All Forum Posts by: JD Monroe

@Ryan Dossey

This is a question I have as well. I guess, for me, the question is more about wrapping my head around what is possible. 1 million doors the first year doesn't seem possible but 1 door seems too few. I am looking for a standard to measure myself against, a way to hold myself accountable. More than that, I am searching for the knowledge to answer this question for myself. Any guidance from the BP community would be appreciated.

Well after lunch I called and found some info. It is not a 4plex it is a 6bed/2bath two story house. Asking price is 79,000 Currently rents for 750 per month. Seller stated at times he had rented it out for 1000 to a frat. He is selling because he no longer has time to devote to this property. He also said the price was flexible but would not do any seller financing. he just wants to be done with it.

At this time after speaking with the seller, I think this is too advanced for me to make profitable. So I will pass this along to someone else, Maybe someone going to the Shreveport/ Bossier BiggerPockets meet up would know how to work it.

@Brie Schmidt

Thanks for the reply!

I am calling on my lunch. I haven't called the bank yet, But I do have access to the VA owner occupied option, if the property meets the standards. I will provide more info after I call.

@Brandon Turner

Thanks! I have read and re-read the beginners guide and I set up key word alerts a few days a go they work great!

My wife found a 4plex FSBO in a college town (where she goes to school) about an hour away from where we live. I tried looking the property up online and found very little info. From google maps and the pic my wife took, there seems to be some differed maintenance i.e. exterior paint and slightly over grown vegetation. I went to the county auditor’s website; I found the assessed value and tax info. I also saw the owners name but, the address was different than the 4plex’s. I then looked up the owners address and it popped up on a FSBO website and some other Real Estate sites.

Question #1 Does this info (the owner’s house for sale) indicate a possible “motivated seller”?

Q. #2 Should I have more info before I call the number on the sign/ if so how can I find it?

Q. #3 When I call, what questions should I ask the owner? I can think of some: Owner financing /NOI /vacancy/Roof and foundation.

Q. #4 Is there any other advice you can give?

Welcome, I am new to the site as well and I have to say the Key Word alerts have been the best thing for me. Setting them up is easy and saves me time searching. Good Luck, I hope you find success!

@Scott Demots

Thank you, I plan to ask, learn, and act. Then repeat!

Thanks for the warm welcome BP!

@Helen Hall I too, have been listening to the Podcast. I really enjoyed @James Vermillion episode, it was very inspiring.

@Paul Wurster Thanks for the advice! I like the area around the base. This is where I have been looking/running numbers for practice. I understand I don’t want to limit myself too much in regards to renters. However, until I gain some experience with being a landlord I’d prefer to limit my risk. I believe there are more options and safe guards in place when dealing with military renters. As I become comfortable with the process I will expand my target.

@Jeff M. Thanks for the welcome! I look forward to the meet up.

@James Wise Thank you.

@Paul Timmins Thanks it is good to be here. This seems to be a wonderful place to start.

@Michael Faulk I would like info on Jimmy Stewart and the S/B REIA I will shoot you an email. I am definitely going to look in to Shreveport/Bossier Real Estate Investors Association.

I do understand the importance of a good team. I have been lurking on BP for about two months but decided to introduce myself because of the meet up. I think this will be a great place to expand my circle and mind.

As I told @Paul Wurster above AF renters is only a starting place. Limiting unnecessary risk with bad tenants in the early stages of my investing is important to me.

Property Management that I found in this area listed “one month’s rent and 12%” as there price. After reading some of the blogs and post on this site it seems a little high to me. So, I would shop around a bit before I went with them. I have been using this price as a conservative number in my paper analysis.

I have been on HomePath.com every day. Just looking and plugging houses in to a spreadsheet I created. I am trying to get comfortable looking at houses as investments not possessions.

@Elizabeth C. Thanks for the welcome! How many SFH are you able to manage from afar? And at what number do you think you will have to utilize a PM, if at all? When you run the numbers do you still account for PM?

P.S. Can someone explain the @ function I don't think I've mastered it?

Hello BP,

My name is JD Monroe. I am in the Air Force and currently stationed in the Shreveport/Bossier area. I have very little Real Estate experience, but I’m willing to learn! My plan is to buy and hold SF and 2-4 unit multifamily homes around Air Force installations and target military renters, with a goal of trading up to a small apartment complex after a few years. I am in the learning phase of REI.

The biggest issue/character flaw I will have to overcome, in order to be successful, is moving from analysis to action. I spend a lot of time on “the plan” and sometimes this prevents me from taking the next step. “When do I know enough to minimize risk?”

I look forward to becoming a member of this community and learning along the way!