All Forum Posts by: Jeffrey Edwards

If I had a chance to redo it all over again, I would definitely house hack a small multi-family...maybe a duplex. I would also read the BP books: The House Hacking Strategy by Craig Curelop and David Greene's BRRRR book! Then just start saving for another investment property down payment.

I recommend J Scott's The Book on Estimating Rehab Costs.  It won't give you exact number but it will get you in the ballpark.  Then as you do more deals you will be more familiar with the costs of things and also you could start your own spreadsheet to keep track of local prices.  Good luck! 

I like it.  Only thing I would change is adding "hope this letter finds you well" at the beginning of the letter.  Other than that, solid! 

I've heard good things from www.supermpower.com

I usually always have some sort of liability coverage as well.  Depending on the area (some spots in Michigan), some communities are prone to water in basements and that is a coverage I would consider as well in my area.  

I feel like there are always deals out there regardless of what the market is doing.  It depends on what your investment goals are and what your exit strategy is.

If no access to the property, assume the worst and create a budget based off of that.  I try to check local municipal records to see if there have been any permits pulled recently for the big ticket items (roof, furnace, a/c, etc.).  If you do acquire the property and it's not as bad as you think, then you're already ahead of the game.

Find a brokerage who is big on education.  I see so many new agents get their license, join a brokerage and then they don't teach you anything...basically thrown to the wolves to figure it out on your own.  Don't be afraid to call different brokerages and ask them what they look for in new agents and what is expected.  Ultimately you'll find the best option that works for you and remember the 80/20 rule...80% of all the sales are done by the top 20% of agents in your market. 

If you are just starting out, I would find someone who is an investor as well.  Maybe through BP or a local meetup but find someone who you can add value to as well in some way.  Maybe you have a skill they could benefit from.  

Once you have a few deals under your belt, hopefully you will have a contractor you are comfortable working with and you could give them a small fee to do a walk through with you and possibly give you a quote for the scope of work at the same time if it truly is a home that fits your buying criteria.  

Great post!  If I was in my first or second deal, this post would be saved.  I like the fact that you didn't blindly just go with the first agent, you spoke to many and found the right fit for you.  

Best of luck in the future.