All Forum Posts by: Rex King

I invest in MN. I have had a few wholesalers try to bring me deals and I have yet to buy one. I am in the process of buying a pocket listing now but I have not had luck with a wholesaler. 

What I hate about dealing with them is the usually have a super inflated ARV, a term I do not use. I like to say, "how much is the home worth?" The last one brought to me needed a cash close in 7 days for 250k. The said the "ARV" was 350k. I found it hard to believe that the home was worth $200/ sq ft in the end. It needed a full exterior makeover and a lot inside. So needless to say I passed.

@Francisco Felix (I wish I knew if that notified you) If you are not charging for backgrounds, especially in C/D areas, I think you are making a huge mistake. I had my last rental in a B area and I went through 3 applicants before finding the right person. At $30-40 per I am not wanting to eat that expense. The renters should have paid for them because all of them hid something from me when I asked if anything was going to come up. We will find it whether credit or criminal. 

I think it would be a decent idea of crediting their deposit however we just changed our policy and now require 1.5x rent for deposit plus 1st month rent and ALL certified funds. 

Form my experience I do agree with Dana Hoffman that it all depends on the property. We have changed our investment strategies over the years and moved from C/D areas to A/B areas. The A/B tenants do not have a problem with it. I look at it as the cost of renting and as long as people are going to be renters and not owners they have to pay for backgrounds.

Kind of like closing costs on loans. It is the cost/expense of doing business. 

I have always left and learned from Robert Kiyosaki that my odds of attaining my goals are much better through RE than anything else. I was 18 when I read that book and decided I would be in RE for a long time.

I think that fact that I have something tangible has always helped me and I understand that if rent is X and the bills are Y I get to make Z and at the end I have an asset worth a lot of money.

@Stephen Hundley There are some days I wish I had more of that mindset. I have gone back and forth numerous times on how to have balance. I am still trying to perfect it. I always tell people coaching is my heroin. 

I have dabbled in BP and now I need to really get focused on building my business and taking it to the next level (All while trying to get back to the state championship game).

I am a real estate investor from St. Paul. I grew up in this area and I am a head football coach of a suburban high school. Answering the above question I would say I have always been interested in RE. I bought my first house at 21 years old and with in the next year I was a licensed Realtor. I still hold my license but do not do much out side of my own investments. 

I knew at a young age I would be in RE. I have always seen investing in RE as a means to the end and a way to create a better life for me and my one day family (which is now here). I would one day love to be able to turn my business over to my son (3 months old at the time I wrote this) and only coach football.