All Forum Posts by: Joe Aiola

@April Causapin I don't know your market at all, so I won't speak on the numbers, but I'm not usually a fan of two homes on one lot because that means double the repairs. The beauty of a duplex is that it's two units all under one roof, so it's less maintenance. 

Don't want this to turn you away from the deal, but just something to think about. Love your ambition and hope you find/get what you're looking for! Best of luck!

@Toni Baca Very exciting - congrats! There is some good advice on this thread by @Daniel Haberkost and @Rory Kinnear. 

If you found your deal through and agent, and are friendly with them, you can ask them about rental prices. It doesn't take an agent long to look at the comps in the area to give an idea of what you should be getting for rent. Another tip would be to put yourself in the shoes of a renter - where would a renter go to look for a place? Zillow? Craigslist? Wherever renters look in your area, see what's available for rent and price yours accordingly (depending on location and condition).

You can also call other landlords in the area (by their rental listings) and ask them questions. Find out where they normally find tenants and what their screening process is. Not everyone will be willing to tell you, but you'd be surprised with how many people like to help. You have nothing to lose by calling.

Best of luck!

@Rafael Perez Congrats on starting your journey so early on! My opinion is that doing a flip right now would be a little risky if you don't have reserves set aside. What if the rehab doesn't go as planned? What if it takes a long time to sell? What if it doesn't sell? These are questions you need to ask with every flip, but if you have reserves than you can whether the storm or have a different exit strategy. With no reserves, a flip seems a bit too risky for me for deal number one. You don't want your first deal to go south and then have that scare you away from investing in the future.

I'm all about getting started early, but sometimes it's better to hold off a bit until you're in a better position to jump in. I would say to take the next year or two to learn as much about investing as you can, network like crazy to build relationships, and save up as much money as you can. Even if it takes two years, you'd only be 22. That's still much earlier than most people start.

Hope this helps! Best of luck

@Britt Slayton I would read the comments made by @Derek Dombeck and @Joe S. again. They hit the nail on the head.

If you're working with an agent, they can filter the properties for you that already show the owner is willing to owner finance. Your approach can be different for these sellers since you already know that they know what seller financing is and that they are willing to do it.

Best of luck!

@Dillon Francis great question and I think @Jonathan Taylor Smith gave an excellent response. Definitely read that a few times and apply those tips!

The only two things I would add is to sell them on the cash flow they'll be receiving, as well as them acting as the bank with the ability to take the house back if something should go south. The security of knowing the house can still be theirs if payments aren't made should eliminate a lot of the risk for the.

Hope this helps - best of luck! 

@Wale Dada Solid question! Whenever making repairs that don't necessarily have to be done to a rental, you should be thinking if the repair is going to give you good ROI. Do you think replacing the floors will give you more in rent? I personally doubt it will raise the rental price by much, if any. Look at comps in the area, and talk to agents and other investors in your area to find out for sure.

Just my opinion, though! Best of luck.

@Arun Dharan I don't know your financial position, but saving up the other 10% might take awhile. You can look into the seller holding part of the note or doing a rent-to-own if you don't want to wait. Those deals are harder to find but they are out there. 

I know an agent in Philly who might be able to help you out. If you're interested, shoot me a PM.

Best of luck!

@Joshua Roberts You can also go to local meet ups to network, you can call property managers, drive around town to find renovation projects going on (stop and try to get owner's contact info), etc. 

The most important thing is that you are finding great deals. If you truly have a good deal, it should be fairly easy to find a buyer.

Hope this helps and best of luck!

@Chris Sonnleitner great question! @Mike McCarthy and @Brett Stander hit the nail on the head. The only thing I will add is that it really comes down to the appraiser. You can, and should, do all the research to have a good idea what the ARV will be, but at the end of the day it's the appraiser's final opinion. With that said, try to be there for the appraisal and build rapport. You want the appraiser to have a good experience when visiting the property.

Best of luck!

@John Ramirez Great post, man! Don't sell yourself short if you're a handyman - every investor finds a good handyman extremely valuable. If you can find other ways to add value as well, then that's an added bonus. You want to be so valuable that the investor is looking forward to teaching you rather than feeling obligated.

Hope you find what you're looking for - best of luck!