All Forum Posts by: D Higgs

Has anyone heard, or better yet.. used, the website HomeInfoMax? It seems pretty similar to the popular DealMachine but less expensive. It doesn't seem to have an app, which is a huge disadvantage. One thing that I do actually like is the tiered pricing system.

I know the benefits of DealMachine however the cost is a little too steep for me at this time.

Thanks BP!

@Mike Dymski

Definitely seeing the consensus is to save *better* than I am. Appreciate the feedback everyone. Keep the advice coming! I can take the hard truth!

Interesting point on passion/ motivation @Mike Dymski that it's a short lived feeling.. never quite had someone just completely rip a hole into that state a mind! Instead, I'm guessing my motivation needs to be converted to dedication.

@Joe Villeneuve

#7 is my favorite. Powerful. Good stuff all around.. thank you Joe

Help BP!

Very new to the world of REI. Need some help pushing through this stage that I knew was going to come sooner or later. Let me start by saying that i WILL be a successful investor. I'm hungry and motivated to keep learning and jumping right in. With that said.. I'm at the stage where I'm discouraged due to the lack of startup funds. I've read creative ways to get funding (family, hard money, etc.) however my fear is that these are so risky!

Here's a quick snapshot of my situation:

Wishlist:

- a mentor. I'd be willing to do legwork, tedious activities for the knowledge and experience

- continue attending REI events, seminars

Obstacles:

- very little, to no savings

- underwater in home; currently refinancing to MUCH better terms/ costs

In my favor:

- decent size 401k

- passion to succeed/ fight through hurdles

- consistent regular career. Healthy salary.

- newly licensed real estate salesperson/REALTOR

So I just passed my state licensing exam for RE Salesperson! First things first.. for those in the process of taking course, it would be in your best interest to utilize MULTIPLE sources while preparing for your exam. (Book you received + RE apps + online practice exams + vocabulary + study partner, etc.) Trust me.. you want to really understand the material because the state questions are tricky.

Ok, so my question is now that I'm in the stage of looking for a broker.. has anyone had success advising him/her of your plans to invest as opposed to become full time agent? I understand there are two sides to this debate of whether or not you need a salesperson license, but after my research I decided it would help me. I would like to use my license to (1) help learn the industry, (2) have access to listings and contacts from the "inside", and (3) be able to save extra $ when I do close on investment properties. My concern is that my plans will not coincide with the broker's plans. Should I even be concerned with this? Does it even matter?

@Yogesh Bhadane how often?

@Ryan Denman

Thank you! What if you DO find clear signs of negligence or lack of cleanliness? I can think of examples, short of physical damage, that would be not only concerning... but a violation of their lease correct?

Again, thinking worst case scenario, am I correct thinking my leverage is the tenant lease?

And question #2... how can I go about denying the renewal of their lease? Is that a simple process if it comes to that?

Makes sense.  Thank you! Yea, assuming the amount of the rent increase I know the tenant wouldn't be happy and possibly move out sheet his/her lease.  What if I make improvements during lease? Either exterior... or interior; could I raise at that time too?

Good morning BP!

Is there a limit on how much I can increase rent of an existing tenant, assuming the lease is expiring soon? I know you have to honor any existing leases if you purchase a new property. Let's say I determine the existing lease is super low and I want to raise $200/ month; aggressive i know, but is it legal? It shouldn't need to be raised slowly over time, correct?

Also, what if I want to make improvements to the units while the tenant is still living there. Can I THEN increase rent amount?

I'm assuming there's some sort of laws in NJ managing that, but I wouldn't know where to start looking. Thanks!

-DH

@Anthony Wick

Thank you! The problem, for me at least, is I have little to know experience in handy work. With that said, I know my weaknesses which is why I wanted to factor the possible costs and responsibility on to my PM