All Forum Posts by: Brett Deas

This is hard to answer without more details. I.E. Location, Age, Job Status, Goals? 

Essentially goals are what you need to define first, then find the strategy that can help you accomplish those. Do you want a few extra bucks a month? Tax write-offs? Replace your job income? 

I think depending on where it can be a great strategy. I am here in CO where we had the Louisville fire that wiped out entire neighborhoods. I have worked with some people who are working on those and it is long with the permitting process but can be very worth it depending on the lot. The one thing I have found is doing a few at a time all next to each other helps mitigate risk. Obviously, depending on the area, it is hard to find more than one lot, but it really helps when determining the ultimate sale value and is sort of an insurance policy. 

Definitely not needed beforehand. I didn't actually create mine until we got our first tenant. 

The real question is, is it worth trying to go after them? While you may end up with money in the end the process of taking them to court and dealing with lawyers is long and time consuming. I would say approach them first but then after that going to court might not be worth it from a time management perspective. 

That is a hard situation but not impossible. I was where you are a little over a year ago. I would suggest going to meetups and trying to talk to as many people as possible. People are the key to this business and trying to do it without them is impossible. If you want to connect feel free to reach out!

If I understand what you are saying you are worried that you are gone too often can could get in trouble for that. From what I have been told as long as you can prove it is your Primary residence you are fine. The example I was given is a pilot has a place with a VA loan and he rented it our for the majority of the year while he was gone for work. This was allowed because it was his true primary residence and didn't own another place where he spent the majority of his time. So I think as long as it is your true primary residence I think it's fine. But also be sure you ask the person you are getting your loan with.

I would suggest the 4-hour work week. It takes it to the extreme but is still extremely good at setting up automation systems. 

The setup can vary largely depending on the place, and the experience of both partners. I have found more experienced funding partners expect more returns as they could get the return on their money on other deals. On the flip side more experienced managers typically know what their deal and split is and won't take anything less. 

In my first deal I was the sweat partner and I ended up getting less than what I was expecting. That is how most sweat equity partners do it because oftentimes they are not as experienced and they aren't carrying enough of the liability in case anything goes wrong. Basically, the manager should expect probably less than half as they aren't bringing in the money so they can't lose it all. 

If you are using a realtor they should be working with you on how to sell it to the seller, relying on their experience. The tax and insurance are likely based on where you are and local rules so I would ask your realtor to help you through that as they should know. 

I think that virtual staging from the rental side is really good especially when the market is getting more competitive. It is all about the first few pictures you have and furniture can help attract people's eyes. A lot of it can also be where you are listing them and what they have. For example, on Zillow, if you mark the furnished option your search rating goes down exponentially VS. if you highlight the new kitchen in a suburb that can be a huge draw. Other creative ideas would be drone pictures depending on the place because you can't really do them for a condo.