All Forum Posts by: Corey Woodruff

Good for you. That is an awesome plan to dive into real estate. Start with reading books, a good suggestion is the book on rental property investing by @Brandon Turner and abcs of real estate investing by ken mccelroy. When renting out your condo be sure to screen your new tenant well to make the renting experience better for you and also make sure to really analyze what your monthly expenses are going to be so you can save your rental income for unforeseen repairs or emergencies. Usually 50% is a good place to start if your expenses are in the 20% range your probably forgetting something. 

good luck 

corey 

So I work at a timeshare sales place where the salesman make great money and the secretary's make a very low income. Well after hearing me ramble on about real estate all the time my low paying secretary comes to me and asks me if she could invest in one my upcoming deals......I kinda thought to myself you will most likely need a lot more money than you have, but it was right after that thought that she said I have great credit and have 50,000 saved so i could use both my great credit and the 50,000 to put in, is that enough? I heard in a podcast that money is all around us we just have to ask or talk about real estate enough to get people around us excited. When I started talking a lot of real estate talk in the office it was to attract some others in my company to invest and little did I know it was going to be the lowest paid worker in the company to offer the most cash and the best credit to get a few deals done! 

I thought this story would inspire a lot of people to get talking about the things they plan to do, because there are a lot of people out there holding onto their money because they dont have any idea what to do with it or are to scared to do anything with. thanks @Brandon Turner and @Joshua Dorkin for the advice. 

SO EVERYONE GO TALK ABOUT WHAT YOU HAVE PLANNED AND WHAT YOU WANT TO DO WITH OTHER PEOPLE BECAUSE THATS HOW YOU ARE GOING TO GET THE MONEY YOU NEED TO JUMP INTO THIS BUSINESS

hope this helps.

corey 

odesk.com is a great one to use. but look at it as any other employee, you wouldnt hire a new employee and let them start taking calls. so start the virtual assistant off slow and ease her/ him into knowing and buying into your business model. i personally have never used one because im no where near big enough to need one. ha but the usual pay i have heard is around 3 dollars an hour. im sure for a phone answering duty they could quote you a price. but i heard on the podcast how this one guy had gone through like 3 virtual assistants and thought they were useless but then he realized that he was putting way to much on there plate at one time. so the next one he eased into it and she turned out great for them. there is a whole podcast on virtual assistants im not sure which one it is but look through them it would give a lot of clarity

hope this helps 

it looks like your cash flowing about 200 dollars a month so that is good. and your return also looks nice. so your an "accidental landlord" meaning you didnt intend to rent and you turned out good. are you planning on getting another property for investment purposes? I would because it looks like you made a good buy. why not? 

bertha do you have any rental homes in Saginaw? Just wondering if you have had any good experiences so far you could share with me. I'm just about to purchase soon

yea they rarely will call the sure on sale clause. But just a word for the wise it's much safer to transfer the property into a land trust because the due on sale clause says it's ok to do that. So it makes it even safer for you!

Good luck

yea I like that strategy. But maybe cherry pick the good ones because a well managed duplex can really bring in the cash flow.. 

Good luck

yea very good idea. When I heard that 100 over whelmed me so I went with 3a day no matter what do I can analyze 90 deals a week

offer to go help him fox a property or clean it free of charge. Offer something you can do to help him out, because then it won't seem like your just wanting to use him for info

If you are going to get into multi family properties you must must must read the Abc's of real estate by Ken McElroy. This will give you so many tips. Don't base your offer from the sellers listing price. Your offer is based on the operations and cash flow of the property. The listing price is 100% irrelevant. You need to know all expenses and all income from rent roll and books, So that you can make an educated and accurate offer that works for your business. There are three types of income involving a multi family property that you need to know about the property before purchasing

Actual income-income generated over last 12 months

Actual potential income- income in last 12 months if all units are rented

Future potential income- total income the property could get if managed properly, fixed up, and all rented

****SO DON'T LISTEN TO WHAT THE SELLER SAYS THE INCOME IS IN THIS PROPERTY! DO YOUR OWN RESEARCH AND BASE YOUR OFFER FROM THE ACTUAL INCOME THAT PROPERTY IS GENERATING AT THE TIME OF PURCHASE!