All Forum Posts by: Andrew Emery

I am not sure what you have looked into as of yet, however, a whole new world opened up to me when I went and talked to a local small bank in Colorado Springs where I live. They only have three branches. They only do commercial loans. If the house is only to be used as a business asset then a small local bank has WAY more flexibility in what they can offer as far as loans are concerned. I am not sure if it was just luck or maybe there are other people at small banks around the country who invest in Real Estate as well, but the banker I spoke with was a buy and hold investor. He gave 4 different methods and options on buying one home. Chances are that even if the bankers don't invest that they probably work with a bunch of mom and pop investors and they can guide you in the right direction. Even if it doesn't fit your needs right now you may end up with one hell of an education from meeting with a small town banker.

Keep us posted. Good luck and stay eager!

Hi Folks,

It's been a while since I've posted, although I visit a lot to gain insight on questions I have. I would like to say though it is through a bunch of knowledge I gained through this site and podcasts my wife and I now own two rentals, averaging one a year sine 2016, and when I return home I am going to shoot for the stars and give commercial real estate a shot.

I am actually writing this post to ask the opinions of this community of the news I just read. It is 8:00 am here in Africa on Friday and as I was eating breakfast I was reading the news and I read that yesterday President Trump had signed a bill rolling back regulations in the Dodd Frank bill.

I am hard pressed to find an unbiased answer to my question: "What  does this means to the average American?" Everyone puts their spin on it but no one breaks it down objectively.

Maybe one of you out there can help. 

This place is awesome, and you guys are great!

Talk to you soon

If I had the opportunity to house hack locally I would do that. I say this from the perspective of recently buying our 3rd place and turning our last house into a rental that is now only 15 minutes down the road. This allows me to be able to check on it and deal with any issues that may arise face to face. I now have two rentals that are in the local area and for starting out I am glad I went this route as I was able to learn on a local level how to deal with being a landlord. 

In your case depending on how big of a house you buy and many roommates you can handle you have the potential to live for free, minus utilities of course. Then when you hit your year mark you will be able to move from that house into another one and providing you aren't sick of having roommates you can do it again. All the while socking what would be your mortgage payment away and having the cash on hand for additional down payments, and or any repairs that might come up. If you want to take a step further you could even go the multifamily route and grow even faster. 

So long story short if you did this and kept it local you might have an easier go of it to start out with. 

I am barely thinking of branching out now into other markets as multi families here are just too expensive right now. I am only doing this though because I travel a lot with my job and I have the ability to get out and check out other markets first hand.

Good luck! Happy New Year.

Hi folks, I just came across this website that is an aggregate of news articles of new job announcements and company expansions. As I was reading about 7 companies that will add jobs in a suburb of Indy I have never heard of named Fishers it hit me that this would be awesome for folks who are looking for new markets to invest in. I myself don't plan on long distance investing but for those of you who are this might be a tool to help you look at new places you may never have even thought of. I am not sure if it's ok to put the link on here but here it is: 

http://www.dailyjobfix.com

If I need to put it somewhere just let me know.

Are you planning on holding another event like this? I was out of town for this one, and I actually still am, but I would be interested in hearing what you have to say on this matter...

Hi friends, I haven't posted in a while as I have been very busy. I have found myself back on the road again unexpectedly traveling for work. I am writing today from Morocco. With this though I have found myself in a position to be able to continue my journey into real estate investing. Right before I left in July for this trip my wife and I closed on our new residence in Colorado. This enabled us to turn our old house into our second longterm rental. Now I am on the hunt for a third place. This one we will try our hand at short term Air BnB ish style rental.

I am looking for advice on how to find a wholesaler to work with. I want to work in the Colorado Springs area. I am open to venturing out to the surrounding areas but for now I would prefer to stay close to home, at least with my investing. 

This way while I am gone I will be able to have a partner that can find me deals and when I get home for my time off I can close on them and begin the rehab process.

I have listened to many a podcast concerning wholesaling but I am not sure how to find a partner. What should I look for, and what should I stay away from. Also anything else that I am missing. It has been said before, you don't know what you don't know. 

Thanks as always!

Just my two cents. I am by no means a seasoned investor. I have however walked away from two deals, they would have each potentially been my "1st" deal. The 1st of the two the chimney was separating from the house, SFR, and who know how much that would have cost to fix, found during inspection at a cost of $350. Second deal was a duplex that bad sewer line out to the main city sewer. The seller tried to lie about it and my realtor at the time who is no longer my realtor got mad at the plumber who told me the truth and called him and gave him an earful because he had informed me. This cost me about $600 in inspection fees. So total I invested almost $1000.00 and had no deals, however, now I also don't have any headaches that may have come with either of those two deals.

I took about 8 months off from looking then I ended up finding a little gem in the rough.

The thing I have learned here from BP, and life, is to go with your gut. If you don't trust it walk. No harm in this. The money you are out for the appraisal and inspection are just part of doing business. This money spent could possibly be saving you thousands upon thousands of dollars in potential headaches later on. One suggestion is to partner up with a local in the area who might be on BP and try to sort something out on a future deal. People on here are beyond willing to assist, especially if it means maybe partnering on a deal. Remember half a deal is better than the whole of a no deal. Also don't rush it. There will always be more deals.

Good luck friend. Keep us posted. 

I believe it depends on the bank. I am going to be dealing with a bank locally that will be doing commercial residential loans at 5% with 20% down. This way I will be able to put my investments into an LLC and not worry about the whole personal home loan # limitations.

@Emma Nunez you are welcome! Good luck. Just a warning, this is contagious. Once you purchase your first place you will want more and more.  

@Jim Sestito thank you! It was here in Colorado Springs. Right in the middle of the market catching fire here, up and down the I-25 corridor. I am glad you asked because this gives me a chance to put one of my goals down in black and white. Right now the market is hot, and I am going to continue to invest locally because I figure if I am able to conquer a market like this then I'll be able to invest anywhere.