All Forum Posts by: Jon Thompson

I cancelled propstream the first week I ordered it.  On just my few properties there were so many errors that I couldn't see the benefit in it.  

Having a basic plan, like you state you do, is a good start! There is a wealth of information in these forums, and an abundance of advice in general (most of it from people that are not where you aim to be!). That was (and continues to be) a struggle for me starting out. It's tough doing something when you don't know anyone else involved in it. My advice, from a guy that started out with little more than a basic plan, and now enjoys life as a full time real estate investor, is to get your first property under your belt. Don't be reckless in just buying the first thing you can, but don't wait forever either. There are significantly more highly educated real estate "investors" out there that have yet to secure their first deal, than there are folks actively investing. Keep calm when you run in to challenges. Expect to run in to challenges, and remind yourself that if you want to scale it in to something big you have to reframe your mindset because these "big problems" you face starting out will be small in comparison to the ones you'll face as you grow. Good luck to you. The world is evolving every day, and there are dozens of angles to take in the REI world.

Glad to find this post.  Just closed on a single family home we bought at the tax auction.  Car in the garage, and old (probably not worth all that much) boat in an old barn. I'm in NY state so I'm sure there'll be some hoops to jump through!

I was working full time in sales, minimum of 45 hrs a week plus roughly 10 hrs in commute. Didn't start REI until my first son was born. Bought first investment property in late 2014. Went full time RE in Feb of 2021. My wife and I hold rentals and do flips and we kind of love every aspect of it.

Hello BP fam.  I'm going to ask a newbie question and hope for any suggestion that could assist in finding my next deal.  The market is very hot in my area and the inventory is low (likely that way in several areas currently).  Even auctions are running prices so high that I can only assume they are selling to owner occupants.  Where are you all looking for your deals, and/or what methods are you using to get the deals brought to you??  I was fortunate enough on my last flip to find a steal on Craigslist!  I'm looking all over all the time, but I know there are better ways.  

Congrats on the sale.  The work looks well done and tasteful.  As stated by others here, first offer is often the best and I've seen in years past where folks waited and lost that initial offer and had to settle for less.  However, in todays market, I think stating a 4-5 day deadline from when you're listing works best.  On my last flip that just closed in August, I had two full price offers on the first day.  The house ended up going $60,000 over (I priced it a little light and was expecting 10-20k over)!  This was my best one yet.  Do yourself a favor and explore the listing services that will get you on the mls.  I started using them a few years ago for maximum exposure.  Literally $120 flat fee, and you can choose what (if anything) you will pay a buyer's agent; either a flat amount or percentage.  I offer a percentage to buyer's agent so I don't discourage them from bringing their buyers, but save the 2.5-3% on seller's agent that is customary here in NY.  

It's tough. My last two buys were off market. 1 I called on a vacant property and got agreement to purchase it. 2 was fsbo on Craigslist. Neither could I logically bring the agent I've been trying to use. I sell my properties fsbo through a flat fee agency, so I can't get him paid there either. I call him to represent me on auction buys and anything that pops up on mls, but I see both sides. He's got a family to feed too. I at least pitch him a couple hundred dollars in gift cards for restaurants he likes at Christmas time for now. If things grow to where I'm aiming I hope to get him some solid paydays in the future on both ends

Bought a towable boom lift a few years ago for working on our flips and apartments. Had people stopping regularly asking where I rented it from. Got insured and now we rent it out. Nice little cash flow gig with hardly any maintenance required as it's electric over hydraulic; no gas motor, etc

Where is it listed, what sites? 

I've been in a similar position, but cash flow renting was a little more if I would have kept it. Still, by simple math, if you have no vacancy or major expenses you're talking about 11+ years of renting to make up for that $80g profit you could walk with. I sold and reinvested profit plus my cash into it. Worked well for me. Depends where you're at investing and how many are under your belt now. Good springboard to getting more if you sell but there are way more factors to it than my small example! You're in good shape either way