All Forum Posts by: Account Closed

Way to go, Lucinda!  Starting out early is a great way to set yourself up down the road--I wish I could go back in time and do the same.

First off, don't let anyone tell you no.  Talk to lenders, banks, and mortgage companies to see if someone will work with you.  Learn from each experience and do not take rejection personally.  If you have difficulty securing a loan on your own, consider asking a parent or other family member to cosign with you  Just be aware that this can complicate relationships if things go sour.  Otherwise you might want to Google strategies for building your credit so you can build a strong score early on.  Do some research on the forums here, if you have not already, to see what other strategies may be out there.

Good luck and enjoy that area!  I have folks in Grants Pass--love it up there.

Best,

Vincent

Mario,

  Nobody can truly answer this--only you really know yourself.  Do any of those activities particularly resonate with you?  If not, I would pick one, find someone doing it, and ask if you can tag along to see how it goes.  Perhaps avail yourself as a free intern for a period of time to help the person out while all you get is the information from doing it (you can also make good friendships that way).

  That said, the way I did it was by scrabbling money together and doing flips first in order to build some capital.  Once I had enough I bought a rental that is cash flowing.  I'm not "killing it" by any stretch but I'm doing this in my spare time for now.

Good luck,

Vincent

E-mail me and I'll send you what I use.  It's not fancy but it works.  If you get others you can pick the one that best suits your style.

-Vincent

Hey Shawn, I take you have already checked with the property owner?  He or she may already know if the house has lead paint or was built before 1978.  Otherwise, do a simple Google search to get smart on lead-based paint (I found this in just a few seconds: 

http://www.webmd.com/women/home-health-and-safety-...).

Long story short, if you suspect there could be lead paint you need to have it tested.  Transparency with your new tenant and a willingness to find answers will go a long way in building your trust and credibility.

Vincent

Hey everybody, I greatly appreciate the feedback.  I have already reached out to some of you--I will contact the rest soon and I would love to meet / visit with you all.

Thanks again!

Let's start with the easy one: absolutely provide plungers--possibly one for each toilet in the house.  That way when tenants call to complain about a plugged up loo you can ask  if they've plunged it first, which not only saves YOU from having to do it but most often fixes the problem also.

Next, instead of asking them not to use Draino, you might simply provide them the septic-friendly fluids you do want them to use.  Think of it as cheap insurance for your septic system, which if it goes bad can not only get nasty messy but expensive too.

As far as the OXO goes, I have no experience with that product but I get your concern--my wife has long hair.  I attended a training seminar recently where they beat into us "structure drives behavior!"--meaning the physical, organizational, communication systems, etc. in place drive employee behavior and ultimately morale.  I agree and believe the concept applies beyond the workplace.  Instead of just addressing the symptom (hair in the drain), see if you can create the structure to drive your tenants towards the behavior you desire.  Supplying septic-friendly drain cleaner is one such example.

Good luck!

-Vincent

I'm with Jesse--the problem with the 2% rule is it ignores anything but pure return.  I have two rentals that are "only" getting me 0.7% but, with fellow military officers in them, their families are taking better care of the properties then I would!  Low-maintenance tenants more than make up for "low" returns.

Hey BP-ers, I'm looking for advice from anyone who has made the leap from flipping to new construction.  Here's what I have:

- A lead on a not-yet-listed $2M lot in an up-and-coming coastal town in the San Diego area that can be developed into eight condos that could go for $500k each, if done correctly of course

Here's what I don't have:

- Any experience with new construction

- Any experience working with city planners or drawing permits (my previous flips were mainly cosmetic)

- A relationship with a contractor (I recently moved to San Diego and have not even done a flip here yet, after doing seven in Nevada last year)

- And, oh yeah, $2M (not to mention the other monies needed)

Any suggestions?  I'm ready to move up from the minors to the big leagues but my skills are still little league...

Just for the heck of it I once put a newspaper front page in a ziploc bag inside a mantle I hung above a fireplace.  That would be more of a time capsule then an Easter egg, I suppose, but same general idea.

Looks like Mindy and I just posted the same concern at the same time.  Don't let ambition blind you to the warning signs here, Alex.  Good luck!