All Forum Posts by: Account Closed

I think you might be making my point for me? I'm so obviously new here, what could I possibly be doing other than asking questions and trying to learn? To quote myself "I'd also be interested in reading if, if you're willing to share — seeing an example of things that might appear in a contract would be helpful to me :)" — that is not an "expectation that everyone help me" as you so claim, it's a simple and polite request which you could have politely declined or even just ignored, no need to be rude about it. 

What are you holding me accountable to? Does this forum not want new people to ask questions / ask for help / try to learn?

This strikes me as an odd response — it seems you care about internet points more than potentially working with someone in the future? Didn't realize upvotes on this site were so prized. 

I'd note that we didn't want or expect you to share anything, we asked nicely. No need to get all upset about it, a simple "I prefer not to share" would suffice. 

 I'd also be interested in reading if, if you're willing to share — seeing an example of things that might appear in a contract would be helpful to me :) 

Thanks for all the responses! Appreciate your time 🙂 Especially Nathan for book recommendations!

I see a lot of assumptions / misconceptions about my personal situation in the responses so I’ll try to clarify a few — obviously language isn’t perfect, certainly my choice of wording isn’t, and I also didn’t want to write a full dissertation about my personal background [nor make you read it] before starting.

• Some folks got hung up on “considering / planning over the next few years” — this one’s on me. This is [unfortunately?] how I talk, when you hear _me_ say this you can read “I want to dive in now and be successful by the 2 year mark”.
• I’m debt free, have plenty in after tax investments, plenty of retirement savings, and a (very) solid income. When I ask about cash to start investing, I literally have the cash, and am curious how much capital you think I should allocate to this endeavor.

This post is part of me starting to write my 2-5 year plan for RE investing, so when I ask about minimum doors per market, that’s why I’m asking. Should my goal be 4 doors in one market before looking to a second, 10 doors? I know there’s no perfect answer, but what would you do if you were starting over?

Specifically on “You're worried about management, but you haven't even bought a house yet.”

You may disagree, but a number of guests on the BP Podcast of late have strongly stressed that they wished they had focused on building a team / being more high level focused right from the beginning. Having management set up from the beginning would ensure I don’t get bogged down by a small number of properties. Perhaps I’m misunderstanding what these folks meant?

In general, I was really hoping for some more specific advice on the building a team part, I’m curious if folks have anything more specific than “find rockstars”?

• If you were starting from scratch again, what role would you hire first?
• When would you hire your first person? Before first deal? After 1,2,10 doors?
• What is your approach to retaining top talent? Do you provide equity in the deals they work on as part of compensation?

Another question that came to mind after I posted:

• Are there any subscriptions you wish you had gotten earlier? BP Premium comes to mind, NAR, any others you find indispensable?

Hi all,

I’m considering / planning to get into rental real estate over the next few years, and I’d like to get some wisdom from the community to help me focus my early efforts. Apologies if this kind of post is all too common, I'm using this post as a way to stop reading and start doing! Appreciate you taking the time to read and share your tips!

Some factors at play for my situation:

• - Real estate will be a part time focus - I really like my job and my career, the goal for real estate is to create passive income to supplement my salary, but I’m not trying to quit my job.
  • - My hunch is that I will need to focus on setting up management early, to avoid being overwhelmed by a small number of properties.
  • - Need to find the right team to make fully remote deal finding work.
• - Geographical diversification is important to me - I want to avoid having all-eggs-in-one-market-basket, would appreciate advice on how big I should go in each market to balance this goal against the overhead of having too small a portfolio in each market.
• - We’re planning to move our primary residence over the next couple years as well — are there any concerns with getting a decent rate mortgage for our personal home if we get a bunch of rental property mortgages in the meantime?

Goals and starting capital:

• - Let’s say I set a goal to have $100k-$200k yearly income (after expenses, before tax) within 3-5 years. How reasonable / unreasonable do you think this is for a part time investor?
• - How much starting capital do you think I need to commit to make this achievable? Would $200k,$400k,$600k be enough to make this achievable in this timeline?
  • - Obviously creative financing is always an option, but from what I can tell it seems more time consuming to find deals that work like that.
  • - I imagine I’d be better off starting in a $100k-$200k market to get more units early on?

Appreciate any and all tips for where to focus my efforts at the beginning. I've listened to the podcast a decent amount so I have been exposed to a lot of the basics, but curious what more experienced folks will suggest for where to get started for my specific situation :)