All Forum Posts by: Jeremy Elcox

Hello All, Newbie here and 1st unit. On that note, I love reading all the posts here..great stories. My small ideas...PHOTOS...get so many pictures of prospective properties. I got burned due to deployment and ended up with 30k in rehab due to a very dishonest agent. DO NOT...believe "friends"...my inspector told me property was not worth rehab but my buddy...aka...agent and also contractor swore would make tons of money. 60k later, property did not even refi to get any cash out. Now 18 months later it's rented but barely enough to cover rehab loan and mortgage. I learned many lessons and am finally breaking even, but life is brutal and things are never as nice as it seems. Expect hiccups during rehab and always believe your inspector over a contractor...ALWAYS.  Contractor is just trying to get your money, an inspector has a license on the line. Finally, get some sort of warranty for work performed. I had multiple issues and my contractor said "sue me"...not worth the time or lost W-2 wages to pursue. Best wishes in this great field, I am working on #2 now...never give up. J

Thank you Michaela, I used a few places and wasted a lot of money to keep track and learned the hard way. I think lack of financial education is one of our country's biggest failures in the last century. 

@Skyler Mckinney, Good afternoon sir. First of all great work and much respect trying to improve yourself. Second, I understand you might be able to cover the costs of rehabbing and buying said property. My biggest question is this, can you ensure that you can either rent or sell these now higher value properties in an area that already has a set market value. Just because you rehab to a nicer and prettier home does not mean that the local market will support the higher price point. From my extensive reading this is a VERY common mistake new investors make...myself included. Just because we put in marble counters and high end flooring does not mean you can raise rent 300 over market for the area right away. I would like to see some more ideas here and if I am way wrong please tell me. Best of luck, J

Good morning Skyler, I am still learning this as a newbie but I would think the 1st HUGE barrier would be money. While I am a beginner I have learned on here you would need to ensure a reason people would pay the new higher costs aka...a new industry or huge venue draw. Please correct me if in error but unless you fix the crime, salary, and schools you may have a challenge renting all these new high end homes you just spent millions on. Best of luck and cant wait to see more ideas. J.

GO Yankees...haha. Good words good words. I only have a SFH right now and made more than enough mistakes on this one. I think it was good to learn on only 150k and not 500k multi...OUCH. Thanks for the input.

Thanks for the intel Brandon, do you find the reports you get match the real bank score. I got a huge shock and was 60 pts lower when bank ran my credit for mortgage even though I paid Transunion for correct scores. They told my they only show people the "consumer score", do you know if this is true? Have a great day and thanks for your time, Jeremy

Good day Alex, I am very new still but I read a LOT. The reason people want more investors is very simple. MORE CHOICES...more money, more ideas, more opportunities. Everyone can learn from someone. Business is business...acquiring capital should be a full time job and goal for a wise, well read business owner. For me...I love reading and learning everything on here. Once I get some deals finished I will gladly help anybody I can...this is one way I can help to better humanity. Respectfully, J

Good afternoon Jaydi, pleased to hear you are on BP. I am getting my 1st unit inspection today actually. For now this is a SFH, but I am hoping to get heavier into multi-family. When you mention "budget,"what dollar amounts seem to be the best. Do I need 50k or much more in general? Thanks, Jeremy