All Forum Posts by: Jason Lee

How fast do you respond to tenant calls? For example if the AC unit breaks do you tell them wait until morning? Do tenants expect us to fix stuff the same day/ in the middle of night?

Quote from @Dan Portka:

have you looked at any comps? you should be able to figure out in a few minutes whether or not its a decent deal

 How does one get comps? Also are you reccomending sales comps or rent comps? Do I just hit up a random realtor in Alabama?

Quote from @Candice Ravin Woodfin:

what area? are you ok with section 8 renters?

Don't know the exact area somewhere in Birmingham. In general, is Birmingham an up and coming location or one of those markets that is poor appreciation but steady cash flow?

My friend would actually manage the property for me and he said he has screened section 8 in the past. Should I be more concerned about section 8? I don't know much about it other than its likely low income and it's basically government assistance. He told me his tenants overall are good hard working people. I'd like to believe so too, but sometimes things just sound too good to be true. I'm skeptical but also in a position where I can afford to take some risks.

Quote from @Anthony Ramirez:

What does an equipment lien on solar panels mean for your house? 

- Can your house be taken away? 

- Can you remove an equipment lien? 

- Pros/ Cons 

These can be pretty nasty, it’s goes away if you pay it off/settle. Equipment Lien means any security interest, financing lease, personal property lien, conditional sales agreement, chattel mortgage, security agreement, title retention arrangementor any similar arrangement (including any related financing statement) for Tenant’s acquisition or leasing of any Financed FF&E used in the Premises that is leased, purchased under conditional sale or installment sale arrangements, encumbered by a security interest, or used under a license, provided thateach Equipment Lien encumbers or otherwise relates only to the Financed FF&E for which such secured party provides bona fide purchase-money financing or a bona fide equipment lease, after the Commencement Date. A Leasehold Mortgage is not an Equipment Lien.

Best to get rid of these ASAP or get on the phone with your attorney. Good luck friend! 

My friend offered me a deal in Birmingham Alabama for 100k single family unit. He said it will rent for $1100/mth to a section 8. over the past few years it’s tripled in value (currently at all time highs). Based on the pictures I saw it looked like a low income area.

Any advice on how I can get more confident in this deal? What would you do or ask to evaluate? Am I missing something or is this a no brainer?

Should I make an LLC before I purchase my first rental property? If so, which state is best to keep my name anonymous? I know some states are better than others for this. I am living in California and plan to invest out of state. Thanks BiggerPocket friends!

I feel like I see this everywhere where people on social media are boasting about achieving financial freedom in 2 or 3 years from real estate. Are they just leveraged to the max? I figure most people start out with a $100k property or something then they just scale up and start using BRRRR or STR? Can someone explain how these people are doing it?

Also if they are free... Why is everyone and their mothers selling courses on it. If they're rich wouldn't they not need to work anymore? Maybe just diversifying their income?

I'm 30 and spent my whole life being conservative/safe with my money. I just learned about this site and want to break into real estate investing. I'm living in California so I have a high salary, low debt, high credit 800+. Looking to invest out of state or here if possible. I don't know where or what to start with so asking you smart people! I also have a real estate license I don't use from my first job out of college, but currently have a steady W-2.

What would you do if you were in my shoes? Also can you provide me some contacts with property managers/agents that might help me get started at looking and offering on properties? I just need to start getting plugged in and looking at deals.

Additional thoughts: What type of financing should I do? Should I Heloc my house? I noticed my bank only offered a 15 year fixed for investment loan. Should I try again saying its a vacation house?