All Forum Posts by: Charles Morgan

BiggerPockets is one of the best mentors you'll ever have IMHO, lol.

Welcome to Bigger Pockets Eric. I don't know if anyone here is from your area but one thing that always works well is to go out and meet people who are doing it. Realtors, and real estate groups are a great place to start. Beware of "Mentor" groups, there is a section here on "Gurus" that is a great read. See if there is a landlord association in your area.

Ned Carey makes a very good point, when starting out you will not usually be making your entire living off of rentals. I look at mine as a bank account that someone else is putting money into for me. Every payment to principal is a bank deposit, like a CD that matures in 20-30 years and someone else gave me that money.

It's also possible that her license is merely to save the commissions normally paid out when she/husband sell or buy for their real business, (flipping or renting, or ), as well as access to the MLS. I am considering my license for exactly that reason.

I do have two houses rented to friends. One has been great, the other has been a pain. I do not recommend it.

I do like David Jackson 's plan. If you can get your principal and profit back out tax free while keeping a cash flow property, wow! I am trying to work out a similar deal on my latest as soon as it is rehabbed.

Nice, you are really doing your homework, I wish you the best. I have a sister in C. Springs who has been an ID10T with her home. Last year she let the bank repo it (payments about $1000), and moved into an apt. (payments $800) instead of trying to sell to an investor or rent it out, or sell to me. Wish you had been around then!

Be there. My last two appraisals, I could not be there and got hit for stupid stuff and I had no chance to dispute it because once it's done you have no recourse against the appraiser or the appraisal.
Big example, I got hit for a firebox within 6 inches of a flammable surface, both walls and the floor around the fireplace are solid concrete!!!

I actually have security doors on 3 of my homes. They don't provide any weather protection but if my tenants try to say the homes are not secure, I can point to those to say I at least did my best to make them secure. They are usually mounted a bit more sturdily than storm doors.

Just went to the first event in El Paso. Lots of people signing up for the three day event. Had two friends with me, none of us went for the three day thing because we already had Bigger Pockets. They showed these CA flips, umm this is El Paso. One 'sample' was a $279k 3 bed 2 bath that they put $60k into. My 4 bed 2 bath recently appraised at$58k, fully remodeled.