All Forum Posts by: Bryce Hammill

I feel as though these are fears from everyone just starting out. There is only so much learning you can get from reading books, videos, etc. Actually doing will help yield a ton of knowledge. It will also make the process not so scary. 

Have you identified the type of property and area you're looking to invest in? How about your core people you'll need? (Realtor, Lender, PM) These will be some key people you're trusting to take care of your investment.

Before I would go paying big money for someone to walk you thru a deal, Id use some of that to invest into yourself. Also you can use that money towards your deal. There are a ton of information on these forums. I feel like you can get answers to pretty much any of your questions on here. No point in spending thousands for an expert to tell you the same thing. 

Hard money lender. Refinance out of the hard money loan after the rehab. 

Partner with someone. They bring the finances and you provide the sweat equity. 

All the bigger pocket books are good. Rich Dad Poor Dad, Richest man in Babylon, etc. I'm sure you can search and find a ton of good recommendations. 

The book I was reading when I decided to take action was Managing rental properties, by Heather and Brandon Turner. 

Analysis paralyses, is one that had me stuck. I listen to pod past, read books for 3 plus years. I always felt like I didn't know enough. 

One days I decided enough is enough. Time to take action. Had a property under contract within two weeks. 

Id set aside more money for maintenance, and cap-ex. Don't want to get caught with no reserves. 

Check with your Realtor and see if they have any recommendations. Don't forget to interview a few as not all management companies are the same. 

What about having each unit play a flat rate fee. See if you can get a 12 month history of the utilities from the seller. Then average it out an have the unit pay a flat fee. Another option is to get the property individually metered. This will be pricy, but if you plan on holding long term it may be worth it. 

Any reason your second guessing yourself on the property? If the numbers work out at the lower rents, seems to be a good deal. What do the numbers say if you raise them closer to market rents?

 Thank you for the info. The short term lease makes sense. Been curious of this, as I'm looking at a property back east. 

No knowledge on this, but very curious of what others have experienced. 

Looking at the numbers carefully. If the numbers make sense lets do the deal. Also don't adjust the numbers and lie to yourself just to find a deal.