Newbie from yuba sutter area

[Ashley Hernandez]

Hi all!!! I am currently a property manager but I am looking to obtain my own rentals! I have flipped one home about 8 years ago. I am definitely looking to network and learn anything and everything I can! Please message me if you are looking for new connections.

[Michael Lee]

Hello and welcome to BP!  I have only driven through California when coming back to Texas from Lake Tahoe.  Where in the hell is Yuba Suffer in California?  I have never heard of that place in my 60 years of life near Dallas Texas.  I was born and raised in Dallas and now live just outside of the city of Dallas.  Being involved in property management will probably help you in real estate investing.  Being able to communicate with others should help you.  Are you interested yet with any particular thing?

I found BP about 19 months ago while medically recovering.  I am still recovering so I have not selected anything yet.  I like the positives of renal property and I like small complexes.  I do not know if you have any contact with a guy named Lance Edwards.  He got his start with buying small apartment deals while he had a W-2 job which he did not like.  He did that part time at his kitchen table for a couple of years before he quit.  He said you can get into that without any experience and sometimes not even seeing them.  He later got into bigger complexes and now he teaches and wrote a book about small complexes that turned me on.

He even said there was less competition in small apartments versus houses that could be used as rentals. When comparing SFH to small MF they both have their pros and cons but I still prefer apartment buildings over SFH's. one of those big things is occupancy rates are more critical with SFH's. I also like small apartment places is having more units under the same roof.. Of course you tend to have to deal with worse tenants in apartment complexes than SFH's. If you can use lease options in SFH's you can possibly do better. Either way you go the SFH lease options can reduce your mainteance costs as well as rehab per unit.

There are many short term and long term real estate options.  You need to enjoy what you select to increase your success rate.  Since I am still stuck at home and not working yet I would be happy to satisfy your needs if you think I can help you with anything.  Our house value has increased about 2.5 times since we built it in 1984.  We paid our mortgage off about 20 years ago with a home improvment loan we got for 2.99% when our daughter was born.  She is now in her 3rd year at the University of Arkansas.

There are some things you ought to do after you make your selection and before you start investing. One of those things is to form some type of corporation or a LLC. You might have to hire an attorney, a CPA, or a tax consultant to advise you on the best way to go. That will keep your personal property seperated from your business just in case your business is in legal trouble of any type. Another thing that you should consider is, if necessary, your financing needed needs to be solidified. They should give you a loan letter that states their average closing time for a loan like this and the maximum amount you qualified for.

The last item I wanted to mention was a new business location that is convenient and has the minimum amount of distractions.  You can locate that office in your living space if you can close it off and have minimal distractions, especially personal ones.  Remember, especially in the beginning, to always do a math analysis and try to look at your prospective properties or have a clause in the sales contract that allows you the time (10 to 15 days) to make a detailed inspection of the subject property upfront and possibly back out of the deal without a penalty that will hurt you too much.

Track all of the expenses and income on things that you are involved in with a report form that you can review regularly with people you trust and you possibly reduce the expenses or raise income.  Also in the begining, keep what you do simple and do what is average in that neighberhood.  Do not try to do everything yourself.  Use Team members that are local and experienced in what you will do.  The typical Team members are Attornies/lawyers, real estate Agens/Brokers, a CPA (or accountants you trust), Property Managers, General Contractors, and Handymen.

Do not cut any corners to make something to look better on paper, but not for real.  Do not assume anything will get done for you.  Do not trust a title on a person's business card because they might not know anything that you do not.  Make any associate business friends prove themselves to what you expect before trusting them to do a job for you with supervision. This letter is getting long so I will save anything else to say.  I have been in the construction business since I was 17 including those college years.  I also carried an active real estate broker liisencense for about 30 years but never did that full time.

Good luck to you!