All Forum Posts by: Kyle Thacker

This is a good question. Does anyone know about what Steve is asking?

Good stuff. You really go into alot of detail. keep it up.

Be careful investing out of state, know the market get a good property manager (easier said than done) and I personally would go look at properties before I bought one. You can get a better feel for the area than with just pictures.

Good luck

There is a TON of good information on here but the single best tidbit I have to go with the 50% rule also.

So true, most of the properties I have bought that were "winterized" had leaks. Just make sure you are getting a quality inspection and you will be fine.

The most reliable way I have found is newspaper ads and just calling about for rent signs. After awhile you will get a good feel for your market rents.

Welcome to BP. There are alot of very knowledgeable people on this site that can help answer your questions.

In your position my 1st concern would be to get the other side of your duplex rented out ASAP. That is money that you are giving away every month.

BTW, I love Nashville it is one of my favorite places.

Good luck

I would say the single largest mistake is not knowing the market. What would be a great deal in your area may be not so much out of state and is where alot of new investors get confused.

If you are going to invest out of state know the market and who you are dealing with.

I recently purchased an REO that was winterized. I found that most of the plumbing under the house was busted so they came off the price and I re-plumbed the entire underside of the house.

Once you get the water turned on it will be "unwinterized" If the electric is already on I would check the hot water heater if it has been on without water in it the elements are going to be burnt out.

I am not arguing the point that the Dept. of Education would skew the numbers to their favor. It wouldn't be hard to find some more unbiased numbers but due to the nature of this conversation numbers that are in the ballpark will do.

I actually wrote a paper a few semesters back in my econometrics class with numbers from the BEA and the income gap is actually growing. I don't recall the exact numbers, but it brings up a good point, the jobs of now and tomorrow require a more educated workforce.

We can argue the point that college doesn't educate students for their field (which I believe that it does not). But it teaches you critical thinking and usually helps people "grow up".

With all of that being said you by no means have to have a college degree to be successful. I am the first generation in my family to attend college and I only hope to reach the financial success of my father and grandfather.