All Forum Posts by: JC Leach

@Miguel Lopez just keep grinding it out. Network. Find something off market if possible.

@Alan Walker that’s some of the best info I’ve seen on BP. Thanks for the insight!

@Miguel Lopez The deals are out there. When you’re first starting out, like us, patience is important. I’m just closing on my first deal and i offered on probably 15 homes before having one accepted. It’ll cash flow close to $400/month after expenses. AND there’s already a happy tenant. So be patient but aggressive when you find the right deal.

@Cherie Orellana thanks so much for the advice! Sent over a repair addendum today. So we’ll see how it works out!

@Dan Gauthier I was out on a business trip when the inspection was done, unfortunately. That being said I will touch base with him immediately. I did find a General Contractor to go over it with me today too so I’m feeling better

@Dave Hanson thanks Dave! I had my agent go over it as well as another today! Made me feel much more confident in my decision

Got my first rental home offer accepted!

Hey everyone! I’m looking to close on my first rental in the Salt Lake area. I had done TONS of research, read several books, listened to podcasts etc... so I felt prepared to jump in. Started making offers that worked for my numbers. Got an offer accepted and the inspection done. Then the report caught me off guard. I realized I don’t know ANYTHING about the construction/contractor side of this. What is your advice on making sure I’m not investing in a bad property? I’ve thought about reaching out to a contractor and paying him to go over the report with me but now I’m down to only a few more days before losing my earnest money.

Any thoughts/ advice is welcome

JC

I have recently started researching and looking into real estate investing. I have good equity on my home and was wanting to use that towards another property. Today I had an agent reach out to me about 2 distressed home owners looking to sell low. I don't have the capital yet, as I am still in the process of the cash out refi, and feel like they both could be good buy and hold properties. How would you guys go about securing one, if not both of them? Hard money loan? Private? Find a local bank that may allow a no-down conventional? The market uncertainty worries me a little as well. Trying to stay positive though and keep moving forward! Any advice would be great.

Thanks!

JC