All Forum Posts by: Danielle Jackson

If it were me, I would work to get the addendum signed. Hoping she doesn't figure it out isn't a great path forward. What kind of relationship do you have with the tenant? 

Congrats on your first investment. 

Such great advice and tips throughout this post. Agree with all, love Venmo for personal use, but absolutely a NO as a landlord, for all the reasons stated above. 

A landlord dedicated payment platform is worth its weight in gold! 

Also, if you are considering some of type of partnership entity, you should consider purchasing the property (if not needing conventional financing to purchase) in that entity name. 

Your partnership agreement can lay out how everything is handled, including title. But the revenue /equity split is the easy part. I highly recommend setting clear roles/responsibilities. Will you both be active investors? 

Take your time up front in building the agreement, including who has veto power (if necessary) and can make final decisions when you can't come to agreement. Believe me, you think it will never happen and it absolutely does! 

Great advice from @James Hamling. Aside from systems and efficiencies being 50% of the success of your business, assuming your work speaks for itself, the other half is marketing. You MUST get your name out there. You would be surprised how many people in need of contractors just use Google. 

If I googled electricians in your area, would I find you? Do you have a page you can share your work and show proof of concept? I suggest all of this before even considering adding more bodies/overhead. 

This is awesome that you are thinking about this and preparing yourself as an RE investor. A lot of great advice throughout this thread. 

As far as local vs. out of state markets, I can attest to the benefit of being able to drive to the property. You will be learning a LOT with your first investment, and its extremely beneficial if you can experience it all first-hand versus relying on others. If you can secure a team of people you trust implicitly then I would maybe consider it. Out of state is certainly easier to do once you get a little experience under your belt. 

I also recommend practicing running numbers to get really good at evaluating properties. Build yourself a simple excel model where you can plug everything in and quickly to come to a decision. This is hands down one of the most beneficial things you can do to prepare yourself as an investor. 

Also, I love your drive to get yourself into a financial position to qualify for loans going forward. While creative financing is always available, it is extremely helpful (and many times less expensive) to not have to rely on it for each investment. As others have mentioned, focus on putting yourself into a position to qualify for conventional financing; 2 years work experience, good credit, and reserves. 

Yes. I think it's expected. 

Hi Julia. You should be able to use other sources for purchasing, but whatever percentage of total investment used from the IRA must be returned. So if IRA assets totaled 75% of the purchase price, then 75% of all proceeds (rental income, etc) would need to be returned to the IRA.

I am missing the dropdown menu to select the forum topic. Without the dropdown, you lost basic navigation of the platform. 

Congratulations Shane!