All Forum Posts by: Tony Cimino

@Alex Kenneth Swindell I really like the craigslist idea, I’ve been doing that to get in touch with wholesalers, and to get added to their buyers list, but it never dawned on me to use it a an e-door knocker. As for creating a team, I’ve been doing that slowly, by getting in touch with wholesalers and going to the REIA meeting.

My wife and I are in the process of acquiring our first single family rental. We selected an agent that has his own rentals so he understands our mind set. He also understands the rental and sales markets, and is even giving us his rental agreement that his company attorney wrote up. We have our spreadsheets, costs estimators, and my dad is a contractor, so if something needs fixed/flipped, we can get a good estimate on costs. The margins in our market are right about 1%, which are good however; we have placed 6 offers, 4 being asking price, and (close to) full closing, we have yet to get a property under contract. I do not “NEED” to get a great deal as I am looking to slowly build portfolio and hold the properties, but I am not going to overpay on a house. My agent knows this and based on this, has helped us formulate pretty competitive offers, we think. He has actually talked me out of a few houses, which I think was a great choice looking back. We are 20-25% down, conventional, closing anywhere between 21-30 days. Around the holidays, we are writing 30, but out lender has given us a green light of 21 days. Any advice or tips to find a property, other than “be patient”? FYI, with our price point ($120k-135k) it doesn’t really make sense to go with a hard money lender at 12-15%.

Although they’re charging upfront points, if I could get a house 20K cheaper, it would be worth it, wouldn’t it?

Is it possible to get hard money to negotiate a lower price (cash price), and then refinance the loan with a bank for a lower interest rate. Think of doing this for a rental property.

Wow! It’s great to see a familiar face! I’ll reach out Anthony! Thanks

Thank you!

Is the 10% enough? Anyone else have other tips or thoughts?

Hey Anthony! We bought it Az 6 years ago, and sold our home for over 70K profit this summer. It’s super different, that’s for sure! I’m glad you touched on the appreciation aspect. I don’t think the buy and hold model is for me right now, maybe after growing my capital so that I can pay cash for a home, to get the best deal possible and apply the 2% rule. I looked into the wholesale model, but I don’t have the time to send out letters/research. I’m getting my MBA so that’s 10-20 hours per week. I have a family and another one on the way. I think it would be a great opportunity, but not for me just yet. Based on a lot of people I know, that’s why I think I’m going to focus on flipping. When/where are the local meet ups?

Matt Morgan after some research, I think I want to flip houses. My father is a contact salesman for Lowe’s and has a few flippers he works with. I am hoping to possibly partner up with an experienced flipper to split the first few houses and learn.

Grayson, If I was smarter in my 20s I would have done that! Currently, I already have a house that my family and I live in, and wouldn’t consider moving.