All Forum Posts by: Gavin Welch

Welcome to BP.. At your age, I'd get your credit score up and build credit.. Buy a duplex and live in one side and rent the second. If your single get a roommate and live for free.. Save money, rinse and repeat.. Just my thoughts.. Gavin

Renterup.com allows tenants to pay online.. And the cash crowd can pay at several large pharmacies and check cashing places.

Alex, I live and invest in Lakeland and central Florida.. Let's get coffee sometime.. You can reach me at 863-670-0303

Harry, I do not know of one. In a traditional purchase you often sign an affidavit stating the EMD is yours and is not a loan from another source. Here in FL you might be in violation of the law to get an EMD loan?? But I'm not positive.

Good luck..

Jacob.. There will always be investors calling a crash.  It is good to do your own research.  Real estate is cyclical, just like any type of investing. Keep you eye on the other markets (stock, bond, ect) and the real estate market in California.  Last crash ('08) was first noticed on the west coast and then spread rapidly to the east coast.  

The best bet is to position yourself so a crash will not effect you that much.  So watch your leverage positions because they are most vulnerable to a crash..

Just my humble opinion..

HOA are nearly ALWAYS a pain in the a$$ for investors. Avoid them if possible. The problem is although they may be "cool" now. With any change of the board they can start enforcing all kinds of strange rules that never applied before.

Here in FL, you typically get some retiree that lives near the gate and has nothing better to due than be a pain the the butt for everyone else.. And they weld authority like their a king and the other residents won't grow a pair and stand up.

The last board I delt with had a guy that would send you a "friendly" letter and a picture of you trash cans if they were on the street for more that 2 hours after the truck went by.  Its a working neighborhood.  People get them in the evenings after work.  Finally, the community voted and disbanded the entire board.  

I'd avoid a HOA if you can. If not, have a board sign an agreement (before you purchase) to allow you to rent the property.

Jordan, do you think you could easily re-rent the the unit?  If so, I'd say NO unless they want to add a significant addition to the deposit.  Or give her the option of breaking the lease.. 

John.  Rent is due on the 1st.  I give them till the 4th.  They mail it, I do not chase them.  If I don't receive the check, I post a "3-day notice of eviction" on their doors on the 5th.  That typically scares them to pay plus late, and it allows me to start the eviction process here in FL.   Some tenants love to pay late fees, although its annoying the extra money is nice.. 

Maybe put them on and online payment system that can break it down bi-weekly if they'd like.

Joshua, I'm not clear if you are looking for house to buy, fix and flip or wholesale.

If you are looking to buy and hold or fix and flip here is some tips:

1. Realtors/MLS

2 Ad on craigslist for wholealers

3.  Call wholesalers signs and get on their buyer liset.;

If you are looking for wholesale properties:

1.  Click2mail.com works well for targeting neighborhoods.  Tip: if you are mailing several lists at once.. Use one color card (blue) for expired and another color (green) for probate.  Or you can just target a neighborhood and mail every door.

2.  Bandit signs.  I know everyone hates them... But they work.. 

3.  Go to courthouse and pull a list of people who have filed a "dissolution of merriage" (divorce).  This list typically sell within 6 months of filing.. Although being the go-between the two is difficult.  

I hope this helps.

Gavin

I know here in FL I can get a used trailer delivered cheap ($6k delivered and setup).  I'd see how cheap you can get the property as-is.  Swap the trailers and sell.

10k buy

10K trailer swap

5K misc.

25 total costs.

sell for 50 K (what's the comps in the area?)

Just and idea.