All Forum Posts by: Justin B.

OR if you really didn't care to get into the nitty gritty of REI, use a turnkey company. You could find out from investors here what turnkey companies provide solid service and true numbers.

You could still find some deals on the MLS. It depends on where you live. It's a good place to start. By running the numbers yourself in order to find out the quality of the deal, you gain REI 101 experience. Sure everyone wants to find that grand slam deal but it's all what you put into the acquisition. Good-enough deals are out there that fit within the 1.5% rule (my augmented 2% Rule criteria) and still cash flow great. And if you have a scalable business model, think about your first deal x10, then x20.

As for relying on wholesalers, you would have to be skeptical of the wholesaler and the deal. You would still have to vet the deal through some sort of analysis. 

Someone mentioned it before, network locally and talk other investors. Either way, keep reading, start doing and you'll gain more and more confidence/knowledge. 

Matt, you will surely get a ton of advice from a ton of experienced investors. That may or may not add to your paralysis since you may get pulled in different directions. As you may have heard, invest in what suits your personality. 

I have a similar background as you. CompE degree working full time in possession of cash looking to retire much earlier than the rest of America. I have experience in REI but am no where close to an expert. I'm about a year in. But what I've found to suit my personality and situation is buy and hold SFR. So far the expenses have been minimal and the tenants have been low maintenance. So for me it's been more hands off and more along the lines of being passive. Maybe I just got lucky so far. Maybe I ran the numbers good and chose great tenants. Either way, I'm hooked. I'm now looking for a third property.

There must be some niche that stands out to you. Start by scouring the MLS, run some numbers on paper, drive by properties, talk with realtors, run more numbers, and make offers. The confidence and knowledge will come.

Good luck. 

 Congrats! 19 properties! That's great. 

So with me only having 2 and really wanting to be at that 19+ mark I am also curious how you financed these homes. Cash? Mortgaged? Eventually banks will stop lending me money so I'm looking for a good strategy on long term financing options where I don't have to stop and pay down all of my loans just to move into asset based lending. Maybe that's the only way. I am very naive in the subject. 

I assume you're looking in metro Atlanta? To most folks, that's the only city in Georgia that comes to mind. 

I live and invest (buy and hold) in warner robins although I grew up in Atlanta. Smallish military town. A lot smaller than atl, that's for sure. For me it has been a great town to begin. The inventory is limited but the competition isn't too fierce. You can get houses that cheap here but in C/D neighborhoods. It sounds like your interested in flipping so it may be a challenge for you if you're remote and just starting out. 

It sounds like you have learned what you need to know, met those that you can lean on when needed, and might be at the point where you should organize your thoughts. 

Sit down with a pen and paper. Summarize what you understand the life cycle of your project to be. Draw a flow chart or a diagram or an outline. Annotate the details. The unknowns will flush themselves out. When you've addressed the gaps and are happy with the process, go on the hunt and execute! 

Good luck! 

You can start with the biggerpockets podcast #1 and work your way up. They offer many different perspectives on many different niches of REI. If you don't yet know what suits your personality, listening to the tales really help you figure that out. Plus it's a fun way to learn.

I have recently discovered Google Wallet. I associate my bank to my Google account, my tenants associated their bank with their Google account and I simply request the money every month. Google Wallet does the exchange. You can then transfer the money from your Wallet account to your bank account. It takes a couple of days but it's worth it. And it's free for both parties.

The reason this was the solution for me was that I did not need to have an LLC. The other options I checked out needed me to have an LLC, as far as I knew.

Hey @Andrew Beall ,

Welcome. As everyone will tell you, BP is a great place to learn. I am also from WR. I've only just started buy n hold investing a few months ago but have purchaed a couple rentals. Learn and take action. Learn through action too. Even if it's participating in the forums, reading, talking with other investors. "Action" is loosely defined and almost always educational. :)

I don't know much but I would totally be more than happy to discuss what I do know about REI and WR markets. PM me if interested.

Well here's the thing. I have used this bank for my first property and that property's value was nowhere near $75k. Do local policies just pop up? 

I live in a smaller town where the average rent goes for around $950. I consider the 2% rule when purchasing and I try to get close to it but when the appraisal value is at $75k and I buy a turn-key at retail, that kinda closes the cashflow gap. And how am I to know what the house will appraise for before I buy without forking out the cash for an actual appraisal? Gamble? It's frustrating. 

Maybe I just need to shop around for a different lender when it's time for the next property. See what different rules I'm forced to play by.