All Forum Posts by: Troy Feldman

@David Krulac What kind of screening process are you doing to get tenants like that? 

@Jim Stevenson I am also looking around Pottstown but I am looking for 3 or 4 units to do a house hack. 

Hello BP community,

My mother wants to purchase restate in a local town that is starting to grow but her only cash is in her Roth IRA. We are wondering if it is possible to use that capital to invest in real estate, also can we use it as a down payment for a mortgage and have the mortgage some how be under the IRA? We are mostly worried about being penalized and taxed because the cash is before tax income. Would it be enough for me to create an LLC to invest it etc...?

Please help we need a solid strategy

Thank you all! (:

This is my first real estate deal so I am really unsure of what to do with a property out of the country although ill be back in about a month, but the input is awesome thank you ! I'll get on craigslist, do i need a lawyer to close anything/ make contracts? 

How do I find cash buyers within the week? I am leaving the country so I have to close fast

Hi Everyone, 

I found what seems to be a steal today. Classic wholesale looking property, overgrown and needs a lot of work. I called the owner right away and he is asking $10,000 for it but in two minutes said he would take $9,000. He said he got stuck with it after his mother passed away seven years ago and had planned to give it to his son. That never worked out and therefore the property has been sitting vacant for seven years while he pays taxes on it.

Here are the details: 

- Manufactured Home: One bed/ One Bath

- New roof and windows when he bought it, partially done floors

- One acre lot

- Converted small 2nd bedroom into a Washer/Dryer room

NEEDS: 

- septic system (quoted $5-7k)

- new faucets, carpets, tile in bathroom, cabinets

He did the title search and there aren't any liens. It needs a good amount of work and he doesn't want to do it. 

I am travelling out of the country for business next week and want to wholesale and close on it quick so he doesn't sell to someone else. how do i find cash buyers extremely fast?

Advice is very appreciated!

Thanks!

@Daniel Chang

@Derek Carroll 

Thank you for your input that is exactly what I have been searching for, I did not know there were private equity funds just for real estate. And I do understand I need to do deals and get experience but I want to figure out how to build my business in that direction.

Thank you everyone for your feedback! 

The value ad to an investor is actually sourcing and doing deals, people buy into mutual funds and venture funds all the time/care to invest although its wise. We just create another vehicle for investors.

Also the structure of a REIT and the type of fund I'm describing are quite different where we would take on LPs and split profits not just pay dividends.

It seems like my best take away would be to get some experience, or find a person with experience to team with. Any more input is welcomed! 

Thank you all!

Hey everyone!

I have been looking into real estate for awhile but I am a student full time as well so it is going slower than I would like. I am interested in starting to invest by raising a pool of money from outside investors and taking a 2 and 20 like a venture capital fund would, that is 2% management fees for (marketing, driving to see deals, etc...) then 20% carry on what ever interest is made from the investments. My idea with this is that I could bypass wholesaling/flipping and start on bigger projects.

I know a lot of hedge funds and private equity firms do invest in real estate, but has anyone ever heard of someone going about just real estate this way? does anyone know legal stipulations etc.. ? any input on starting this way is appreciated! 

woooo! lets do deals!

Hello BP!

My girlfriend and I are in college have been grinding away at our wholesale business to pay for college by the time we graduate (we are currently both undergrads), we are meeting with a very motivated seller today, we have no experience.... are also thinking about using seller financing not just wholesaling as our options.

Question: our area is very dead in terms of REI it is a college town so there are a lot of rentals but almost no flippers, we have an extremely low population (we are in the north country in upstate new york) and no REI meetings within 60 miles. Where/how can we find cash buyers in an area that is not too hot? are there people that will buy and let us run the flip and do some kind of split? keep in mind we have little ability to refi or to get hard money as college students.

Any guidance is welcomed, thank you.