All Forum Posts by: JD Randall

The end result is pretty much the same. For the single-family home, you can likely get a better deal then if you buy a property that is already multifamily but I could be totally wrong because I don't know your area. For me, it would really just depend on the actual deal stats to make a decision. Additionally, make sure that if you make a SFR into a multifamily that it is something that you will be able to keep a small multifamily. Some tenants may not want to live their lives the same way you would be willing to sacrifice in order to get into real estate.

@David Petersen

I actually have some skills as a contractor (I have run tractors & excavators, been an electrician and plumber and done a lot of random side jobs) so that might be the way for me to go! 

(Now obviously that isn't very scalable but it will get me into the game)

@Daniel Haberkost 
Yes, I am currently only looking at deals on the market and am not on any wholesalers' lists. I am planning on using private money and refinancing or just having a long term money partner to do my first deals because I don't have a lot of my own capital. Because of this, there has to be enough meat on the bones so that I am able to split it between me and my partner so would it be worth the effort for me to try to find my own off-market deals and not use a wholesaler so I could get a lower price?

Money: Do what you can to earn and save more money! Yes, you can partner or use private money to get a deal done (which is actually what I plan to do) but you will likely still have to contribute some money to the deal.

Knowledge: You said you are listening to podcasts which is a great start! That is how I am getting most of my real estate knowledge. Have you started analyzing properties yet? You can use the BP calculators a couple of times for free (I think around 5-10) and that should be enough for you to start getting familiar with the numbers and your market.

Connections: Have you reached out to any local Real Estate Investors yet? Or mentioned it to friends and family? When I started mentioning that I wanted to get into real estate to friends and family it shocked me how many people either invest or were supportive of what I am hoping to do. Yes, some people don't seem to understand Real Estate and won't be supportive but those are always the people who never got into real estate or didn't treat real estate as a business!

Hustle: You will have to hustle to get into real estate. Push through the hard times and you will make it to where you want to be.

You don't need to do all of these things at once either! Just pick one to focus on for a while and move to the next step when you are ready.

Thanks! I will try looking into vacant properties, properties that have been on the market a while or maybe even properties with an eviction going on. (Although I don't know where to find those records yet) 

I have been analyzing a lot of potential rental properties in my area (Pheonix Metropolitan primarily Queen Creek, Gilbert, and Mesa) recently. Most of the properties won't even break even unless the seller drops their price up to 25%! 

Is this typical for more expensive markets? Im assuming the seller wont drop more then 5% maybe 10% if the house is way overpriced. 

Is it even likely to find a house with minor value add that would make a cash flowing rental?

@Josiah Patrick Zebarth

Every few months I write down a fictional journal entry for a goal deadline. I write down the perfect day and then make a list of "themes" that correspond to this journal entry. Every morning I wrote 2-3 themes for that day and I focus on those.

Life is about becoming a better person and through this process I've found I have greater focus on what is important for life for me and I accomplish way more.

Currently I'm focusing on REI, bushcraft, academics and spirituality among others.

@Kimberly Rodriguez

I am trying to start a Teen Mastermind group if you are interested in joining! Please reach out to me for the details.

@Dan Sheeks

Thanks for directing me to you article! I will reach out to you soon

I know that your time is worth a lot so I'll keep this brief. I'm almost 16 and I'm currently saving money from my job so I can reach my goal of getting $500 a month from cash flow by the time I graduate high school. (I have 2 years) I heard about mastermind groups from the BP REI Podcast and love the idea so much that I decided to try to reach out to any other young investors out there. Because of the coronavirus and the likelihood that the mastermind group is going to be from far spread locations, it is going to be online based. Please reach out to me if you or someone you know is interested.

Im expecting the group to be around 3-8 people and consisting of people who have yet to graduate high school.

A little about me if you want to keep reading: Since a lot is shut down right now I am really trying to figure out what I need to do in order to analyze properties so that when everything picks back up I'll be able to analyze properties quickly and effectively enough to be able to fit it into my normal routine. I have been around construction my entire life and have had jobs as an electrician and plumber. I know how to do a decent amount of medium or minor rehab repairs because of this. I hope this will make it possible for me to find a BRRRR deal to partner on where I do the rehab and my partner brings the money. Outside of RE I LOVE anything outdoors. That includes biking, hiking, running Cross Country, swimming, landscaping & spelunking.