All Forum Posts by: Sean Carroll

Just curious but what markets are you looking at? Also what type of lending are you interested in, conventional or hard money?

@MJ  I would try to consult a local RE attorney. I have never heard of that for our state. I can see why would want to do it though, sort of an insurance/ motivation for him to move out completely. With my experience and the law, I am familiar with the tenant is allowed to be present for a final walk through within 2 days of his last day up to his last day where you can both go over damage and pictures that were taken prior to him moving in. at that point, you have 21 days to return the amount left over after damages if applicable. hope that helps a little!

@MJ Han

@Don Wede Where would you find auction houses? Also do you have any experience in buying a house for auction?

@Jay Hinrichs and @Andrew Johnson What would the different numbers be for buy and hold? would 20% down be the rule? I look at flipping houses as a way to build capital to purchase long term buy and hold properties. I would like to really have passive income mixed in with my portfolio. Hopefully to the point where I do not need to flip but do it more as a hobby to keep me busy. (a hobby but still strictly business as far as discipline wise.)

@Michael Lee yes cash flow after the 50% rule is very important, I'm glad I discovered that rule. My only question is say you get lucky and have no major expenses for a while how long should you keep saving that 50%. Is there a rule say implement the 50% rule (save half of cash flow) up to a certain percentage of the properties value?

@Sinan M. welcome! Stay super active in the community and you will learn a ton!! Also maybe consider outside of California for your first property, scary but you may find it worth it!

@Chingju Hu you're not crazy at all!! that's what I am doing and hey if i can make enough for a down payment eventually then so be it, but like you said the property out here is crazy and nothing cash flows. I am looking at a 4 plex for 1.5 mil and there is no way to make the deal work unless coming in with a large down payment for a tradition 30 year loan. Where did you buy your first property at? single or multi-family?

@Jared Saunders Holy hell man!! (not sure if I can say that) but congratulations on your incredible success!!! I hope I can get my business off the ground as quickly as you can!! I may have to hit you up for more advice hahaha

@Matthew Holcombe Do both!!! Keep learning but at the same time try to jump in. See if you can find someone in your area who is doing a flip or getting ready to and offer to help them in exchange for talking your ear off. My mentor is super helpful. I also recommend J. Scott's book flipping houses. I just finished it and it was super helpful and informative. I would also recommend the seminars and podcast that BP offers. Also check out their youtube channel! Let me know if you have any other questions!