All Forum Posts by: Alan Chambers

@Owen Dashner thank you so much for such a detailed and thorough answer!

So a friend and I are ready to buy some fix and flips together. Where can I find info on how we set this up and what we need to have in place regarding paperwork etc. Do we need to form an LLC together, should we open a joint bank account together etc????

How does this work as a proper partnership so it’s all correct? Any good books out there?

So I can't afford to buy in my area. I was curious about more affordable cities out of state. Obviously I don't know these markets and this would be my first buy and hold so I have to get it right. Would you say out of state is too risky for my first deal? If not, any good resources to get knowledgeable about other markets and resources etc

I am a Realtor. I have a Ltd company for this business. I want to start rehabbing/fix and flip. Aside from hard money lenders etc how would I obtain financing through the business? Is it like a personal mortgage or is it a standard bank loan or something else? I want to start researching but have no idea, any suggestions on where I can learn about my options would be gratefully appreciated.

@David Beard your absolutely right, as much as. I want to jump in now this is probably too risky and I should wait until I have more cash.

Thank you to everyone who commented. Very helpful, insightful and a ton of fun.

P.s I love how the post started as a run down area and as it progressed its now a "war zone". Probably more apt but very funny. Lol

Thanks everyone for your help.

@Joseph M, not sure utilities are included. Going to the area tomorrow to look. On Listingbook there are a lot of triplexes and quads for $80k (assessed at $180k) with rents from $800-$1000. Seems to good to be true!

I'm new to this but am reading and studying every waking minute. Part of me is concerned and would walk away but the other part wants to get started and I've read to treat it like a business, DON'T get emotional (I wouldn't live there) but if it cash flows and a property management company screen tennents, get rents etc then what's the problem?

Thank you all for your input. Marco you make absolute sense and I suppose in my heart I probably knew this was risky for my first venture. I just happen to live in an affluent area and am desperate to start (even though I don't have much cash for a deposit).

So with that what are people's thoughts on buying duplexes etc far from where they live? Can you be a successful landlord/investor if you are in another state?

I have just researched close to home, wondering if I can make this work in cheaper areas.

Thank you.

Morning all,

Love these forums so I thought I'd ask the experts.

First piece if exciting news, just signed up to start my agents license next week...soo excited. I plan on a three prong RE career, realtor, wholesaling and the odd but and hold. Here's my question:

I want to start investing like yesterday, there is an area 40 minutes from me that is really run down in parts and crime rates aren't good. I'm not that familiar with the area. The thing is it has tons of Quads and some are like $80k but average rents are $800 which seems great cash flow. I can afford a deposit on one now (all other areas start at $300k).

Should I risk my first buy and hold in a cheap, bad area and employ a property management company to save me the hassles or wait a year or so and go where it's more pleasant???

Sorry if this is long, can't wait to hear your thoughts.

Alan.

To fund my first investment purchase (a triplex to rent and hold) do people recommend using my 401k or using equity in my primary residence?

Thanks all.

Hi everyone,

Just waiting for my salesperson license class to start in July then I think it's time to jump in and become a realtor and investor.

What is a typical week or typical hours for a full time agent wanting to be successful? I guess all weekend is a given, what about most weekdays and nights?

Any insight into typical working week etc would be great, there is not a lot on the Internet.

Thank you.