All Forum Posts by: Jeremy Jackson

I'm pretty sure #2 is a no-go for me.  Anyone had an inspector come out before finding a tenant?  Maybe I'll get a lousy inspector.

Drug dealers need a place to live also!  :)

Congrats.

I purchased a property listed as a 1BR/2BA.  The bedroom and baths are all downstairs.  It has 2 decent sized upstairs rooms that have been converted from attic space.  They are finished, with window ac units in each. There are no closets upstairs but plenty of room for bed, dresser, toybox, etc.

I'm hoping to market this through section 8 as a 3 bedroom rental.  Is this a show stopper because of the angled ceilings and  no closets in those 2 upstairs rooms?  Anyone have experience with this?  Is this something the section 8 inspector will look for?

Thanks!

Run your numbers, make him an offer.  Maybe they will work, maybe not, maybe they will give you a starting point for negotiations.

@Yoao Oaxaca

Will you have a property manager?  If yes, they can answer most of those questions. 

I recommend searching here on BP for answers to your questions. 

If you know your neighbors, figure out what they are paying for rent.

With a pool, make sure you have good landlord insurance coverage. 

The better condition your property is in, the more you should bring in for rent.  However, avoid "over-rehabbing."

@Jeremy S.

Good timing!  I definitely think you're post is relative to Phillips dilemma.

@Phillip Joo

See this recent post.  He may be able to give you good feedback since he's juggling investing and paying off college debt.

https://www.biggerpockets.com/forums/12/topics/216533-how-much-debt-paydown-before-i-invest?page=1#p1444169

@Jeremy S.

I think @Mike D'Arrigo nailed it. Continue to work full time using those funds to pay debt, fund your first real estate deal, etc. Save for a down payment on a duplex or multi-family up to 4 units. Use a low down payment loan program like FHA and pay only 3-5% down. Live rent free, continue paying off debt. Rinse, repeat.

I think you're doing the right thing by reaching out to experienced investors for their input.

You have to make the decision and live with it.  You can decide to go to school now or later or never.

As far as having a degree to fall back on, I know plenty of folks that have spent thousands on an education and can't get a decent job.

As for me, I'm still continuing education, not to be a better investor, but hopefully to learn more about how to run a successful business (business management). 

You need knowledge, but it doesn't have to come from a formal college setting.  Most of what I've learned about real estate investing has been from experience, reading, networking with other investors, sites like bigger pockets. 

I finally have a house under contract.  Closing should be in about 2 weeks.  I'm seeking a trustworthy property manager and "handyman." The property is in the Portland neighborhood so I prefer someone with experience in this area.  The home is nice, as are the neighboring properties.   Any referral's are appreciated.

@Michael Seeker