All Forum Posts by: Bryce Wong

Conrad, I'm no pro, but I just want to let you know that there are deals if you look hard enough. How many homes or deals are you averaging daily or monthly? What are you primary sources of looking for properties? Home prices usually scale with rents, and that can easily be determined by finding out the rent to value ratios. You might have to even search off market if necessary. Network with your local real estate club people and look and see if you can maybe partner up on a deal. 

Bad mistake to rent without having the tenant sign a pet addendum. It's too late now. You cannot evict if your lease doesn't specifically mention about pets. I say just charge them with the damages for getting the smell out of the home after their lease ends. 

@David Zheng I don't think he knows because Shawn said he inherited the property including the tenants. @Shawn Ackerman If your property manager is handling this, he should already have the systems in place. If he's asking you what he should do, I'd say he isn't a very competent property manager. 

@Will Gaston I'm kinda like you when I buy my properties. I find it hard to accept the fact that the previous buyer bought it a lot lower than I did. For that reason, I pulled out on a 12 unit in a great area that was going for $580,000, but the seller bought it at $200k++ about 8 years ago. Did I kick myself? I didn't, because I know a better deal would come up again later. Notwithstanding that fact, deals are always aplenty, and one shouldn't be too caught up on a one deal and miss a better deal. If that property matches your criteria, I'd say go for it. If you're a buy and hold investor, the price you pay shouldn't matter at all, because appreciation is always a plus, but not the meat of it. You're really looking at the property's cash flow potential.

John Vo , the key to rehabbing lies in how cheaply you can do it for. The lower the expenses are, the more you profit from the deal. Unfortunately for most people, time or the necessary skills are not what we have, and thus full time flippers who have the experience and the team would generally prefer the wholesale deal over the MLS one.

Residential, single family homes. 

Hello! I'm an investor looking for good general contractors and handymen around the macomb and oakland county area in the Michigan metro Detroit area. I have a lot of on going projects and I am willing to find one to work with long-term. Please let me know if you know anyone or have good contacts for one thanks!

@Marshall Downs How many years were you working full time before you quit and transitioned to real estate? Congrats, I'm happy for you. Do you ever come to the metro Detroit area at all? I'd love to maybe listen to some of your cool experiences and maybe share some ideas.

@Donald Dickerson You might also want to add in a clause that tenants have to report to you on anything they fix even by themselves. You don't want an uneducated tenant to be fixing up a major problem that they think is "cheap" only to cause you more headaches down the road.

Hi @Raeshelle C. :) I sincerely admire your efforts and I know it will definitely pay off if you put all your time, heart, and soul into it. Do me a favor, when you wake up every morning, read aloud from a piece of paper what your goal is and make sure you're working towards your goal every single day until you hit it. Also, you might want to read Brandon Turner's book on Rental Property Investing so you know exactly what you need to do to analyze a deal. You don't want to blow your hard earned money on a deal that would make you lose money. Buying a foreclosed property only to foreclose it yourself later because of unexpected expenses can be disheartening. By the way, real estate is a good way to financial freedom, but it is certainly not the only way. Start focusing on your talents and skills and who knows, you might be able to start a business or provide some type of specialty service that only you are good at. You can then sell the business off down the road and be sitting on a hill of cash. Being close-minded is what kills off wealth. Real estate is great, but it does present its risks too. Good luck!