All Forum Posts by: Tom Webber

Based on the numbers alone I would say that looks pretty good. IT all depends on the location, condition of the property for me so I would say not knowing those factors the numbers look pretty good even though you are buying it at retail cost. The ARV is the same as purchase price.

I would hope that it is in retail condition and you are buying to hold for the equity and cash flow. If that is the case I would say the numbers look good. You management number seems low unless you are self managing it and that is what you figure per month in odds and ends. 

Hope that helps

I used to wholesale in Orlando and had a good time doing it. Plenty of farmable neighborhoods to work with. There are a bunch of investors and wholesalers in Orlando so get to know them and tread lightly with the bank agents because they have been burned by wholesalers and some have a bad taste in their mouth. Get in good with a couple of them by being honest and having a buyer ready to go. If you can sell their asset quickly they may be able to give you a heads up on properties before they hit the market. Good luck and watch out in Pine Hills and by the Magic stadium.

Welcome to the site Tom! You will find much information here to help you along your way. My suggestion is in alignment, don't quit your job yet! You need that income stream. Does your wife work? If not could she find a property management job or in admin at a title company or brokerage firm? That will give her a great crash course in learning the biz. Start out networking with investors in your area and ask tons of questions. Pick up a couple books maybe audio versions while you are on the road. Pick a strategy you want to work at to get some returns and focus on knowing and honing your skills until you master that process. The rest will fall into place.

So would you plan on financing with a 15 yr loan instead of 30's to save a ton on interest? My thought would be if you plan to hold for that long and have reduced cash flow for that long it makes sense. But does it ever make sense to pay the interest on a 30yr?

Any of you who listen and follow the Ramsey debt snowball school of thought have a conflict with securing an investment with a mortgage outside of your personal home? He says only buy real estate if you can pay cash for it. He says he only pays cash for his and how he is a conservative investor but has many friends who have always gotten way too leveraged and end up broke. My thoughts are to disagree with this because not everyone can pay cash for an investment, and how in the world does he expect anyone to buy a big multifamily deal?? What are your thoughts? Especially those who listen to Dave Ramsey? I agree with most everything else he talks about regarding debt and living frugal and on a budget until you have the ability to live within your means.

So I actually was renting one side of a duplex a few years back in Coralville, Iowa and my wife and I when we were just about to move out our neighbor was chatting with us about how she was looking to sell her side soon. We were thinking about possibly buying both sides because our owner wanted to sell as well. Those ideas came to a screeching halt when she asked us how we handled the ghost while we lived there. We were like ummm WHAT ghost?! She apparently dealt with a ghost the whole time and her son would never play in the basement alone. They said it wasn't mean just creepy and always around. The only problem we had was one time there were blood splatters and child handprints on our sliding door outside one iday night. We called the cops and they were just as stunned too as to what it was. And

"An investors wet dream of information"

LMAO!!

Welcome to the forum Matt Neef ! What city are you living in or looking to invest in?

Hey @Mogen Keene 

Welcome to BP! you will find tons of excelent info passed around now that you have joined.

Listen to the podcasts they help give you a good perspective on other investors strategies and advice.

Looking forward to hearing all about your first deal!

you can wholesale a short sale, but it can get tricky. You are best to take lots of pictures to show off your deal instead of doing a bunch of showings.  Try to have a buyer locked into the deal before you get an approval from the bank. However if you don't have any experience negotiating a wholesale deal via short sale then I would seek help along the way. They can get hairy real quick.

I wholesaled a bunch of short sales in 2010 and 2011 but the laws may have changed on whether you can double close a short sale or assign the contract. So in that case you would have to close on the deal first then sell it to an end buyer.