All Forum Posts by: Stacey Paulin

Yes, that group has been discussed here a lot. Very expensive education.

If I'm not mistaken I believe there was a meet up in Athens just last week. It was advertised here on BP. 

I agree with the idea of finding a realtor who can help you get a lay of the land up there. Do you know what you're looking to do? Do youwant to flip, buy and hold, wholesale? Are you looking to purchase this month or by the end of the year? What is your budget? Are you looking for turnkey properties or fixer uppers? 150k or 30k? What kinds of properties are you looking for? SFR, 35 unit apartment buildings? You'll need to know these things before you contact an agent, so they know what to look for.

I'd start by identifying your buying criteria, then an agent can help you narrow down the neighborhoods in Athens that suit your needs.

For distressed homes that can't qualify for conventional financing, you may want to look at a bridge loan of some sort. I just came across a few local lenders in my area who would do 75% LTV including rehab costs with a term of 12 months. You could then refi out of that. Similar to a hard money loan but better interest rate.

War zones and working class neighborhoods are not always synonymous. I'm moving into a lower income neighborhood where there are corner stores in between houses and folks sitting on their stoop during working hours, and the crime is lower there than the city I live in with 500K homes and horse farms. There are good tenants and nightmare tenants in all neighborhood classes. Screening is key. Stay away from drug and gang infested communities, and wait patiently for the right tenant.

Yes, school right now should be your main focus. You're not in a position right now to take on any extra debt, because if something catastrophic were to happen you'd have nothing to fall back on.

My advice...get a degree in something you enjoy that pays well. I tell young people to follow this rule: the total cost of your degree should be equal or less than the annual salary the job you can get with it commands. For example, if it costs you 75K for a degree as a dental hygienist, your job as such should pay you a yearly salary of 75K. This gives you the ability to live comfortably, pay down student loan debt quickly, and invest the excess.

You've got plenty of time to invest. I'd focus on setting up a strong foundation that will allow for safe, smart investing in the future. Feel free to reach out to me to chat.

Congratulations on your first deal! It's so exciting when you finally make the leap from dreamer to investor.

If I could impart some advice, I'd say learn how to manage your property manager well. Just because you hired them doesn't mean you shouldn't be intimately involved with your investment. Speak with them regularly and check in on how things are going. If you live near your rental, drive by periodically and see how well the tenants are taking care of things. Report concerns to your PM and follow through to make sure things get done in a timely manner. 

Get organized. I'm not a spreadsheet person, but I make face sheets for all my units: year built, beds and baths, loan amount and with what bank/mortgage company, insurance premium, etc. As you buy more properties these details tend to get muddy.  Keep receipts of repairs, expenses, supplies, etc. Start running things like a business. It makes things so much easier. Treat your tenants well and they often will treat you and your investment well. 

Congratulations again, and keep the momentum going!

I'm not a nurse and I don't travel, but I'm a PA-C. I could think of several benefits to traveling and investing in RE.

I'm working on a deal like this now. It's a duplex with no central air. I'm going to install mini split ductless systems. Here in the south you have to have AC. The deal is good so it's worth it. As usual, the answer is it depends. Market, rents, location, budget, demographic demands will all play a role. Good luck.

Just finished listening to this one.  Lots of good, practical information, especially keeping emotions in check when investing in RE.

I love SFH, but I agree with him about MF. The numbers tell you all you need to know. I'm looking forward to closing on my first small MF property next month.

Awesome job and inspiring!