All Forum Posts by: David Nacco

@Minuit Spence

I agree with doing anything you can to save more money and increase your credit score, however I also know life happens and it’s not always that simple. You’ve already know that you need to work on those so I’m not gonna go into that again. One option is a side hustle. You’ve got $1500. Maybe consider buying a used truck or van, it won’t be in the best condition and it won’t be pretty, but you gotta do what you gotta do. Then you could start a side business like junk removal, painting, yard work, etc.

Another thing you may not have considered, for less than the $1500 you have saved up you can take a course and get your real estate license and become a part time agent which can increase your income and also help increase your knowledge of the local market. Once again that’s not gonna be easy but it will be worth it.

A third option is a partnership. Learn your market inside and out. Talk to property managers, realtors, brokers, wholesalers, investors. Anyone you can in your area. Learn all you can about the neighborhoods, rents, home values. Start hustling as much as you can. Even if you do one small baby step a day it’s another step in the right direction. Maybe today you analyze some rental properties online, tomorrow you call or email a realtor and get on their listings for emails, call or email wholesalers and get on their email lists. Then find a partner with money. Be up front and make sure they know that you don’t have money to bring to the table and you won’t likely be able to secure financing but show them that you know your market, you know your stuff, and you’re willing to get out there and hustle. Show them you’re willing to find the deal, manage the property, anything you can to bring value to the table let them know.

It will be hard but you got this man just keep hustling and do everything you can and don’t give up. If you talk to 1000 people and 999 tell you know eventually you’ll find that one who sees your potential and will take a chance with you. And when you get that opportunity don’t let them down and prove to them you’re reliable and you do what you say you’ll do and that you have what it takes. If you just do that and don’t give up people will see your ambition and the rest of the pieces will fall in place.

@Gregory DeRosso @Anthony Wick

Thanks for the input guys i totally agree about the late fees thing I was just using it as an example. Definitely not something I would bank on as income I’d much rather have reliable and good tenants.

Also @Anthony Wick I agree on not hustling people out of application fees. I personally won’t keep application fees from people unless they get the unit. Maybe I should have worded it more as increase income/decrease expenses. I don’t think you should use app fees to make money but more of just what you need to cover the costs of pulling credit reports, background checks, etc.

What are some additional fees you guys can think of to increase income as well as additional income for rentals?

Examples of fees: pet fees, application fees, late payment fees, etc.

Examples of additional creative income: Storage building / basement with units tenants can rent monthly, laundry, etc.

Whether they apply to single family, multi, or both lets hear what you guys got.

That place was stuck in the 90’s lol. Looks awesome now!

@Basit Siddiqi I am looking to have some people ready for future purchases and to go over future contracts to make sure everything looks good legally and works for both parties and to assist with taxes next year and also help lower the tax bill when selling properties and point me in the right direction for reinvesting profits to avoid paying as much tax on it.

@Patti Robertson okay thank you I’ll check that out

@Patti Robertson also do they have a FB page or a website?

@Patti Robertson Great. What time is it at? I'm out of town until April first but I'll try to be there if I'm back in VA in time.

@Ned Carey @Kris Cole @Jack Butala

Thank you all! I appreciate it. Jack, I agree BP is definitely the best single source of real estate info on the web that’s not just trying to sell you something.

Kris,

I am subscribed to the TRIG email list and I plan on attending a meeting soon! Do you know of any other local groups?

@Rhett Z Begley

Thank you for the information. I’ll be sure to reach out to them when I need their services. I’ll be moving out of the area in about 18 months so I won’t need a property manager until then. As for the attorney I mostly just would need them to review contracts for me and go over leases before I use them to make sure everything is good on them. Thanks again for the info!