All Forum Posts by: Lisa Henrich

Even if their background, criminal, and credit checks all come back within your requirements, it's always a good idea to drive by their current home (if possible) to see how they are caring for it.  Chances are they will take care of your property in the same manner.  It might also be a good idea to talk with their landlord before the last one.  In some instances, landlords could give a decent recommendation just to get someone out of their property. 

Good luck!

@Brandon M.  Thank you so much for the insight.  I know a few brokers that might be willing to work a 100% deal with me.  You gave me a lot to consider.

I currently have a great day job and do not want to give it up for a career as a realtor. My passion, however, is being a buy and hold investor and creating passive income. I need my already established high paying job to purchase these properties.

My question is...is it possible to get a real estate license and use it to purchase properties (and save the commission) without working for a real estate firm? Will my license stay active if I just "have it" to use to purchase properties on the side? Can I partner with a broker to do these deals?

I'd like to retire with a total of at least 20 properties. Over the long run, having my license would save me tens of thousands of dollars, as well as cut out the hassle working with a buying agent to gain access to properties.

Thanks,
Lisa

@David RobertsonFirst of all, welcome to Bigger Pockets!  I own some single family rentals but I really wish I could go back in time and buy a multi-unit property to live in when I was first starting out.  I think it gives you a great way to offset living expenses (especially in DC) and continue to build savings for other investments.  And, when you're ready to move on to a single family home, you can just rent out your unit.  Good luck!  

Lisa

Thanks for your insight, @Trevor Ewen!

@Steve Trottaand @Karl Krentzel Wow!  You both make very powerful arguments for getting a license.  I think I will look into it.  

@Rod DesinordThanks for your insight. 

I'm a buy and hold investor and was wondering if there is enough value in getting a license to offset the cost and time. I tend to lean towards, no. I have a couple of properties right now. My current goal is to acquire at least 4 additional properties before the end of 2016. I'm not counting on getting all of those properties off of the MLS. I will look to purchase directly from the seller. Is it worth it for just the connections/education/MLS access/etc? Any advice?

Thanks,

Lisa

What are the best ways/websites to help with evaluating a buy and hold property?  My goal is to buy, rent, and build equity.  However, I would also like each new purchase to generate a cash flow.  My thought process is each new properties needs to cash flow at least $100/mo...after ALL (including management) expenses.  Any insight is appreciated.

Thanks!

Lisa

@Michael Delpier@Jim Viens...Thanks for the input.  This tiny little town has some really nice sections and some already thriving businesses.  It has a bad reputation for its less attractive areas and failing school system.  Is it possible to just start with one property?  If that goes well, do another, and so on?  I would assume it could gain momentum and take off.  I have access to a professional film crew so I could make a short film about the town and my efforts to advertise on a crowdfunding site.  I assume I would need to speak with the town council prior to starting even the first project, correct?

I have an idea.  Please give me your thoughts and suggestions.  There is a very cute town near my hometown that is in need of some desperate revitalization.  It has very good bones and could be Any Town, USA.  My idea is to try to crowdfund the purchase and rehab of some of their condemned buildings, sell them, and redirect at least half of the profits to the local economy (small businesses, etc.). Perhaps, investors could get a plaque dedicated to them in a local park, etc.  Donations could be in any size.  Thoughts?