All Forum Posts by: Kase Knochenhauer

@Steven C Hazel - I don't know this area at all. However, I'm very careful of Federal Fair Housing Laws as a Michigan investor & agent; as should you. Defining specific areas as a 'hood' starts driving us toward a Fair Housing problem discussion; which I know you aren't trying to do.

That said, there's a plethora of free information out there to help define which areas you'd like to invest in or not. Here's just one example that can create a crime heat map of Stuart, Florida.

https://www.neighborhoodscout.com/fl/stuart

Finally, my last tip, drive the area at dusk and make your own assumptions regarding the location of your investments.

@Kalen Jordan - I'm all for ads for a few selfish reasons:

1. I don't want my Pro Membership to cost $100/month
2. In the last 12 months, I've earned in excess of $500/hr on BP. I'm happy to let BP earn some money too
3. If I ever create a ground breaking product I'd like Brandon or David to read my ad on BP

Finally, the ads aren't badly placed or lengthy, and you can fast forward. ;)

@Maximilien Robespierre - I can't see your post for some reason but here's my thoughts:

Real Estate Partners: Good partners can accelerate your business beyond where you think is possible. Bad partnerships can tear it apart faster than you can believe.

Spouses: No, I don't recommend finding two wives. Keep/find one.

Donuts: Depends on how many you've already eaten. Typically 2 is better.

@Sam Bader - yes. It's working well. 

I'm currently in the process of refinancing a Chicagoland duplex and should be able to pull out $17,000 more than I have into the property while cash flowing at $400+ per month.

@Rashad S. - a lot of people that that was a good idea in 2008 and then...

Be careful, move fast, and don't expect the perfect house in the perfect area at the perfect price.

@Roy Gottesdiener - spend less & save more!

Reduce overhead: stop eating out, move somewhere cheaper, drive a terrible car, cut cable, sell your TV, etc

Make more money: get a job promotion, work overtime, flip homes, deliver pizza, etc

Determine what is your highest dollar producing activity and do it as much as possible.

@Walt Alexander - start door knocking, then skip trace and pound the phones.

Finding deals is the simplest most difficult thing you'll ever do.

Note: 100 addressed might give you enough contacts to find a deal - but probably not. You'll likely require 300-500 addresses and contact information.

@Robert Damato - purchase BRRRR properties in your own individual name. After rehab & 6-month seasoning, refinance the property with a conventional mortgage. Then after the property has closed, quitclaim the property from yourself to your LLC.

This order will offer legal protection while it's rented and gives you the ability to qualify for a traditional loan.

*note - some people will mention that lenders could call the loan due when you quit claim the property. While it's technically true, we've never seen it nor can find an example of where it's occurred.

@Connor Mckelvey - I'm no accountant but have learned from many professionals. 

There's no need to create a new checking account for each property. Just ensure that you have the capability to track income and expenses for each property - it will make tax time a lot easier and ensure you have an idea which properties are the real winners and losers.

For small time investors, you could use QuickBooks Self Employed (not the best but it's only $5/month). We use Quickbooks Online which is pricier at $50+/month but is scalable and allows us to direct deposit contractors, send bills, etc.

@Zachary Peek - I was previously a client of Club Wealth Coaching and loved it. My business grew rapidly, my systems improved enormously and I made a lot more money.

The only reason I left was to pursue flipping homes full time. Check them out and I think they'll still give you a free strategy session. It's only $500/month too :)

Secondly - get your systems down and do lots of prospecting before buying leads from a program from Boomtown or similar. You need seller leads, not buyer leads right now. Get that listing count up by calling FSBO, Expireds, knocking doors, hosting several open houses per week. Getting sellers is cheap and will keep your overhead down - then they'll provide you with buyer leads from all the sign calls you'll get.