All Forum Posts by: Elliot Vann

Either FHA house hack or start with studio condos

Wow that’s amazing! I hear people saying all the time that now is not the time to get in the game because we’re gonna have a serious correction. I believe there’s never a time when it’s impossible to make money...that being said though, how have you been finding your deals?

Why can’t you just make tenant alpha responsible for the full amount of rent and have him deal with getting his share from the brothers but require another months deposit because of the other occupants

Amazing post! I only read like half of the about 100 posts until mine. But, pretty much there are two sides- -the people who misunderstand what he was saying and took it as hating on RE investing and just a pointless rant. -the people who understood that this was a real post about how difficult this business is and actually responded in kind either with sympathy or constructive points to ponder. I would also like to comment on someone who said that this post was only for flippers and not other areas of investing. A loan is a HUGE RISK! Unless you buy properties with all cash and could afford the taxes and insurance on them forever, this is a tough and risky business no matter which part of it your in. The point is if you follow and create proven systems, work hard, have a long term goal and plan, and consistently execute there is money to be made even for new investors. Yes, the tough parts aren’t always talked about. However, they should be tools to ensure your being smart and thorough in your investments NOT something to discourage you from finding financial freedom. Oh and also, about the podcast guests being just a plug for a product. There is no free lunch and there’s been some huge value in what these people have shared on the podcast and totally was worth the cost of hearing their plugs (even multiple times in a five minute span!)

Hey BP,

I'm thinking of going for a MSRE (Masters in Real Estate), specifically, I'm looking at NYU but I am open to other ideas. I was wondering if anyone has knowledge of that and if its a worthwhile endeavor. I imagine it puts me on a path to have to work at a firm doing acquisitions for a couple of years, but the idea is that would give the background to jump into syndicating larger multifamily buildings down the line. I currently have my real estate license and I am working as a property manager to learn the business from the bottom up. But, I feel like a MSRE will open many doors on the REI front, and what better way to make money to invest in Real estate than from the inside.

Please share your thoughts!

Thank You

This is a great thread! I would love to get some approximate numbers on respectable costs for this type of work. I manage a 40 unit property in Connecticut and our snow removal bill for this past snowstorm of 15 inches was $1,500 dollars! Is this reasonable or highway robbery? And yes how does $10,000 of snow removal a winter allow for a property to be profitable?

Also find out local laws. I was just told I need a $6,000 test for my elevator that needs to be done once every 5 years or they could come shut down my elevator. The property is in Connecticut. I could upgrade to a better service contract that covers the test but since my elevator is an older elevator they will charge me for service calls. I don’t know if the owner I work for realized this when he bought the property. And go figure the previous owner didn’t run the test, he only had the property for two years.

Be very careful! We just had a tenant who we didn’t background check. They were a nightmare for everyone in the building. Between their crazy disturbances and the random people they allowed in the building it was a bad situation. In New Jersey evictions are a nice process and it took a few months to evict them and now we’re losing about 4-5 tenants because of the whole ordeal. If it’s in an area that’s easy to find tenants than you could be strict and not allow him in, because while he could be no issue let someone else take that risk. But if you won’t find a new tenant for a couple months then just be tough about it and watch the situation like a hawk.

That actually sounds welcoming, the fact that they managed to get the urine into a container. One of the properties I manage we’ve had people get into the building and doing their business in the hallways. I just had a tenant vacate a property and besides for leaving a complete wreck with garbage and overturned furniture, they also left a cat and it’s litter box. The cat bit the person cleaning the apartment, and disappeared by the time animal control came down. Although, this should not be the norm, and any good property (strong pool of tenants) should have the potential to put in tenants that keep an apartment clean.

March 15 2018