All Forum Posts by: Joe Aiola

@Gary Voorhees Love to see another agent who invests as well! Congrats on the flip man, keep up the great work.

@David Schmiediche I couldn't agree more with both @Bruce Lynn and @Jim Cummings. Vacancy is a cash flow killer. This doesn't mean to keep bad tenants to avoid vacancy, but it does mean that good tenants are extremely valuable. 

If the price increase is too much for them, try to get creative to where both parties are happy. Depending on your relationship with the tenants and how handy they are, maybe they can help out at the property to offset the rent increase - lawn care, painting, power washing etc. This won't work in every scenario but a good thing to keep in mind.

Best of luck!

@Ofer Eyal you got a great response from @Evan Polaski

I would just add that any property makes sense at a number (this goes beyond just lead based paint and asbestos). So if you run into asbestos and have to remove it, just factor that cost and adjust your offer accordingly. It also always helps to run your analysis with a set amount of reserves (for example, a 10% contingency) for the renovation. There are too many unexpected / miscellaneous items that come up during rehabbing.

Hope this helps and best of luck!

@David Kochubey Welcome to BP and congrats on getting started! The beginning of the journey can definitely be nerve wracking & discouraging. If this is the case for you, just stick with it and continue to learn and network every day.

I would definitely take @Ken Naim up on his offer & get to those meet ups. Taking action is key.

Best of luck, man!

@Sheri Fluellen Congrats! Keep up the great work!

@Dannial Khakdoust Good luck on the exam! If you're looking to get into flipping, I would suggest that you find a way to get working on a job site. Drive around your neighborhood and find renovation projects going on. Try to find out who the owner is by stopping in to talk. If you do find some flippers then I would offer to work on the job for free. Even if you're just making sure the site is clean, that will be adding value to the investor and you will learn a ton just from watching.

Hope this helps and best of luck!

@Tenzin Sherap Congrats on getting started so early - seems like you are off to a great start!

Your best bet is to call a few lenders and ask them any lending questions you may have. Lenders will be able to tell you what you can qualify for, and can also tell you what you need to work on to improve your buying power. 

Another option is to bring in a partner who can handle the financing part of the deal.

Hope this helps and best of luck!

@Paul Perez I find a lot of pros of having your license while investing. For one, I get full access to the MLS. This allows me to search thoroughly for deals, which other people may have missed. For example, if a listing is inaccurate and there is actually more sqft than listed. Or using keyword searches to see if it's been listed that the owner is motivated in the description.

Another great advantage is that you have the ability to negotiate directly with the agent / seller. This is huge for a good negotiator.

You just have to make sure that you disclose that you're an agent and the buyer, which sometimes rubs people the wrong way. 

Hope this helps! Best of luck.
 

@Griselda Perez You got some excellent advice from both @Arjun S. and @Aaron W.

Most fear is due to lack of knowledge or resources. The more you educate yourself in this business, the more prepared you will be. Being prepared will help boost your confidence. Combine that with surrounding yourself with the right people and the fear will go away over time.

Hope this helps and best of luck!

@Dylan Gates In my opinion, the first step would be to try to narrow your focus on what it is you want to do (doesn't need to be perfect, but a sense of direction helps). 

For example, you mentioned you got your license. So if the goal is to be a a full time agent and a part time investor, then I would recommend to go shadow a top producing agent in your area. But if your goal is to be a flipper and to just have your license to use as leverage, then I would recommend finding a flipper in your area and finding a way to work on their job sites (even if it's for free). 

Once you have a better idea of what you want to do, it makes the next steps a little easier to determine.

Hope this helps and best of luck!