All Forum Posts by: Jordin Boyd

Hello! I'm in Denver CO but decided to invest in Springfield MO. Started marketing out there and doing a bit of research. Anyone currently having success with single family wholesaling, flipping, buy and hold? I have a house under contract but having a hard time assigning it to anyone. Not as good a deal as I thought? Any tips or tricks to the Springfield market?

Under contract and need to assign asap. Remodel was started and is about 75% done. Just needs a little work to be rent ready. ARV looks like its in the $57k-$60k range. I'm not a big wholesaler. Looking for deals but not able to take on a remodel which is why I am looking to assign this one. Please message me asap. Need to assign by the 22nd of December! Closing is set for the 14th of January.

Jordin

To answer your question simply, without getting into your numbers at all, I would just say, if you want to get started investing and you plan to house hack then buy the fourplex. If we are assuming you find a great deal on a duplex and a great deal on a fourplex, take the fourplex. I think of a little kid trick or treating and a little old lady opens the door and says "do you want two candy bars or would you rather have four?" Four! Four candy bars please!

I would say turnkey is great for some people but if you have the time, you can probably do better finding your own deals. You said you don't have a network put together yet to start with a brrrr strategy. The best way to build a network is to find a good deal and close on it. Then you will suddenly realize that you own a house and you will be forced to build a network. You will start figuring out those details once you have the property. The trick is making sure it is a good deal. If it is, then you won't be too worried about holding costs while you figure things out. Also, I have found that it is really difficult to network with contractors, property managers city officials, etc., unless you have a property. Sure there is plenty of research you could do before purchasing a property but the very best way to get started in real estate is to find a good deal and close on it.

My two cents!

I would say, begin with the end in mind! Why do you want to invest anyway? Ask yourself why at least 5 times. For example, "Why do I want to invest in real estate? So I can make some Money!---Why? So I can pay off my student loans and relieve some of the financial pressure.---Why?  Because I want to enjoy more time with my family and not worry about money.---Why? Because life is about more than just money and I want to experience everything.... etc."  

You get the picture. This sort of reflection might help you realize what you really want and then that might help you decide what real estate investing vehicle can get you there. It worked pretty well for me.

Welcome! And good luck.

Thanks for all the input. I appreciate the help.

My tenant is moving out early and forfeiting her deposit. I need to put an ad up to get the place rented as soon as she is out. Should I send some kind of official statement/document that indicates we agree on the date she will be moved out? I don't want to get a new tenant lined up and then have the current tenant change her mind and want to stay... Any suggestions? How do I handle this?

Thanks in advance

Wasn't sure where to ask this question but I am new to the Denver, CO area and looking for a good title company who is reasonable with their fees and investor friendly. Also, do we use title companies around here or just real estate attorneys?

Hello!

I hope someone can help me out. I own one rental property and I have a lease option tenant in the house right now. The tenant has a 2 year lease and a separate "option to purchase" agreement. Things were going well until my tenants (husband and wife) both quit their jobs for "better jobs." Since then they have been late with their rent for the past 6 months. Because of their late payments, the contract stipulates a permanent rent hike of $25 for every month they are late from now on. They have paid the extra rent plus late fees a couple of times but this last time they just deposited $1400.00 (with the late fees and two "rent hikes" it should have been $1450.00 and they were well aware of this fact). The tenant just told me, and I quote "$1450 is just too much. We cant do it. So you just get $1400. Thats all we can do." I reminded them that we started with a very reasonable $1400/mo and that they were happy with that when they signed the lease.

What do I do now? Do I demand they pay the extra $50 right away? Next time? What do I do? I don't want them to think they can make the rules. What would you do?

Thanks @Don Harris. I just sent you the details. And thank to everyone else who replied.