PS. background info on my situation. My wanting to wait until April is due to a sizable inheritance that is stuck in probate until that time. While i would agree if something is worth doing, its worth doing now. That winds up being a difficult prospect for me as i just bought my own home about 6 months ago, so i don't have the cash on hand to put up for hard money lenders down payments and such. Things just wind up being much more economically feasible in April.
OK, this is where most investors go wrong. Waiting for the money.IF you can learn to find and use OTHER people's money, you're going to be so much further ahead, and ABLE to jump so much faster and FURTHER than the average investor, that you'll kick yourself for ever thinking about waiting for your own money to invest.
Let me ask you...You just put all of 'grandma's money' into buying an income producing rental house. Yay for you! You have no more money. You're done investing. Now what?
I understand this in theory, but having just seen how many hoops I had to jump through to get a loan for my own house, I can't imagine it will be any easier for investment properties. I am of course probably wrong about this, but that is why i'm asking about good training resources. If i can get started in this business before investing my own money I'm all for it!
OK, yes you are wrong. You're talking apples and oranges. Your home loan was infested by tons of rear-end covering bureaucrats whose job it is to interfere with the free market. That interference doesn't exist with private money.You find a deal. The money finds you. Of course, you have to ask for it, but I digress. And yes, you have to demonstrate it is a deal, but the money source will do that homework for you as a rule. So, you're holding up the deal and asking, "Want it?" And the lender says yes, or no, based on whatever criteria is laid out.Which brings me to say that different lending sources prefer to make certain kinds of loans. So you learn what kinds of deals they loan on, and bring them those kinds of deals. EZ-PZ.
I never said what type of investment I would be making. It is possible that I would be buying rental property, but not just one. Hopefully if I did buy rentals instead of flipping these would have a decent positive cash flow, and also possibly be set up for a buy and hold scenario to resell at a profit at a later date. Why would anyone be done investing if you have properties that are making a good positive cash flow or profit from flipping? Shouldn't there be a snowball effect when it comes to investing? This may be faulty logic, but again that is why I am here. To learn Also, I would like to clarify that I am not in any way married to the idea of getting a mentor or anything of that nature. I was just watching some videos and was just curious as to if those things were scams. My real question is which training resources have you found valuable. For instance, who are the couple of real estate gurus that you learned so much from and have made money following? These are the nuggets of wisdom I am hoping to excavate
I was using a hypothetical. It makes no difference what your intentions were. My question was supposed to mean, "What happens when you run out of money for down payments? How many grandmothers have to die before that source dries up? And if that does dry up, what are you going to do?"Unless you have an ever-green source of down payments, you're done investing. I should say, you're done accumulating assets, for the time being. The solution is to find 'evergreen' sources of down payments. They can come from a variety of sources, but the first one and obvious one is the seller himself.This is my first (and only) source for one of my investment schemes. For example, I'm buying my neighbor's empty house for the cost of a notary and transfer taxes, and enough cash to seal the deal. She's walking away with enough money for Jack In The Box, and I'm walking away with her old deed. She's also financing the deal. Actually her bank is financing her, and she is turning her financing obligation over to me.I am financing the first buyer that agrees to give me twenty-two thousand dollars as a down payment.I am going to take a small portion of that money, and put it right back into my ongoing marketing, and wait for the next seller to give me his deed, finance me, and be willing to walk away with just enough money to buy two Jumbo Jack meals, and two cheesecakes. Then I've got to hide as much of the balance from the IRS as possible; pay my bookkeeper, the CPA, my attorney who handles my Land Trusts, and my bandit sign installer, Molly Maids, Stanley Steamers, the loan servicer, Jesus my landscaper, the other Jesus who cleans and rehabs my algae-infested pool, and the utility deposits, etc.As long as I keep accumulating money for overhead I keep investing and creating cash flow.That's why I'm asking, how can you keep going, if you're depending solely on grandma's money to invest with? Once grandma's money is buried (in a deal), you're done accumulating for a long, long, long time, unless...?Here's a link to something I stole from Robert Allen regarding "no down financing" or more commonly referred to as 'creative financing,' http:jaypalmquist.com/nodownpayment.pdf and a referral to anything you can find from Bernard Zick. Zick is dead, but Allen is still alive and you can easily find his books online, which you should have one copy of all of them; especially his original classic, "No Money Down." Of course, this one depended a LOT on assuming FHA loans, which is no longer an option. But the idea of "taking over loans" is illustrated in this book, and is worth careful study. That said, the issues with any of these resources is the lack of mechanics. The connections, nuts and bolts to 'physically assemble these concepts' just begs for mentoring. And that's where contracts, forms, and details you find in specific, and yet unrelated training packages becomes quite useful. I mean once you find an assignment contract in one course, you can use it pretty much anywhere with some minor adjustments.And just for giggles the law says that any real estate contract IS assignable, as-is, but for practical purposes I include the Latin term, "et al" after my name on every purchase agreement, which means 'and others,' which immediately causes the title companies to ask to whom the contract is being assigned to. FWIWOne of the most effective and actionable courses on negotiation is from Zick. It's called "He Who Talks Last First Wins." It's a hard-to-find 6-tape series. Buy anything else you can find from him.