All Forum Posts by: Account Closed

@Michelle Fuller first let me just say welcome to the crazy dysfunctional online real estate family called Bigger Pockets!

I don't have anything to offer more than what @Brandon Turner posted already. I am, however, curious as to why you are just 2 weeks away from closing and still don't have the financing set?

Had you planned conventional and it fell through? I think your experience in this area could be a great learning tool for many others if you were willing to share.

@Vana G. that is terrific. I do hope you keep us informed as to how the deal progresses for you.

@Amy C. I suggest the barrier to entry is the issue. First and last month + 1 month security.. you are asking for someone to come up with 3 months rent. Don't you think people with that much money to put in up front would be getting a Mortgage these days?

Why not take away that requirement and just see how many calls you get then.

Troubleshoot.. change one thing, see if that corrects the issue, then change another, etc. If you change all of them at once, you won't know which corrected the problem for the next time you have a rental.

If it was me, I would drop the requirement for 3 months rent up front. See if that gets you traction.

God, Someone is saying things that sounds like I said them to that person, but that person only learned on Bigger Pockets. It is almost like I am hearing myself .....

I know several people that do this. Actually US Bank will let you refinance immediately for 80% of the purchase price. So you have to leave 20% in.

I don't do this personally, so I don't use them, I usually leave my cash in a little longer, to refinance at the appraised value with a portfolio lender.

Well, I never own anything in my own name, so the property is owned in a LLC and that goes on the lease, all funds go through the LLC in ownership.

There may be some bad vibes for people there. But I have a property that had a gruesome murder in it. Was all over the news when it happened, but I still have the house. The current tenants know about it and have renewed the lease a few times.

Every now and then, someone stops by to see the place, sort of interesting, but it makes me money. Again, just have to understand it may take a while longer to find someone that isn't "Freaked" by it.

@Bobby Beard you fixed up your first house yourself? Did you have a full time job and just worked on it in the evenings?

@Hydee Vanterpool Congrats on wanting to take control of something for yourself. REI can be frustrating, demanding yet utterly awesome and rewarding.

I assume you want to own rental property based on the books you got. Getting educated and gaining knowledge is always a great start. Talk to other landlords in the area, go to the local eviction court to see that process, etc.

Then if you still want to get started, I suggest go to a local REIA club or Landlord Association meeting.

Hiring a mentor is a personal thing. Some want mentors, some don't. The experience varies, as does each mentor. My response to people is, how many NBA Championships does Michael Jordan have without Phil Jackson?

The key is getting the right coach, not just for the subject matter, but also that can relate with you the best.

Good luck, and happy investing!

I tend to have some of the higher rental amounts in the areas I work. I also fix the properties to a higher standard. I want a smaller pool, because I want people that can qualify, and will treat the property with respect.

Again if they QUALIFY, that is the key point here, there is no reason not to rent to them, just because you don't have a "pool" of people, isn't their fault.

@Rick H. I started coaching a few years ago after some begged me to start doing it. Then I started just "helping" people. Some took my time, but again the ADHD kicked in and I wasted my time. Again time that should have been spent working ON my business, to ensure my business kept moving forward, so that the people that worked for me can continue to have a job.

So, now I do charge, because I rarely accept people in. I deny most people because as Rick has stated, most are in her words ADHD, but I call them BSO's. Bright Shining Objects. They chase the next big thing. They want instant gratification and instant riches. SO those are not the sort of people that will be a success.

But Rick, as picking a college or even a major, you have to do your homework as to what you feel is right. Ask others about a person, find out are they really investing, and not just a slick salesperson.

Here is what I suggest, are they pursuing you, and going after "NEWBIES" only. Or are they just doing what they do, and you ask them to teach. They make it known they will coach/teach, but they don't chase you, they don't meet one on one with you, all prior any contracts are signed or money exchanges hands.

I see it on here all the time, people that claim they are long term investors in my market, but they won't network with other long term investors, ones that have resources, but they jump on newbie posters on here, suggesting they meet up with them. Why only the newbies? That should be a RED FLAG. I would rather meet someone, see they keep showing up, pushing forward and showing a commitment. Then, if they are interested, I will meet with them, discuss everything, and then tell them to take their time, do their due diligence on what I said, talk to my other students, etc. I never push. I am fine investing. My money isn't made coaching, it is via investing. If someone wants to better themselves, then yes, they shoudl pay for my time and experience. But I value that time, that I do my best to weed out those that will waste it. Do I make mistakes and choose people that turn out to be ADHD ish? A few times. I am human. But the vast majority of those that immediately meet me and beg me to coach them or to be a student, I say, NO to.

Just this week 3 people asked me, but I told them, show up, network, prove your dedication to this, then maybe after we will discuss a coach/student relationship.

That ADHD is also why I don't take on INTERNS> Most just waste my time.

Yes, we all are ok with Banks, etc requiring Skin in the game, but you want me to give my time freely to someone. TIME, folks, is our greatest and most valuable asset. Donald Trump and the person begging for change at the exit ramp, have the same amount of it. It is the great equalizer. Want me to spend my time on you? Then you need skin in the game.

Very difficult to give you a "ballpark". The first rehab I did, I did myself. I was way off on my costs, timelines, and what needed to be corrected. Further, what I need to fix in Chicago, is different due to Taxes, materials cost, permit requirements and codes, than was is needed in Indianapolis.

I am a large proponent of valuing your TIME. Don't do the work yourself, use that time to work on your business, not IN your business. Your job is to find buyers, sellers and get financing. Not to do the work. Bring in contractors, get bids, etc.