All Forum Posts by: Andrew Angerer

Sounds like I am moving to Florida!

Be firm and upfront with everyone, once they realize you are soft on getting paid they wont care anymore. Let them know you are the landlord and if they have any problems then it may be time to move out. If you set high expectations now you will avoid more issues in the future. 

Read all the books on this url. Best part is they are free!

https://www.biggerpockets.com/guides

Typically people make these assumptions based on comps, that is comparable properties super close by. That is the best way to figure out what your property will sell for, the only problem is, no two houses are exactly alike, so you have to use your judgement to adjust yours. 

But yes, some assumptions were made, however Brandon has a ton of experience and likely will be able to rent it for close to what he estimated. 

I would suggest reading this document to get a better idea of comps. 

https://www.biggerpockets.com/files/user/jasonscott/file/estimating-arv

Always always always get a home inspector to look at the property. Make sure that the inspector is someone who is trusted but is not related to or knows either yourself or to the seller. 

Put yourself in their shoes, if you were in pre-foreclosure, what kind of letter would you want to see? It is legal to send them mail, however I wouldn't mention right off the bat that you know it is in pre-foreclosure. Just make sure that you tell them what you can do for them and why you can help them better than the competition.  Off market deals sometimes can be the best ones, but don't hold your breath for just one, look at as many as you can. 

First thank you for your military service, it is men and women like you who keep the world in order.

Second, this is a great way to post for your first time by telling people your situation and your goals you already have a leg up on those who try but quit in the long run. 

  There is an expression from Abe Lincoln that gets thrown around a lot on this site, it is "If I have 8 hours to cut down a tree, I will spend 6 hours sharpening my axe". Essentially, before you buy or do anything, take time to research, to learn and to grow. Everyone on here at one time did not know anything about real estate. My recommendation would be to listen to the bigger pockets podcasts, read as much of the free books they offer and participate here on the forums.  Spend a few weeks or months doing one deal a day, where you look at a random property, run the numbers and see if it is a good deal or not. Just practice and be patient, and sooner or later you will find the right deal/ opportunity to enter the passive income dream we all share.

Last, since you are military, there is someone who has had a similar situation as yourself who has succeeded. Read his story here. https://www.reddit.com/r/realestateinvesting/comments/817z6d/ama_ive_built_a_portfolio_of_35_rental_units_and/

Best of luck!

I do not know any of these people, but I would not recommend paying any money for coaching. Many times they are scams or just give you the bare info for a ton of dollars.

Use bigger pockets to your advantage, there is a ton of free information on here that can really get you started on the right track. Plus you have all of their webinars and podcasts you can listen to for free. 

 If you really want a coach, find one in the real world, start talking to people, networking and try to find someone who wants to pass on what they have learned to someone else. The best way to do this, is to offer help to others, show them what you can do for them, in return for you getting to know how real estate works. Both parties should get something out of a partnership/ mentor-ship. 

Congrats! Do you have pictures of the property?

Typically you can buy and sell homes with no credit, but that means that you have to prove to other people that you can use their money to further themselves with the weight of bad credit holding you down. However in this economy many people are looking to park their money somewhere that can grow rapidly, like real estate. So if there has ever been a good time to use other peoples money to invest, it would be now.

I would learn as much as you could ever about real estate and prove that you know markets and how to spot a good deal. Then use that information to convince people who have money but no time (usually professionals) that you can grow their money faster than others and do it with little risk.

Let me know if you have anymore questions. 

Thanks,

Andrew