Hello. I am an agent but new to investing. I have several questions. One, is this forum the same as the blog? I keep trying to get into the blog (through additional resources) and the same page keeps coming up to enter email which I have done several times. hmmmm
I could not find a category for this but someone please direct me as I am new to this site.
Next question: I have found some lots in a small rural town that I think I can get at a fairly low price. Is there a percentage to use to make an offer when I am looking for comps?
Also, I was wanting to know if being a beginner it would be too much to involve PML or a HML and a local builder (which I cannot seem to locate just yet)and build some duplexes (or larger) on these lots and then keep them to rent out. Is this even feasible with little to no capital? How to go about partnering with another investor (not the builder) I want to just hire him to build only.
Another question: how do I get a POF letter when just starting out. I have great personal credit and a little money on hand from my RE job.
Lastly, is there a hand-holding one on one mentorship to actually partner with someone to get money coming in fairly quickly? I have the time and so much information from another group, but this is all a bit overwhelming to me. Suggestions, please. Thanks so much!
The forum is under the same URL as REtipster, but it’s a different area of the site. Any time you see https://retipster.com/forum/ in the URL (and/or if it’s asking you to log in), that means you’re in the forum.
If you want to explore other areas of the site, just make sure that /forum/ isn’t in the address bar (and you won’t be required to log in for those areas).
The only caveat is that the land market has gotten more competitive in some areas of the country since the pandemic started. 10% - 30% of FMV offers don’t work as well as they used to in some markets. There are some cases where 40% - 50% offers may be more appropriate, as long as you’re confident in the value of land and rising demand in that area (or if you have a plan to increase the property’s value in some way).
As for the POF letter, it’s pretty rare that motivated land sellers ask for this kind of thing (most of them are happy to take whatever you offer them)… but if someone is making a big issue of it, you could just print out a bank statement showing the money is available.
As for hand-holding, I’d suggest checking out our list of certified coaches. I’m sure you could find this kind of help there: https://retipster.com/coaching
@retipsterseth Thank you, as always, for such quick replies! You answered my questions, thank you. Bu the second question on the lots and new construction on them, what are your thoughts or could you direct me to someone who could give me some ideas on those? I think they will be sold soon and they look like a good opportunity, but I would have to have an end strategy going in as to not be stuck with them.
Thank you again very much!!
@retipsterseth So sorry, I was not clear. I have found several lots together that would be great multi-family unit lots. I would like to keep them rather than flip them, and find a developer/builder, and with a lender’s help build, own and rent out the units. I have no idea where to start on finding out whether the location and building costs would be feasible. Where could I go to for help on this.
Does your expertise and course only focus on flipping land as opposed to developing/building on it. Thanks!
@dca that’s correct. The course doesn’t get into the development land (that’s frankly an entirely other business, with its own advantages and drawbacks). We keep it simple, find it, buy it for a little and sell it for more.