All Forum Posts by: Frank Hinck

@Ken Porta

See what they'd like to be making on the deal. 8%-10% over 3-4 months makes most folks happy, they get paid lump sum at the end so if they loan you $50,000 at 8% you'd pay them $54,000 at the end of the 3-4 month term. Show them you have multiple exit strategies to get their money back using BRRRR as the first option because you'd like to keep it as a rental but if that's not an option then using traditional Brokers, or even an all cash buyer.

@Sameer Patil

Great idea! I’ll try it out in the Twin Cities are and let you know how it goes,

@Brendan Slattery

PS add a photo and some info to your Profile!

@Brendan Slattery

I’d definitely start with listening to some of the BP Podcasts if you have a lot of drive time, or read some of the Articles.

So on the house hacking are you starting with looking into buying a duplex/triplex? That’s heading down the road of buy&hold and Landlording if that’s your thing which is the more “RE investor”. Or since you’re handy and can do flips, but that’s more of creating Jobs for yourself instead of really Investing.

If you’re just moving there and don’t really know the area, if you’re going to rent i’d start Driving for Dollars rolling down every street seeing where you’d like to invest & not invest, and maybe write down some addresses of homes you could buy and start writing your own handwritten yellow letters seeing if they want to sell. Just some ideas! Best of luck!

@Tyler Williams

What city /state are you in? PS put some more info in your profile

@Taylor Thompson

Supposedly 200 doors is the benchmark for hiring a FT property manager but even after 5 doors you need to get online systems in place and have an on call maintenance person, have go-to listing agents, etc if you assume acquiring more doors.

@Matthew Sprott

“Train your Tenants”. Start documenting it in writing. Email on the same chain and be firm but not threatening. If there’s no payment by the end of the month try a Cash for Keys to get them gone

@Ramsin Jacob

I'm not experienced in it, but Podcast show 55 talks about "pledging" accounts like an IRA or 401k or stock account as your equity towards a property in which you have investors but have no money down so you can show some skin in the game to your bank. By pledging you're putting that 401k or IRA on the line but don't have to liquidate it. Checkout Podcast show 55.

@Dave E. & Everyone,

My wife knows that rental real estate is a long term goal for me/us. After getting rejected on the duplex house hacking idea 2 years ago, I’ve now been listening to the BP Podcasts out loud while cooking dinner to let her know I’m interested in it so she wasn’t totally surprised when I broached the subject last week and asked when she thought we should get into it. Her answer was “when we’re more financially secure,” so I asked her to break that down and we narrowed it down to $15k in Emergency Fund (currently have $11k), credit card paid down from $7k to $2k, so really I’m only about $9k total away from starting the Real Estate Fund which itself should be about $15k to invest 20% in the $70k homes we have in our area.

@Ryan Bird

Interesting. I have an umbrella but the rental has its own policy since it's owned under an LLC.