All Forum Posts by: Joe Aiola

@Jessie Victorio Congrats on making the first post! @Joe S. and @Jody Sperling offer great advice. You should view your finances as being completely in your control. We all don't start in the same spot, but we all have the ability to get to the same result - it just depends on how bad you want it. 

I would work building up your credit and your savings before thinking about rentals. Vacancies and repairs can be detrimental if you don't have enough in reserves. Cut expenses and get a side job if you need to - this should help get the ball rolling.

Best of luck!

@Matthew Bernstein Congrats on getting started so early man - that's impressive. @Remington Lyman gave you some good advice, as a W-2 job will help you out with a mortgage. Another option is to look for a partner (go to local meet ups and start to network with other investors in the area). You can work a deal that if you find the right property and are willing to manage the rental, then the partner can handle the financing. That can be a win-win.

Good luck!

@Michael J. Ray I completely agree with both @Matthew Nicklin and @Nick C. - that's great advice! 

When you start anything new it usually feels uncomfortable before it gets normal. It doesn't take long to get out of the uncomfortable stage, you just have to be consistent with it and always try to improve. After each call, you should analyze how it went - what did you ask that was good? what did you forget to ask? did you build enough rapport?

Stick with it, you'll get it. Best of luck!

@Dilbar Chhokar Great question! @Alex Bekeza and @Kenneth Garrett answered it perfectly. If you want to go conventional and use your money for the rehab, then maybe consider changing the strategy - you could possibly do a live in flip on a property that just needs cosmetic work. 

@Sarah Y. Never Split The Difference is a great book on negotiating - it's written by Chris Voss.

It also helps to be extremely well educated in your space - it will boost confidence and help to communicate well. Hope this helps!

@Matthew Nicklin awesome, man! Gotta love the BRRRR strategy.

Also love your tip for telling everyone you know about what you do / what you're looking for - it's so true! Keep up the great work, buddy!

@Stephan Fequiere The best thing you can do, in my opinion, is talk to other investors in your market. The market you're in will depend what type of renovation you should do, and that will have a major impact on the renovation number. 

That's great advice from @Jeffrey Edwards. You can also try getting these ballpark figures over the phone. It's a bit tougher to do, but it definitely can be done and will save you some money. For example, you can call a drywall contractor and ask for a rough estimate to hang and tape a 1250 sqft unit. You can even have them break down the price to see how they charge - by sqft, per board, etc. Just be sure to let the contractor know that you're close to getting the house and that you want to use them when the time comes (this will help you get the rough quote).

Best of luck!

@Kirk Zandier That's solid advice from both @Brian G. and @Twana Rasoul. Might not be a bad idea to start out with one of those strategies until you are able to build up a bit more more capital. You're on the right track with BRRRR though, it will definitely help you scale. Continue to learn about the construction side of things and don't be afraid to use hard money - just make sure you talk to enough lenders / get referrals.

You're in good shape starting out so early. Just keep making progress each day. Best of luck!

@Ralph Miller You can only raise the rent as much as the market will allow. You have to look at the overall condition of your property (not just the new floors), the amenities you provide, and the location of the property. Then you can compare your property to the comps near you (a real estate agent can help you with this), and determine if your property is worth market value, a little less, or a little more. 

Hope this helps and best of luck! 

@Jamir Walton Congrats on getting started! Solid advice from @Lee Ripma as usual. When you're starting out, it's a smart idea to learn a little bit in each area of the business. There are several routes you can go, which are all talked about at length right here on BP. Once you do this and start to connect with people to hear their stories, you'll eventually start to narrow your focus on one strategy, one market, etc.

Focus on consistent action and making progress each day. The next steps will become more clear as you keep going.

Best of luck!