All Forum Posts by: Todd Powell

@Mark S. You have been more than fair. You owe nothing at this point and have incurred extra expenses trying to please.

@Adam Martin exactly. Some things are not up for debate. When someone says they dont smoke or have pets but their FB profile shows their bong and two pitbulls not much to talk about.

@Kelly Bellini treat people with respect until they prove themselves unworthy. Prospects go dark on me all the time when it best serves them. AKA. Protect yourself and I have brought up facts via FB all the time. They go speechless!

@Kelly Bellini from experience this tells me that the boyfriend has bad credit or has a criminal background. Hate to be negative but I have been in the game a while and seen about all of it. Trust, but verify. Why take chances in a relationship based on a lie up front. Some here would clearly disagree but I have invested too much over the years to take chances on people who are hiding their past. The leopard never seems to change their spots.

@Brian Plajer I started using a $60k HELOC on my first flips, and grew it over the years to a $421k HELOC. I have also used HELOCs for down payments and all said and done, created millions of dollars in RE net worth all leveraging my HELOC. The key is I never over pay for a property, ever. HELOCs were my lowest cost financial vehicle to access cash.

@Alex Kovalenko easy hard pass. Heard it all and why take a chance ?

@Ferry Vendy sorry I never noticed your comments until today. The deal I cited I did not call but rather drove to his house. It was a 45 face to face on the sidewalk. I then followed up several times ans eventually got a meet up with my wife and met at his property. I figured I had a 95% chance after viewing and sitting down at a nearby picnic table and presenting my 3 options, all of which would have worked for me. Truth is, he told me after I closed on it that the day we met I only had a 5% chance. The reason that it was more successful was there was a squatter living inside who had stolen goods and had vandalized the place. Wow that worked well for me. He said thousands of people had written him letters trying to buy the property. I had realtors also tell me I could never buy it so it only motivated me more. We found some common interests and I told him it was his chance to be the bank and make interest. He was tired of being a landlord and had gotten burned many times and let his properties stay vacant as he had zero loans and felt they would still appreciate. I know very strange thinking but he had plenty of money. The key is listening and finding strategies that work for the seller while also having them being a win for yourself. I fixed it up with $120k and today its worth $600K and pulls in $4400 month so I am more than pleased with the deal I bought in early 2017.

@Vanessa Bautista technically not RE book but what got me started was RICH DAD POOR DAD back in 2000. I now have ownership in 90 plus doors.

@Evan at a later age your tax rate could be lower and your RE income will be taxed as passive income with a lower tax rate. Hold your 401K and enjoy the diversity. You will thank me when its worth $1 million and you truly have a Passive income steam especially if you have solid dividend stocks. I have both stocks and RE and feel good about the balance.

@Jevin Subedi house hacking is a great idea. My older son did this 2 times on 4 plexes and it worked out very well. He secured a FHA loan with as little as 3.5% down payment and found a deal at $415,000 in Beaverton Or. They lived in one unit and were on site for the other 3. While living in this a couple years later he found a second 4 plex and pulled off another FHA loan and moved in to be legal of course. The first one was on a MLS and needed some cosmetic work and the second he found on Zillow and got to the seller within 10 minutes before the other 100 showed up within hours! That zillow sale ended up with a relationship with the elderly man and year or so later we ended up buying his 8 plex unit, which was severely run down. House Hacking is a great idea, and even smarter if you can find a deal with equity the day you close! Look for off market deals and places that need some paint, yardwork and a little love and you will build a RE dynasty.