All Forum Posts by: Debbie W.

In NY, I use a realtor. They do the background & credit checks. THe applicant pays the fees for checks and 1 month rent to the realtor when they are approved. Avoids headaches when they are checked out.

THank you, @Nazimcan Suvag and @Elizabeth Faircloth.  THe meeting was enjoyable and informative. I made a few connections that may be fruitful in the future.

Debbie

Welcome. The best resources are here. Start with the books and podcasts and then read the blogs & forums. Long Island has a few monthly meetups. Great people. Look forward to meeting you.

I think if you ever plan to move back then keep it. THe housing market there is crazy and coming back into it may be unreasonably exorbitant. If you have a network, take the HELOC on it and invest in a cash flowing property to offset. Even if there's a bubble somewhere along the line, long term still works out usually. You could even take the low interest HELOC to help you cover the margin while you're gone. I like the idea about HR covering part of it. Good luck.

@Antonios Diakonikolas, Welcome to BP. Just as @John McSherry noted, you have to read, learn and hustle to be valuable to a mentor. Here are two good blogs to start. Listen to podcasts so you understand what your potential client is looking for.

https://www.biggerpockets.com/renewsblog/2015/01/3...

https://www.biggerpockets.com/renewsblog/2013/05/0...

Good luck

Debbie

I'm interested in learning more about self directed IRA's because I think the fees associated with my retirement accounts and the lagging performance despite a booming market are sad as @Jacqueline Carrington noted. As far as I know, one great difference is the power of leverage. Real estate allows that. 401k's do not. Investing the money, with the management fees and all in real estate is tax deductible. 401k fees are not.

I have listened to lots of podcasts and read lots of books but haven't done a deal yet. Other than submetering, I'd recommend you ask to see the leases and whether each person has a security deposit that matches their present rent. It doesn't look like that on the sheet. I'm confused by the ones that have significantly more in the "deposits held". You need to see the leases to verify these amts and make sure if you do the deal, you get these. A tenant might say they gave him 2 m security and expect it back from you. One guy looks like no security held. Why? We came close to getting a 6 unit but when we looked into the paperwork, the #'s looked like people were in arrears. Seller wouldn't explain so we backed out. Good luck. Remember, they say the first deal is for learning - not making a killing but not getting killed either.

@Steve Redd - Find a deal that won't kill you if it only breaks even ( I don't believe in aiming to lose money, lol) or partner with someone so you can be along for the ride. Good luck

Sounds like you did a great job and even better is that you are happy with the outcome. Congrats! Keep up the good work. Real Estate - It's not just a job. It's an adventure :-))

@Amy A. - THanks - THat was an interesting article. Let's see how many follow suit like in 2007