post. Flip for cash, buy and hold to build wealth! Happy investing you all!

@Tyana Blackledge a 1031 has to be a "like" property and certain time frame to hold. The IRS has this figured out well or I would have used one of my many flips to scale up. Also, bag the LLC idea as its not worth it and also have to generate a separate tax return every year called a K1 on each LLC. My accountant wanted $1200 for one K1. Further, if you are not reckless the whole notion of getting sued goes out the window. LLC is good if you have partners in the deal however. If it were me I would try to buy and hold properties unless you need the cash generated for other purposes. Flip for cash, buy and hold for long term wealth. I have done both