All Forum Posts by: John Weir

I think that you have a pretty good game plan in order. I started out with buy and hold, and it's done well for me! I am a real estate agent as well so that helps a lot. I bought my first three properties cash and now I'm about to buy two other with a HELOC. Talk with a local loan advisor or mortgage specialist to get a good idea of how all that works, it can get confusing. Best of luck!

Anyone on here going to Than Merrill's workshop on February 3rd in Greenville, SC? If not, and you're around the Greenville area you should definitely sign up! It's free and is going to be a lot of good information!

You're welcome @Marty L. I have no knowledge at all in your area, but I know around here and most parts of the country it's the best way to go if you have the money!

Definitely helps to have money in your pocket to start. Look for pre-foreclosure listings. Look for ads from people saying "we buy houses" or something and connect with them. Always helps to network and get advice from people in the area. Connect with a real estate agent as well, you can possibly pair up and get them to give you comps in areas off the MLS.  

I would recommend getting prequalified so you know where you stand on price range of homes to look for. Also your agent will probably prefer it. I would start with a MFH, it offers the most room to make money, but they seem to be harder and harder to find. Ask for rental comps in the area you're looking at. I also like to see if property is currently occupied and for how long, that way you immediately have money coming in. Good luck!

Hey @Trisha Oyenuga welcome to BP and the real estate community! I'm from over in SC but give me a shout if you ever need help or have a client looking in the upstate area! 

You can terminate any contract, however you can threaten and follow through with a law suit but still often times that will not work in your favor. This happens often in the real estate world, people second guess wanting to get rid of the property or like Andreas said they may have found out they can make a lot more money. I would talk with her find out her reason for not wanting to follow through and try to work it out amongst yourselves. Best of luck!

You obviously want to shoot for a high amount, I always feel comfortable after mortgage, insurance, taxes, and misc expenses (estimate) that anything over $300-400/month is good cash flow. But, like I said you obviously want to get as much as possible.

I would get them to go ahead and sign the lease and put up the security deposit, then charge the first months rent in 3 weeks. That way you know they're serious. 

I know it's legal, I just didn't want to make a bunch of other agents mad if I go after every single expired listing. But, after this good input, I'm not worried about it. Thanks for the input @James Syed !