All Forum Posts by: Edward Shin

BP Nation, I need your thoughts and advice: My business partner and I have a property that has been sitting vacant over the last few months. As you can imagine, we're looking to get it rented ASAP, and there's a couple that's interested. The catch? Our PM mentioned that the guy has an drug offense from a few years back. He's been clean since and is on parole. Our PM would still put him through the credit, income, and background checks and speak to his parole officer, but wanted to know if we would even entertain someone with that type of record. Your thoughts, BP Nation? 

@Travis H.

Welcome back to BP! I was a little bit like you. I signed up on BP, went away to scheme, and then came back with a different perspective. In the last three years, I bought three single family homes, basically handed them off to a property manager, and expected cash to come flowing in. Since then, I've learned so much about what it REALLY takes to invest, and nurture those investments, and grow as an investor. In short, I'll tell you what I just told my best friend: I needed to respect the game. Also like you, I didn't know who to trust. Education helped me. Immensely. So did this site. It took me over a year of researching and prep before I pulled the trigger. That was my timeline. Maybe yours will be longer or shorter. Today, one of my properties is thriving. Another is stable with a great tenant. And one is a minor headache, riddled with deferred maintenance and vacancy. I've over-repaired it, and even now, I'm fixing a handful of radiators and a busted main water line. But it's taught me WAY more than smooth sailing would have. If you respect the REI game, you will get to a tipping point and take action. Don't worry, you'll make mistakes too. And you will learn, like we all are doing. Best of luck! And share your favorite recipe why don't you. :)

@Favia Vitan

@Account Closed

Thank you both! It's been very nice being here.

Hey Nina,

There's a meetup happening in LA tomorrow at 2, so if you have any interest in meeting BP folks face to face, you should check it out. It's only five bucks to attend, and that money goes toward paying for the meeting room. Check out the forum post with the meeting info.

Otherwise, welcome to the site, and best of luck with your networking!

Edward

@Randy E. Hopefully, I'll have some great adventures to share. The last few years have been about overcoming fear and getting my feet wet. The next few years are going to be about taking things to the next level, so I'm sure I'll have some stuff to share.

@Larry Fried Thanks for the welcome! I took a look at your profile and site, and really enjoyed reading through both. Too bad Maverick doesn't feature any properties in Pittsburgh!

Much success to you both, and thank you for the hello's.

Hi BP Nation,

You can see from my profile that I've been a member of the site for quite some time, but I've only recently started actively engaging. I've listened to many of the podcasts, which was the main reason I joined, but I've also started using the actual site and blog as resources, which inspired me to say hello.

My family has been involved in real estate for quite some time. My parents owned an apartment complex, several SFHs and even a hotel at one point. Unlike my folks, who were VERY hands on, I'm much more of a passive investor, focused on systems and process development. My partner and I have several single family homes in Pittsburgh, and we're looking to add to that portfolio with at least one more unit this year. We started buying in 2011, and we've learned a ton from our ownership experience, and we've added to that knowledge through sites like BP.  Most recently, we've been discussing the recently posted, and very thought-provoking article about 30K "pigs." I plan on attending my first local BP meet-up this week to network with actual humans, and would love it if you reached out to say hello, and/or to compare investing notes.  Here's to everyone's success.

Cheers,

Edward Shin

@Jeff Greenberg

I plan on attending. Thanks for putting it together.

@Artem Kovalevskiy

Who did you end up going with, and how did you feel about their quality of work? Am currently trying to sort out some work and am always looking for quality GCs. Message me please.

@Eric DeVito

Sounds like you've made the decision to invest outside of Brooklyn because you feel you're priced out of your own backyard. I felt the same way about my area (SoCal) and decided to invest out of state. That was three years ago. Since then, I've made one SFH work with consistent cash flow, and then another, and now I'm working on my third SFH, and will hopefully pick up another by year's end. Maybe even a duplex/ triplex. You need a plan of attack. Here's what worked for me:

a) Getting over the emotional/ mental hurdle of being an out-of-state investor. Sounds like a weird thing for some folks, but for me, there were lots of fears and scary "what-ifs" that immobilized me, especially as a newbie. How did I get over this? Education. That is to say:

b) I made a list of everything that I didn't understand and things that I feared could contribute to my downside as an investor. The lovely folks at BP have listed some of these things here -- everything from slimy PMs to Mother Nature to investing on the wrong block. 

c) I gave myself a reasonable timeline to research all the things on my list of scary/confusing things (I read books, the internet, forums, called realtors, friends, etc.)

d) After my research deadline passed, I pulled the trigger by visiting the area for a weekend (I made arrangements to be hosted/shown around by a local wholesaler who had several properties I was interested in. I found him on the internet.). By the time I got on a plane to come back home, I'd signed a contract with him to pick up my first SFH! Since then, he's opened his REI network to me, and given me some solid advice.

e) Now I learn on the job. Some days I'm crushing it, and some days I'm getting my butt whooped. But I didn't jump in feet first, and I tried my best to minimize my ignorance and risk, so even though I learn lessons, they aren't backbreaking or life-threatening to my business. They're manageable and give me the kind of experience and stress that makes me grow. 

Good luck, brother. Here's to your first cash-flowing property and future success.

Doug,

I have been investing in the Allegheny County area for a few years. I saw your post and want to encourage you and your wife to keep your eye on the prize of achieving your goal of that first investment. I took a long time studying (about a year and a half) and getting my mind right before I took the leap with my first rental unit. I still made mistakes, as you will, but I'm really glad I kept moving forward because none of my mistakes were lethal, and I now see that financial independence is not only possible, but likely. Keep us posted on your moves, and here's to your success! Welcome.

Edward S.