All Forum Posts by: John Walker

@Dylan Tettemer I would say just the normal stuff like networking with other investors, calling on For Rent signs and asking them what they are renting for, Craigslist, Facebook, etc. In the meantime, maybe estimate $2400 just to be safe but it sounds like a good deal even at that number too.

@Dylan Tettemer The numbers look great. I would just recommend making sure that the potential rent is accurate as well as the repair cost. Always round up for expenses and round down on income potential. Make sure when you estimate potential rent that you are taking into account things that people forget like the functionality of the floor plan and getting accurate comps to other rental properties in the area. Are the houses that rent for $2600/month going to be the same quality as your property once it's repaired? Just a few thoughts to consider. Overall, great looking numbers and cash flow! Good luck!

My wife and I just completed our first flip! It took about 7 months to flip which was much longer then it should have but we have learned so much about the entire process. The most exciting part of it was that it went Under Contract in 3 days! That is extremely fast for my area. We received tons of positive feedback from everyone that showed/viewed it! We should profit approximately $20,000+ 

The experience was tough and not easy but it's so fulfilling to have the success now on our resume and in our portfolio. I know that there are tons of folks out there that have "analysis paralysis" but I want to push you to get out there and DO IT!! It's great to profit but the knowledge that you will acquire by jumping into it is priceless! Find the right deal at the right price and that will give you enough cushion for the mistakes. 

Stay tuned for future post and I will provide more details, numbers, and pictures once I have the numbers finalized.  

@John Cantu I would maybe contact a local real estate agent and get their thoughts on that neighborhood/area. They may not be 100% accurate but they should have some idea if they work that area. It may be exactly what you are saying and it's a high rental area which means the houses would be lower priced even if they are renovated. You could also expand your comp search to a wider geographical area but that's also tricky too. You want to be careful not to "force" the numbers if they aren't right. 

On the other hand, if there are tons of "ugly" houses and you renovate one and make it nice then you could stand out among the others. It's just all about if the buyers are looking in that area and if they are willing to pay what you need to get for your renovated project.

Good luck!

@Sharon Rodriguez Welcome to BP! I recommend getting a license but I'm biased because I am an agent. My thought process is why not make some money while you are learning about real estate and your local market. I also think that there is some value in the training. You learn about contracts and different things that will make you more knowledgable. I did an online course that was made for my state but it worked great. Best wishes and good luck!

@Account Closed

I am looking to find off market, distressed properties that I will either flip or use as Buy and Hold. I was thinking of getting some sort of tax lien list or absentee owners list. I have never done this so any feedback would be great. I don't really have a quantity in mind. I haven't obtained any lists as of yet so I'm not sure. I live in an area where the population is probably 75-100,000 people. 

I am a licensed agent so I have MLS access but I want to find more and better deals in this area.

What are you guys thoughts?

@Richard McDonald I'm an agent so I know I'm partial to looking for a great agent. As an unbiased person, I think the location/market makes a huge difference. @Account Closed makes a good point about not giving 6% away but some areas the FSBO sit much longer than others. Looks like Ohio vs. Florida.

I love in a smaller market/city but the big advantage to listing a property anywhere is that the other agents see it! The could potentially have a buyer just waiting for your property but if they don't know that it's For Sale than it's irrelevant. I am not sure of your marketing plan but most FSBO will only do a sign in the yard and Facebook.

Basically, you are paying for marketing/exposure plus the convenience of letting someone else handle the paperwork. If you are in a hot market, I say try FSBO for a week or two, if it doesn't sell then you could always list it.

Good luck and hope it sells fast and for good money!

I'm looking for some feedback on what are some good companies for getting started with Direct Mail. What do you guys think? Thanks in advance!

@Jason Natelle I recommend to focus on skills like communication, leadership, and managing people rather than actual job skills. I worked in the insurance industry for 4-5 years and that knowledge is helpful but when it comes to insuring your properties, it's really not that complicated. I think most of the learning curve for us REI's is education through books/BP and then jumping into it and learning on the go. Maybe more so focus on getting promoted in any department that you work to where you manage people under you and then those skills will translate into managing tenants and employees as your own business grows. Hope this helped some. I'm not sure if I'm articulating my thoughts correctly. Good luck with your future business!