All Forum Posts by: Billy Daniel

Hey BP!  I'm currently under contract to purchase a house with fire damage (limited to a couple of bedrooms) and smoke damage throughout.  What tips do you have for this type of property?  What is the best way to clean the smoke?  

I'll be scraping the popcorn ceilings and repriming/painting them.  I'm curious about what to do with the walls and cabinets though.  What materials should I use?

Ask around with other lenders.  Start with local lenders and look into commercial loans.  Someone will give you this loan.  A lender shouldn't care as long as its insured, in my opinion.

Why is the tenant acting like that?  Did you ask?

Give notice and terminate the lease.

You'll want to check with your CPA and probably an attorney to get the best advice. I know some investors who create an LLC for each and every property and then hold those LLCs under a single LLC. It creates a lot of extra costs but provides quite a bit of protection.

Others will hold everything in a single LLC. Each person is going to have a different opinion and your specific situation will likely influence what the best path is for you.

I would say start with David Green's book about Long-Distance Investing.  On these forums you will get everyone trying to push their market simply because they are familiar with it and like it (which is fine), but you need to start with some self-education.  Then you'll know what to look for and what questions to ask!

Good luck!

Start with @David Greene's book about long-distance investing. It's got some great advice regarding setting yourself up for success. You could also check around to see if you have a local REIA. The members there could probably provide some great advice. Chances are, there's a long-distance investor in the group.

As far as LR, I live just about an hour away.  I don't know much about it, but I know there are some good investments to be found there.  Good luck!

Our first meeting was a success!  Please join us for meeting #2 on June 13th on the second floor of The Old Bank in Russellville, Arkansas.  Plan to start around 6 pm.  We will have waitstaff available for food/drinks!

Don't forget that our first meetup is tonight in Russellville, Arkansas at The Old Bank downtown!  We'll be upstairs starting at 6:00pm!

I'm sure @Ryan Blackstone could give some great pointers!

Hey @Eric Derer!  Your local options are probably not as limited as you think they are!  Have you searched for any meetups where you could start building your network?  Have you looked into house hacking?  It's possible to get into a small multifamily and cut your teeth with a low down payment mortgage.

If you are serious about long-distance investing, start with @David Greene's book found in the book store.  It provides some great insight into finding a market and building a team.