All Forum Posts by: Eddie Werner

@Jason Breck Attend local investor meet ups.  You will quickly see who is running a serious business and you can form relationships that way and learn more.

BiggerPockets hosts online webinars where they walk you through deal analysis and run the numbers.  I would start there.  

Find a local agent that specializes in foreclosures and let them represent you as the buyer.

I would just ask him if he could share his story of how he got started and why he chose real estate.  Questions and comments will naturally develop during the story.

Basically you are correct, if you annualized the return and pay them back early they would only make the interest up to that point of pay back.  

Don't forget you need a mortgage and note to secure the investor's money.  You didn't mention it so just making sure you are aware of that aspect.  10% seems to be the average rate with private lenders.

Good questions, it is common to have a leasing fee equal to 100% of the first month's rent.  Some of this depends on property location and how many units you have with the PM.  The leasing is a lot of work, advertising, showing the unit, running application and the credit/background reports, verifying the information, doing the lease signing, etc.

The first month's rent does encompass everything to place a tenant we don't break out separate marketing fees, it's an all inclusive fee, the first month's rent.

Negotiating is up to you and the PM, where the units are located, their condition and also what services are being offered.  Does the PM mark up maintenance requests or pass them through at cost?  Do they keep late fees or pass them onto you as the owner?  Do they respond quickly and keep you well informed? If they place a tenant they have to evict do they place the next tenant at no cost to you?  A lot of variables to consider.

Find a local real estate investing meet up.  There are alot of investors who have their license as well, just need to network to find them.

You might want to be a private lender.  With rates at 10-12% for private money would be the easiest "cash flow" you could make.  Just find someone with a solid track record and put that money to work.  

There are still deals to be found.  Connect with agents that specialize in bank owned properties, wholesalers, direct mail, etc.  Just need to keep at it and the deals will surface.

@Laura Srocki If you have a local active investor helping you and they approved the deal then sounds like you are making a good decision!