All Forum Posts by: Jon H.

@Ricardo Olea  Decide what you want to achieve over the next month, year, five years, decade.  Work your way backwards to the mechanism that will take you there.  If income is your objective buy & hold could be a strategy to get you there.  If you have low capital, go after seller financing, lease ops or wholesale for a time being to create income.  Or create income through your work or another business.   If you want to create massive wealth wholesaling, flipping, new construction can do it for you.  Don't let your strategy pick your life-choose your life and pick the strategy that will create that.

All the best!

@Nick Thomasundefined  Looking at them all when you're new is a great way to go.  As you will quickly find out it will not be time wasted.  You can gain the skills needed by persistence over time.  Look, learn and buy when you're confident!

@Rob Deweese  Hey Rob Interesting conundrum.

It seems like your planning to only buy another house in Seattle? 

Have you considered using your equity to purchase a home 15-20 minutes outside of Seattle. You would be well positioned to do a deal at say 250-350 with 60-70 rehab and a decent profit. You could utilize the BRRRRR strategy on that same project or others. In a couple of years the equity on your Seattle house could be completely wiped out by a market adjustment. I would put it to work now while you have it:) Of course you can always go the other way start paying all your debt down. My question: do you want to leave your equity stagnant or pull it out and put it to work? There are a lot of possibilities to build a flipping buis/rental portfolio with 120-180 cash. As you will only be able to pull out 80-90% of your equity. Personally I think you should put it to work!

Glad to share

Jon

@Austin Muddundefined

Hey Austin,

I used to door knock as an agent.  Here's what I found.  Knocking on somebody's door to buy their house so you can make some money doesn't help them from their perspective.  It was much better to introduce myself, Let them know what I do and what I offer.  You don't even need to tell them you want to buy their house counter-intuitive, I know!  Most people are willing to talk with somebody but don't want to be sold.  I have a lot better results telling them a little about myself and asking them some simple questions- nothing too specific.  I wouldn't use the switcheroo tactic about a house in the neighborhood and then tell them you know everything about their situation!  Be honest and indirect (Don't ask for the sale first time).  For most people you should Introduce on NOD and re-visit with more direct questions close to the Sale.  Depending on the lead It can wear you out pretty quick try knocking in short spurts and follow up till you have a system down.  You might get better results.  Really know which leads are good on the first knock.  Everybody will have their defense mechanism up, although you could just work 250-300 leads and get the desperate one.  Tried this wears you out.  It's much more effective for any lead to build rapport.

Hope this helps 

Jon

Loan to Value and select original loan to value, type in 100 in the from and to

You can also select transaction type for re-sale, new home or refinance!

Hope this helps

@Nick Thomas  Hey Nick here are some items you should look for when walking through (with seller hopefully)!

Important question to ask the seller, "What type of repairs are needed on the home that I should know about".  Very important that you ask this question.

When walking through the property, Look for a functional layout, Roof condition, Type of plumbing  Galvanized, Copper, plastic?  Soft floor around toilets, tubs, & appliances bounce on your toes in those areas.   Check for construction materials that might have asbestos, Popcorn ceiling, old flooring, siding.  Check if wiring system is knob & Tube, Aluminum, fuses?   Those are some of the major areas.  Some things look really bad on the surface but are easy cleanup.   This is where you can create value!

You can download a house inspection sheet from google or read J Scotts book on  Estimating rehab cost.

Lastly do you really want to become a long distance landlord on your first deal?  An assignment will probably be your best option!

Good Luck

Man you're awesome!  15 yrs. old that is sweet.  I definitely have a few resources for you.  Real Estate is not just about buying, selling and renting.  You need to have a good foundation and solid game plan to succeed!  

I don't personally recommend any videos.

However books are a great way to further your knowledge on the subject.

If you want to hone your reading skills the first book you should read

-"How to read a book" by Mortimer J Adler.

If you're starting out with no money or even a sizable inheritance.  Dave Ramsey can help you get a solid financial footing.  He has a show you can listen to daily

-www.Daveramsey.com  

There are many great business books,

-" Rich Dad, Poor Dad" by Robert Kiyosaki.

Let me know how that works out for ya and I'll send you some more!

All the Best

@Roger Ledoux  Awesome stuff!  Gotta start somewhere.  

Thoughts lead to feelings. Feelings lead to actions. Actions leads to results.

~ T. Harv Eker Quotes from Secrets of the Millionaire Mind

Your aspirations are the beginning.

This is a great place to learn and become a quality Real Estate investor.  Good luck

@Ed Mayor  Mount it on a pole!

@Jim Bell

Are you attending your local Investor groups?  Great place to start networking.  You bring what you have and find somebody who has what you need