All Forum Posts by: Dale K Poyser

Yelp is a good source because it lets you read reviews of actual customers. Start with a contractor that has a lot of 5 star reviews.

You can join some facebook groups and network with investors in your area. Nothing like word of mouth referrals.

Either way you definitely want a way to check/verify their work before hiring them. Maybe start with some smaller jobs before going all in.

Depends on your goals and the current market. There are opportunities out there but some strategies are risky. 

1 - Airbnb (STR) comes to mind - very competitive, very saturated and becoming highly regulated.

2 - Most STRs are transitioning to MTR so that market will be saturated soon if it isn't already.

3 - Insurance crisis in florida is getting bad so those costs will eat up cashflow and short term appreciation. Also Condos are dealing with high special assessments. I would say the real estate market in Florida is Risky.

4 - If you follow the navigation and growth trends you might be able to get ahead of the next opportunity wave. I have heard good things about Ohio, Indiana, etc.

5 - Due to high interest rates flipping has become highly risky and most businesses have dried up.

6 - Co-living and Assisted living seems to be popular right now.

So - really depends on your market, your strategy, and your timeline. But, opportunities are out there. It's always good to invest when there is worry and uncertainty.

Do you mean Home Equity Loan? Would help if you stated what questions you had so people could reply right away.

I have knowledge on HELOANs but not direct experience. I opted to go the HELOC route instead. But I could probably (and will try to) answer your question.

It's not necessary to pay for coaching programs, but that absolutely helps to FastTrack the process. The major downside is you'll have to filter through a few scammers and fake gurus.

I recommend (on your own) doing as much research and legwork as you can. This will allow you to make more informed decisions,  as well as bring some value when networking for relationships.  

Don't focus on getting a mentor for now. Focus more on "being of value" to those you meet. As you focus on what you can do for others  opportunities will present themselves to you.

For networking try the biggerpockets Facebook groups , try meetup.com, the real estate rookie Facebook groups and any wholesaling groups you can find. Be present and participate. 

Read books, have conversations and after a while you will understand how the more successful wholesalers conduct their business.  

After a while you can quickly determine if and what wholesaling programs are right for you.

Good luck.

@Ashley Guerra I think @Andrew Kiel makes some great points. Based on what you are saying I think a SFH might be your best bet. I would be curious to see how your numbers would look if you got a 3/2 and househacked (roommates) or continued to live with your parents while you turned that place into a MTR.

I think starting out, you should def do what works for you. Buy places in nice areas because those also tend to weather downturns better. 

Typically it would be the tenants responsibility to provide access. The handyman would reach out to the tenant to coordinate availability, then coordinate with you on the issue and fixes needed.

The Smart locks are a game changer. You can lock/unlock the door remotely. You can program individual access codes to work only during a certain time frame. This works well if it's an MTR or STR type situation and you are in control of the lock. If it's long term and you have control of the lock then you can do the same.

@Elizabeth Rose Zillow might be a good place to start. Try adding a filter like "furnished" to your search and this could turn up positive results. I assume you could take a similar approach with Redfin, Realtor etc etc.

There are STR sites like Rabbu that present deals regularly but not sure if these are sold furnished.

Also you could joins some STR groups on Facebook.

How does the tax assessment compare to the comps for your property? If the assessment is lower than the comps that may be a tough battle.

 Yes vs carpet. But I would recommend luxury vinyl plank (SPC - stone composite) with a high wear layer, or wood look ceramic tile. Hardwood flooring is expensive and scratches easily.

 Agreed, good location with slightly negative cashflow is the way to go. Unless its a fixer upper if you make high cashflow out the gate it's likely to have high turnover.