All Forum Posts by: Will King

Hi Sebastin 

First be very clear on your why you want to do this business.  It has to bigger than just money. That's important, because what you don't hear a lot of gurus tell you is that you will have some very tough periods in this business. This is where a strong why will help you to keep going. BiggerPockets has a lot to offer, continue to stay plugged in and connected with others in the group. This is a relationship business, build genuine relationships. You have to decide will this be a journey (long term) or sprint (short term) for you. Whatever you do don't quit, stay a student and you will achieve your goals. Don't compare yourself to others, you don't know their story, their journey. Should you embark upon this endeavor, you are writing your story. It's good to see and sometimes copy what's successfully working for others. if you are needing to get cash in the short term, consider wholesaling or co-wholesaling with a ethical experienced wholesaler in your market. In the midst of COVID, deals are getting done. There is still a lot of home owners that need help.

Blessings

The process is the same. Do you plan to selling as a package or individually? 

There is more than one way to get what you are after. It doesn't hurt to find someone to partner with, learn from on your first couple of deals. You may give up a little more profit in the beginning, the education will far out weigh what profit you may give up. Caution, you want to make sure you are comfortable with whoever you decide to partner with, should you take this route. There is nothing worst than a bad fit. You will know it when you see it. Whatever you do don't stop until you get what you are committed to. Blessings

I'm negotiating with a seller on a cash flowing duplex. He has 3 properties on one mortgage. He is selling the duplex. I tried to negotiate a subject to transaction before learning that he has 3 properties on one loan, which the seller says won't work because the duplex being one of three properties on one mortgage. I negotiated, we can put down 5% ($6k) of agreed price and pay him the first 6 months of PI payments at closing $7200). He accepted this offer. He is open to seller carry, what he want's a month is $1200. What other way could I possibly structure this deal? Our plan is to refinance in 6 months into a 20 or 30 year mortgage. This is my first time experiencing this situation. Has any one experienced this before? Thanks in advance for the feed back.  

Does anyone have any experience with this lender or know of anyone that has experience with this lender? Marvin Edward George with World Financial Solutions? I'm getting a lot of emails with people saying they are private lenders offering 5%. Some are not true lenders. They want you to pay a small fee depending on how much you borrow, it's a percentage. 2 people I know has been banded from 3 groups I'm apart of because of fraud practices. I will personally expose anyone I know conducting fraud activity to get money. There should be no place for these kinds of acts, it's greed. Thanks in advance for the feed back.

Happy Investing

Hi Sandy

That's correct. I have a private lender that wants to put in part of the capital for acquisition short term. I wondering if I should give him an incentive for holding the capital for 24 months? I thought if we offered him $5k bonus at 24 months, he would be motivated to let his capital work for that period. Any thoughts? 

I started at 45. It's never to late. Every day that God gives is a gift. You are a decision away. Don't let days continue to past. You can't get them back.  

We are purchasing 5 cash flowing properties as a package from one seller. Wanted to have more experienced eyes look at our analysis. Owner a burned out land lord. Some have new roofs, HVAC systems.

Total Rents: $3,250 Market Rents: $3850

Total Purchase Price: $139,050 Average price per house $32k

Expenses: $2,379 

Deferred Maintenance: $15,000 

I'm in the Dallas market, I too am looking to do the same which is invest back near my home town of DC. I'm not looking to invest in DC because it is very expensive, I'm looking more into the Baltimore area. I would like to connect with any investor friendly agents/private lenders etc.. in and around that area. Thanks

This is really great information being shared in this group. My wife and I were just considering paying $20k for coaching program and I glad we didn't. Thank God for this group.