All Forum Posts by: Joe Ellis

Hey Francisco! It's good that you're out actually doing something instead of sitting and just reading on biggerpockets, (although reading stuff on here is great) 

But I'm sure you'll come across people who are interested in selling but maybe not at a discount or enough of a low price for you and your buyers to make good money. Do you have any Realtors on your team that are interested in taking those on? I'm a Realtor here in Vegas and would love if you could shoot me a PM. 

@Samantha Cunha, I'm pretty sure there are blog posts on what to look for when it comes to what to look for when Driving For Dollars. I'm not a wholesaler or anything but to me I would think long grass/weeds or houses that look to be in disrepair. Maybe things on the outside or windows are broken? Maybe other people who do that sort of thing could chime in, or maybe people who are doing Flips or Buy and Holds in Miami. 

if you're looking to wholesale you don't need a license nor do you need someone who is licensed to help you do those deals. If you have someone telling you that you need them then they're looking to make some cash. If you're thinking of getting your license and you're still wanting to wholesale I'd advise against that, only because there are so many disclosures that have to be made; not to mention there are few, if any, wholesaleable properties on the MLS. I would think if you're trying to flip then maybe look into finding a Realtor (like myself) or possibly get your license and find someone else to find deals for you.

Call around to different property management companies and interview them. I suggest reading through a few more forum posts about PMs out of state, and I just finished reading this one. https://www.biggerpockets.com/forums/52/topics/300...

there's also a few blog posts about vetting a PM and how to choose them so I'd suggest spending a few hours reading through as much info as you can. Like Abraham Lincoln said "Give me six hours to chop down a tree and I will spend the first four sharpening the axe."

I'd say make sure you're going to be able to make your 5% back (5% because that's the difference between HM and a traditional loan) either in equity or within the first year of holding the property. Otherwise it won't be worth it. 

Any time people mention the "what if" questions I just say "we'll cross that bridge when we get there!" As far as not using an agent, that's up to you. I'm biased since I'm an agent here in Las Vegas but it is possible to buy or sell without one, there's just tons of documents that need to be signed. As far as the step by step checklist, I haven't seen one so this might be the perfect time for you to document every step that you take and then you'll have it for later!!! 

The best way to deal with bad tenants is to avoid having them. If you have a great list in place for you to pre-screen them before you ever take any of their money or let them in then you shouldn't have as hard of a time, however, lots of people lie so you must check and double check after people. Actually call their references and ask them probing questions. Actually call their previous place of living and ask if they'd rent to them again. Call their boss and ask about them. Those sorts of things. 

I'm sure I'm missing stuff but others will chime in I'm sure. 

The best way? That depends. Dave Ramsey would say a job and reduce your expenses. I'd say an investor. 

Hey Moises, first off, welcome to BP! Have you analyzed any deals yet? what kind of REI are you interested in? There are many facets of Real Estate and I'd suggest starting with figuring out which path you'd like to take.

Continue to read blog posts and forums to further your knowledge. 

Hey Eyan, so I ended up knocking on his door along with a few others and noone knew of any trying to sell their homes in that area. I ended up trying to get pre-approved through a bank and apparently I have bad credit so that isn't an option (for now). I ended up getting my Real Estate licens and became a REALTOR here in Las Vegas and now I'm doing this full time whil saving up money so that I can put myself on the path to owning rentals but saving cash is the hard part. 

Hey William, 

Like everyone else has already said, Welcome! It's a great spot to be here. There is a BiggerPockets meetup next Tuesday the 29th of March at Giuseppe's Grille (I'm pretty sure it's down in SW near Mountain's Edge) Look up Las Vegas Meetup March in the search bar and it should show up. Hope to see you there! 

Welcome to BP and it sounds like you're already on a great track to get started with what you're doing. I'd suggest listening to the podcasts when you get time. There's LOADS of info in them that can definitely help out and will bring to light tons of ideas that you might not have thought of before. I know that there's tons of info on the forums and blogs as well but you've obviously found those. Good luck and have fun!