All Forum Posts by: Edwin Brown

Call it old school, but i have all tenants fill out an application before i even show them any property and we do it in person in my office. It really gives me the opportunity to get a feel for the tenant. I can usually tell right off if we are going to have problems or not.

This has happened to us several times and we always ask for a credit. Sometimes we get one, sometimes we don't. But if you don't ask, you won't. I've found that sending up photos along with a contractor's estimate usually helps.

It really is a matter of how many times you can get back up. Learning to not get knocked down as much is smart, but you can't avoid every punch. It's part of the business.

I do recommend having a "cover" number for your bandit signs. Although many people use them, they are typically against local ordinances and can get you in trouble. That being said, we have used them effectively, just be careful.

Rich Dad is very pro education, he's just not pro getting a degree to say you got one. Go to school and take every business class you can. Learn accounting, learn marketing etc. That will get you some fundamentals.

At the same time go find a successful investor and offer to work for him for free. You have to work around your school schedule, but besides that make yourself available. You'll learn more from him then you will in class and you are paying to go to class, so think of it as a free education.

It won't take long for you to be so valuable to the investor, that he'll start throwing you money just to keep you around. It really doesn't matter. Learn everything you can and you will be in an incredible position when you leave school.

Travis, sounds like a great deal to get started. One note, it is even more important to use an attorney when working with friends and family then when working with strangers. Attorneys make sure both parties agree in writing and that all terms are clear. It's the best way to make sure everyone is protected and on the same page.
As for lowering the sales price to help on taxes, you can structure deals many different ways, but you must always be honest. Don't say something sold for less than it did or you will find yourself if hot water fast. Besides, a lower sales price means you will have less basis in it and you will have to pay the extra taxes when you sell.

Krystal, you are going to be very popular soon, and not just because of your profile picture!

Just be persistent. Continue to call. If its a woman send her flowers. That'll get her attention.

The reason that REO agents ignore so many investor overtures is because most of them don't pan out so they are a waste of time. You have to convince her that you are not a waste of time.

The best way to do that is put your money where your mouth is. Go drive by her current listings and find the one best suited for you. Then go to her office and make a cash offer through her. That'll get her attention.