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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/
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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.
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outstanding, good resource.
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Great post with excellent link for a beginner like myself. Thank you
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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?
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Yes! Networking is key!
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Good starting point. Thanks.
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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!
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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!
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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.
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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...
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Thank You J Scott for this helpful info
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@Rashid Algaradi most lenders will refinance or fix at minimum 50k per loan.
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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?
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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?
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Great post, great resources! Thank you!
Loved reading this thread! Confirmed I'm on the right track...
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This is awesome! Thank you!
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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!
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@J Scott great info, thank you for compiling and sharing. I closed on a 4 family yesterday so this info is very useful!
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Getting the license will be extremely beneficial. It is not hard to get. Plus no more listing issues. ;D
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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)