All Forum Posts by: Damaso Bautista

@Milton Chamberlain

Hey Caitlin, Welcome!

After reading your post I have a few thoughts.

1. If you are going to be a landlord try your best to concentrate on providing a safe, clean and rentable place for people to live.  ( I say this because you are talking about redesigning layout which costs alot of money) Your mindset needs to focus more on making your place solidly functional- I start with the basics roof, plumbing, electrical, HVAC, Water heater. Next I would focus on finishes (these should match that of the area because higher end finishes do not ensure a higher rent then the neighborhood could bear. 

2. If you are set redesigning layouts, moving walls and having high end finishes just do your homework to make sure that your neighborhood will support this expense.

I have a rental that I did all of this but I knew when I bought the place that I had $250K in equity as it sat and the redesign and finishes that I put in were supported by the neighborhood rentals rate and I would still make money if I was forced to sell it.

Good luck in your journey.  You are doing well with the 3 rentals.  I feel if you focus on clean, safe and functional, it will help you out in your path.  

PM me if you have any other questions.

@Annie Weeks

You are on the right track though.  Most people would not have even made contact to inquire.  

Next time you are in this position you will know to leave any doubts at the door, come in with your ducks lined up and make a professional and sensitive inquiry.  

Good luck!

@Annie Weeks

Hello Annie,

I hope you didn't miss your opportunity.  Normally once the seller gets it too a realtor, the real chance of a deal really goes down. This is because a realtor's job is to advocate the best/highest price for their clients.  If you are ever in this position again, I know if might feel awkward or uncomfortable, but try to have your ducks in a row and get in your offer to them sooner to give you the best chance at a deal.

Now that the opportunity has passed, you need to do your homework to really narrow down the criteria it is going to take to make this property a viable investment.  

The portion of your question that I can answer with confidence is if you want to be in the Real Estate investment space you can not be worried about offending anyone with your offer. You need to make your offer on what is going to meet your investment criteria. 

This is a business, there is little room for emotion, treat it as such and you will be better off.

Just my take.

@Daniel K.

I hear people complaining all the time about these things.  They are all part of life, they are all part of real estate investing but everyone has their own take on things.

My point is the world is made up of many different things and our personal view isn't more or less valuable then anyone elses, it is just their point of view.

@Matthew Irish-Jones

Would you not take government money if it was available to you? Did you not take advantage of an FHA loan?

I respect everyone's perspective and based on your statement:

Why do we frown on Section 8, Unemployment, Stimulus Money and Welfare for that matter.

Heck based on your statement we shouldn't complain about the government's eviction moratorium.

Hey if the government is going to give it to you, "Why not take it?"

Just wondering?

 @Account Closed

Hey Tracy Welcome! 

Bigger Pockets video on you tube titled "Calculating numbers on a rental property using the four square method" 

This is a very simple and easy explanation of how to run the numbers on a rental property.  Watch that video and if you still have questions you can pm me and I will be happy to answer any question you have.

Happy Watching!

@Lisa Forde

If you are young open up an online Schwab account. Find an ETF that mirrors the S&P 500 and start feeding it on a regular basis, like every paycheck.  

If you use this vehicle as a long term play, then you will be amazed at what you will have in 30 years.

This is not the sexy fast way to build wealth like real estate is, but it is a proven method and keeps you diversified.

Good luck!!

@Matt W.

I believe that you are working through your plan that is well thought through.  I also believe that there is no right or wrong answer when it comes to an individuals financial plan because it is personal to you.  

I am happy that you are mitigating risk in your plan and making it so it is not only comfortable for you but also profitable.  

Good luck in your journey!

@Daniel Walker

landlord tenant laws, Tax rates and distance are the only other things I think would be different from your home state.

The business part should be the same as what you are used to.

@Gerardo Hernandez

Is this post about driving an hour to work, a non cash flowing property, cold feet, or not being able to afford the property you just put an offer on?

There is a whole bunch to unpack here, I think you need to break down the situation and place values on each because believe it or not everything in life is about the bottom line.

I hope you figure it out.  Good luck!