All Forum Posts by: Joe Aiola

@Jose Gonzalez Are there states that are less landlord friendly than others? Of course. But I'm a firm believer that if you screen tenants properly and are a good landlord, then the chances of you running into an issue significantly decrease. The reality is that investing comes with risks, no matter which state you invest in. A tenant can hurt you in a sate that is landlord friendly as well.

You're taking the right step - talk to investors in the states you're looking to invest and see which works best for you. If there's anything I can help with, just let me know. I'm licensed in both NY and CT.

@Huy Le Did the money you put into your primary residence add a lot of equity? If so, you might have some options there.

You can buy an investment properties with less than 20% down, it's just a little tougher. Look into seller financing options or doing a BRRRR. Another possible way is to find a partner - have them put the money down but then you manage the rental.

Hope this helps and best of luck!

@Brad Wilson Congrats on getting started so early! I would recommend finding a wholesaler in your area and offering to be a bird dog for them. This will add value to the wholesaler, as well as give you good experience.

Hope this helps - best of luck!

@Anthony Venezia congrats on the first deal! Base hits are better than ground outs, fly outs, and strike outs. And if done consistently, base hits still can get you to the hall of fame!

I'm willing to bet that the lessons you learned are far more valuable than the outcome. Use each deal to continually improve and you'll be in great shape. Before you know it, doubles and triples will become your new base hit. 

Congrats again and best of luck moving forward!

@Michael He I would read @Sean McDonnell reply a few times and really try to apply that great advice. Find a way to add value whenever or however you can. 

One thing I would add is to educate yourself before you start making these connections. Not many experienced real estate professionals want to be asked questions that you can easily find out on your own. Asking them to tell you everything they know will most likely not work. There are books on out of state investing that you can find here on BP. This will give you an idea of how to manage an out of state rehab and better prepare you to have a conversation with an experienced investor.

Hope this helps. Best of luck!

@Scott Tangney congrats on getting started so early - very impressive. House hacking is the way to go starting out. I always encourage people to jump in and get started, but it might not be a bad idea for you to educate yourself a bit more over these next 3-6 months. With the economy changing by the day, nobody can confidently say where we're headed. I would hate to see you buy a property, the market crashes, then you hate real estate. At your age, you have the 3-6 months to wait and see where we settle - it won't hurt you. Plus, you'll be educating yourself along the way and will be prepared.

Just my opinion, though! Hope this helps and best of luck!

@Account Closed The 70% rule is just a rule of thumb. It's used a quick analysis to see if you should dive deeper into the numbers. If you're new to analyzing deals, then maybe you should analyze a few in depth and then see how the 70% rule compares. 

Hope that helps!

@Teonia Riley Congrats on taking action! Wholesaling and direct mail is all about consistency. They may not be motivated the first time you contact them, but you still should follow up every month or so. When they finally do realize it's time to sell, you want to be the first person they think about.

You should check out Ryan Dossey's stuff. You can find him here on BP or on his website - he has great content.

Best of luck!

@Chris Mooney I completely agree with @Brenden Mitchum - his advice is spot on!

One thing I would add is to call a few contractors in your area to get their "rules of thumb". For example, each job does vary, but a sheetrocker might tell you he charges $1 per board to hang and tape (labor only). A roofer might be able to tell you that they can install asphalt shingles for $150 a square as a ballpark figure. They obviously need to look at the job first, but it doesn't hurt to call and try to get some of these ballpark numbers. It will help you with your analyzing. 

Not all contractors will answer the phone, or want to give you an estimate based on description or picture, but if you call enough you will definitely find some that will. 

Hope this helps. Best of luck on your journey, buddy!

@Garrett Jess Love the post and congrats on getting off to a great start! It's amazing just what telling people what you do or what you're looking for can do. Have to stay top of mind so people remember you. Like you and @Lee Ripma have stated, the most important step is to just get started. If you want it bad enough, you'll figure the rest out.

Thanks for sharing and best of luck going forward.