All Forum Posts by: Cassie Chun

Aloha Markiya,

Yes, getting quotes from multiple contractors is an even better idea rather than relying on just one. Some contractors will bid a job for no fee, others may charge a small fee to make their time worth while. As you complete more projects and gain experience, you may be able to better predict expected costs for different aspects of a renovation.

Best of luck to you!

Cassie

You can partner with someone or raise private money from a friend/family member

Aloha Juan,

I don't necessarily see anything wrong with posting a property for rent that is listed as pending sale as long as prospective tenants understand the situation. 

Cheers!

Cassie

Aloha Madylen,

I have excellent section 8 tenants. I can't emphasize the importance of screening tenants enough. Make a list of your concerns/worries and just make sure you have a great process for evaluating prospective tenants. Income and employment verification, speaking with previous landlords, etc. Sometimes no matter how well you screen, you may encounter a bad apple or two from time to time. 

Good luck!

Cassie

Aloha Ajit,

As the saying goes, the best time to invest in RE was yesterday, but the second best time is today. If you find a deal that pencils for your risk/comfort level, take the opportunity! There is so much to learn on your first deal so don't expect it to be a homerun. My first rental property generated a cash on cash return of 7% (not great, but not terrible) but more importantly I was off the sidelines, in the game, learning, and building my level of experience and comfort, which then led to better deals in the future. 

Good luck!

Cassie

Aloha @Peyton LaBarbera

I typically return security deposits to former tenants via mailing a check. Perhaps you can ask their preference and take it from there?

Cheers,

Cassie

Aloha Matt,

Check out SemiRetired MD website. Their mission is to help doctors and their families achieve financial freedom through real estate. This could be a great resource to get you connected to a network of physicians already doing what you want to do in real estate.

You can find information on local meetups under Network > Meetups > enter your zip code.

Best of luck,

Cassie

Aloha Lynn,

Some great suggestions have already been posted. My $0.02 - be a private money lender to an investor with a good track record and experience. You can earn interest on that money while also getting a "free" mentor and education from the investor you lend money to. Once you know a little more about real estate and have earned some extra money, you can branch off and start doing your own deals. 

Example: Lend $100,000 on a fix-and-flip deal. Get paid 8-12% interest per annum ($8,000-12,000). Lending terms can be structured so you get paid interest monthly, or principle + interest lump sum when the property is sold at the end. 

Good luck!

Cassie

I’m buying a rental from sellers who are doing a 1031 exchange. We originally agreed on a $15,000 closing credit, but their qualified intermediary advised that they do a price reduction instead because a credit would have tax implications for their exchange. For obvious reasons, I’d prefer to realize the $15,000 savings at closing. Can anyone comment on whether it really matters from the Sellers (tax) perspective to do a credit vs. price reduction?

@Omni Casey This is amazing! Thank you for sharing your story. Your daughter is fortunate to have you teaching her these very important business/money and time/freedom lessons early on.