All Forum Posts by: Derek Diamond

Hey Daniel!  The way you described starting out yourself and switching is exactly what I did.  I have done three properties where I did all the work. Management, repairs and even a full live in flip.  I am currently using my first professional management company.  They take the standard 10% monthly plus expenses and fist month rent when they put a new tenant in a unit.  It seems very expensive but it does free my time up to look for other great deals which is where I want to make money going forward.  Feel free to PM me. Good luck!

Hey Andy! Welcome to the BP family.  Feel free to PM me with any specific questions or bouncing ideas around. 

Hey Nickolaus.  I just did this for the first time, out of state coverage, so I am no expert.  I reached out to the locals I had working for me.  My agent. My property management company.  My lender has specific requirements I needed to specifically add to the coverage.  The insurance ended up covering a lot more then I ever though I would need but now I feel very comfortable with the coverage. Hope that helps.

Hey Mitch. Try and be as specific as possible with your questions.  When you are starting out I know it is hard because you don't know what you don't know.  The broad answer without know anything else is you are in the right spot.  Listen to the podcast, read the blogs and keep checking out the forums.  In the education section there are many great book suggestions that are specifically tailored to flipping so check those out.  PM me if you have any specific questions and maybe I can help. Good Luck!

Raymond, there are many ways to tell.  Here are just a few ideas to get you started.  I like to drive the area, see if people are taking pride in their homes.  Cutting the grass and well kept yards. Haul away dumpster can indicate a renovation.  Is the county upgrading the area?  Are trendy business coming to the area? Do you feel safe there during the day and/or at night?  Is there a plan for public transportation to enter the neighborhood?  Check with your local police and see if the crime rate is getting better. Are there fun things to do in that area? 

Welcome Abimael!  Check out the blogs and forums as well, they are packed with great information.  

Hey Robert, with either option it sounds like you and your wife are setting yourselves up for success.  Lower expenses and, I assume, higher income. Well done!  This can be a tough choice to make.  Paying your house down is the safer option because you will have less debt, and Dave Ramsey would be proud.  However, with this option your money will not be working as hard for you with the power of leverage.  If you focus your money on paying your home down then, like you said, you won't have that extra money to invest and buy other properties that could provide you with some great cash-flow.  I think you will be successful with either option.  I personally like the idea of the 15 year loan for your situation. You are using leverage, win, and you are paying it down faster, win! Good luck.

Hey Dan.  I was looking into Cleveland recently but found a good deal in Dayton.  I ended up buying in Dayton but I was referenced a turnkey company based in Cleveland.  I don't know to much about them other than I was told they are one of the better turnkey companies in that location.  I hope this is a good starting point for you.

http://www.holtonwisepropertygroup.com

@Dan Rowley

I have seen a whole bunch pop up around the Hampden and 25 area but not orange tagging.

@Ryan Dossey what kind of success are you finding with list source?