All Forum Posts by: Al Diaz

Tons of players are still investing. It all depends on what you are specifically asking about.

@Leonel Leon puente jr - I wanted to started in real estate for about 9 years before I ever got into it. I read books, soaked in what I could, but I realized that none of that would be of any use to me unless I was in the right mindset. Mindset is everything. You need to be mentally prepared to take risks, delay gratification, and really bet on yourself. Rich Dad Poor Dad was a good book for me, along with Start with Why by Simon Sinek. 

I hope this helped you.

Good news is you're able to take the test again without having to take the course again. 

I took the exams on the back of the chapters and the practice exams on the back of the textbook as well. Those prepared me well for the test. I also purchased a practice test from PSI, and that helped as well. 

Can the current landlord deliver the unit vacant? 

I'm not sure if Kansas is a landlord or tenant friendly state, but 30 days notice to vacate on a month to month lease is fair. If you are offering them a lease, then I think you'd have to wait until the unit is vacant to remodel. Why bother going through that hassle while a tenant is already living there? If the tenant is shrewd, they may ask you to relocate them while the unit is being renovated. 

Ideal situation would be to get the unit vacant, but if you're offering a lease, wait until the lease is up, and the tenant out, to do your renovations. 

Congrats @Matt Alrutz ! I've found that the 1% rule can be difficult to capture in certain markets, so congrats to you and your bro on pushing through and making the deal!!

If this home has been on the market for a while, you may want to ask yourself why it hasn't already been snatched up by an investor. Go over the numbers with a fine tooth comb before you decide to pursue further. Consult with a local realtor, they should be able to get you comps for similar residences locally. 

As for your credit, very poor credit isn't a life sentence. If you have the opportunity to fix, go for it. It'll save you a lot in the future with more favorable interest rates. Put yourself in a position to win, my friend!

If you're a single member LLC, you can go with Rocket lawyer and the like. If you have a partner, things can get a little more involved. Also, you would need to decide what you're opening the LLC for (i.e. - fix & flip holding co. vs an asset specific llc for a buy & hold).

Once you've got a deal under your belt, I'd consult with a REI specific CPA to get you set up the correct way.

Disclaimer: I'm not a cpa, nor an attorney so this isn't official advice. 

@Leroy Abrahams that's a fairly broad question considering real estate markets being hyperlocal. I'd say analyze the market you are looking to invest in, and determine how has that market responded to the pandemic? If pricing has ballooned exponentially in the last few months, as it has here in the NYC area, then investing in the next few months may not be the move. 

The research you do should really be telling you what's the best way to navigate. Are reports pointing to strong rental markets, or an influx of folks from the suburbs to more metropolitan areas? That would drive your decision.

Is SFH better than househacking? I think you will find that most folks on here with side with househacking, myself included. Here's why (from my perspective):

If I were 22 again, knowing what I know now, I'd definitely house hack. I don't think you'd be spread as thin as you would on a SFH, and while there are more moving parts in a house hack, the parts are also interchangeable. You might also be able to get into a MFH using a FHA mortgage which would save you a ton of money and give you the flexibility to make any necessary upgrades while still earning expense offsetting income from your tenants. SFH sounds a little more load bearing to me.

Just thinking in terms of optics, this could be disastrous for you if you are a landlord in the same town in which you live. There's moratorium's across the country on evictions and the cutting off of utilities for non-payment. 

Why would you leave utilities in your name on a rental?