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J Scott's Starting Out FAQ
In another thread, Josh suggested creating FAQs of topics that are often discussed/asked by newer investors on the site. While this isn't inclusive of the awesome contributions by hundreds of other contributors here (I'll try to compile something bigger when I have the time), here are some of the topics that I've discussed in the past -- both blog posts I've written and forum posts I've started -- that seem to get brought up over and over.
Don't know if this will be helpful or not, but thought I'd post it just in case...
How do I determine if a property would make a good flip deal?
http://www.biggerpockets.com/renewsblog/2010/03/10/determining-maximum-purchase-price-mpp/
Can someone provide an overview of how to analyze a buy-and-hold investment deal?
http://www.biggerpockets.com/forums/88/topics/51836-the-basics-of-real-estate-investment-deal-analysis
Does someone have an example Rehab Analysis Spreadsheet?
http://www.biggerpockets.com/forums/67/topics/51045-basic-rehab-analysis-spreadsheet
Does someone have an example Rental Analysis Spreadsheet?
http://www.biggerpockets.com/forums/88/topics/51334-sfh-rental-analysis-spreadsheet-
How do I estimate ARV?
http://www.biggerpockets.com/forums/311/topics/73160-primer---estimating-arv
Does someone have a video tutorial for explaining "The 50% Rule"?
http://www.biggerpockets.com/forums/311/topics/72246-the-50-rule-video-tutorial
Any suggestions on making sure I do well on my upcoming appraisal?
http://www.biggerpockets.com/renewsblog/2011/01/19/controlling-and-conquering-your-appraisals/
http://www.biggerpockets.com/forums/312/topics/55307-controlling-your-appraisals
Should I get my real estate license?
http://www.biggerpockets.com/renewsblog/2010/02/24/should-you-get-your-real-estate-license-investors/
What should I look for in a real estate agent?
http://www.biggerpockets.com/renewsblog/2010/03/03/traits-of-a-great-real-estate-agent/
http://www.biggerpockets.com/renewsblog/2010/08/11/is-your-agent-a-great-agent/
Anyone have a sample contract for their contractors?
http://www.biggerpockets.com/renewsblog/2010/02/17/whats-in-a-contract-contractors-rehabbing-real-estate/
Any advice on managing contractors?
http://www.biggerpockets.com/renewsblog/2010/04/14/6-rules-for-managing-your-contractors/
What is Internal Rate of Return (IRR) and how do I calculate it?
http://www.biggerpockets.com/renewsblog/2010/09/02/introduction-to-internal-rate-of-return-irr/
Originally posted by @Stacey Mosley:
I'm curious how many independent investors end up getting their own real estate license and how difficult it is to find a broker to be housed under in such a situation. Sounds like a huge cost-saver in the long run.
outstanding, good resource.
Great post with excellent link for a beginner like myself. Thank you
Great thread! Thank you @J Scott!! I just got through all 5 pages and I am amazed at how much I already learned. You briefly touched on making personal business plans. I was wondering if you have any threads/articles etc. that talk about creating a business plan and what information is required to create. I am really interested in starting my own.
hello-
Would it be a good idea to join a real estate investment club before I started investing?
Yes! Networking is key!
Good starting point. Thanks.
Wow, great stuff
Thank you for posting this! My husband and I are just starting out on the real-estate venture and I'm currently working on getting my RE license. I have often asked myself "is this even necessary?", "am I just wasting time and money?". This just reaffirmed all the effort and gave me a good boost to keep at it :)
thanks for collecting all this info for us. very useful!
This was an awesome resource. I will now force myself to study for the real estate licensing test. Anyone in Jax, Fl looking for study partner? Test taking is, "not my thing." Thank you!
I am looking to take out a Heloc of 20,000 on my primary residence. What are the rules for turning that into a 30 year fixed rate so I can get my Heloc back and prevent the adjustable rate on it.
Originally posted by @Dustin Sifford:
I am looking to take out a Heloc of 20,000 on my primary residence. What are the rules for turning that into a 30 year fixed rate so I can get my Heloc back and prevent the adjustable rate on it.
I don't know of any HELOCs that will roll into a 30-year fixed. And at that low amount, you're unlikely to find a lender willing to do a 30 year fixed. On $20K, you should just figure out a way to pay off the loan if rates start to increase...
Thank You J Scott for this helpful info
@Rashid Algaradi most lenders will refinance or fix at minimum 50k per loan.
When starting to invest. Should I figure out all the legal paper work for a wholesaling deal or find a property and buyer?
What else would you recommend before any of these steps?
Hey my name is Matt Tallent I'm new to the forums but I've been listening since February. I'm looking to buy my first house. I have two deals I'm looking at right now both are 4 bed 1 bath. My intention is to live in the house until I'm thirty and rent the other three bedrooms out. House number 1 is 259,000 fully renovated however one of the bedrooms is small. House number 2 is 229,000 it's in decent shape and has a new kitchen. I would have to replace the bathroom before anyone moved in. The rooms are alot bigger in this house though and I could possibly put in a second bathroom down the road. The backyard is a lot smaller than the other. What house would you go for house number 1 which is move in ready and maybe will rent more or house number 2 which is alot cheaper but needs work. Any insight is appreciated thanks!
I own my house and it’s worth about 420k and I’m looking to invest in real estate and flipping houses. Any advice on how I can use the equity on my home to makes this type of investment?
Great post, great resources! Thank you!
Loved reading this thread! Confirmed I'm on the right track...
This is awesome! Thank you!
Total newb question here - do folks typically get an inspection done for a property being sold as-is and requires a lot of work? Knowing that the seller will not put in any repairs.
Also, is there any added benefit to getting an inspection for a property that’s completely gutted already? Thanks!
@J Scott great info, thank you for compiling and sharing. I closed on a 4 family yesterday so this info is very useful!
Getting the license will be extremely beneficial. It is not hard to get. Plus no more listing issues. ;D
I'm looking to invest in a rental property in Kentucky and I'm not sure if I should invest in a neighbor/subdivision that 60% of population rent and the other 30% are homeowners. (numbers are subject to change/differ from location to location but what kind of ratio should I look for)