All Forum Posts by: Adam Biya

@Scott Krone

Thanks Scott, I’ll be sure to reach out!

@Arta Montero

I’m also sorry to hear about the difficulties you’ve experienced recently through your RE investing. But almost nothing has a completely smooth road my friend.

The difficulties you experienced are packed with lessons and learning opportunities. You just have to put that lens on and figure out which processes you need to refine and improve (ie tenant screening, and DD for finding the best PM company to work with). The same goes for anyone on your team: RE agents, contractors, insurance brokers, etc.

All that to say: DIVERSIFY! Both RE and stock equities are great ways to build wealth. Depending on your risk tolerance, many investment gurus recommend setting-up an automatic investment scheme into the S&P500. For example X dollars every day or week on automatic purchase. As you may know, on average it provides about 7-9% annual return on average (this year remains an anomaly :-)).

Good luck!

@Lokesh Chikka Kempanna

What’s the termination clause in your contract with the PM company? Is it a 30 day, no fee termination?

If so, I’d send an email saying if you don’t hear from them by a certain date a time you would like to officially terminate your lease. Then per Will or Nathan’s comments above, report it to the state board or RE commission to get your money back for the rent you didn’t collect.

@David Cam

What kind of questions are you asking? Is it a typical rental application? Or more personal questions about their habits and such?

@John Matthew Johnston

I agree with many of the comments above that the estimated prices are on the low side. Also, make sure you take pictures of all of the damage. Send the itemized list with price breakdowns, the pictures and the applicable section of the lease to your former tenant. I’d be surprised if they have the audacity to complain!

@Juan Zavala

Building a good credit score has a few key components, which include (but are not limited to):

1. Credit Length - how long you’ve had credit. So open a credit card IMMEDIATELY. The longer you have a credit card/line open, the higher your score will be. So don’t ever close credit cards - even if you’re not using them any more!

2. Credit usage ratio - this is the ratio of debt/credit limit. For example, if you have 3 credit cards each having a $1,000 maximum limit, and you’re carrying a total of $2000 debt, then your at 67% credit usage ratio. The LOWER your percentage the better. So reach out to your credit card companies every 4 months or so to request for credit increases (for ex. from $1,000 to $2,500). Rinse and repeat.

3. Delinquencies - missing payments. This is an obvious one. NEVER miss a payment! This can significantly ding your credit score!

4. Number of credit lines - the more credit lines (and possibly the variety) you have, the higher your score will be. So open a few credit cards. Mortgages, lines of credit, car loans, etc. will all help this area. Don’t simply rely on 1-2 lines only.

There might be more, but I think these are the main, heavy-hitting factors to beholding good credit fast. Hope this helps!

Hey BP family,

I’m looking to acquire a SS, RAL, or Apartment complex in the greater DC area in 2021. I love partnering with like-minded, hungry and self-motivated investors.

Is there anyone out there in the DMV looking for reliable investors to bounce ideas and opportunities off of? This is an environment to start building mutually beneficial relationships and potentially the start to something greater: a mastermind group, or more tangibly a syndication on deals. Looking for dedicated people who want to be held accountable and are ready to grow!

Drop a comment below if this interests you and I’d be glad to organize something a bit more structured around this!

Stay hungry!

Adam

@Luke Moore

Congrats - way to stay persistent! Also, appreciate you sharing your journey as an enjoyable, follow-along learning resource for us!

Best of luck to you and your team.

Adam

@Steve Morris

Hey Steve,

A friend of mine recently asked me to start an assisted living facility (ALF) with her in the Portland metro area.

She has a mentor that is well experienced with ALF’s in OR. I tried calling around the respective govt bodies, but wasn’t able to get clarity on whether out-of-state investors can setup such a facility. We were specifically looking at the Adult Foster Homes and possibly a DD home.

Any advice you can give would be greatly appreciated! Feeling kinda stuck here!

Thanks!

Adam

@Shawn Legree

Hey Shawn,

I bought and flipped a few properties in Buffalo, NY a few years ago. The ROIs are terrific up there (20-30%). Overall, the rental rates in Buffalo are very high - last time I looked into it over 65% of people rent.

There are many challenges, including finding reliable contractors and property managers (as in many cities). Overall the city was relatively run-down, but was undergoing decent revitalization of the downtown areas. A lot of the properties are run-down and need a good amount of work.

Last time I ran numbers, you can get a decent $75,000 property (usually 2 units) that rents for about $1500 ($750/unit).

Hope this helps.