All Forum Posts by: Juwan Parker

First of all you never want a "security" system. You open yourself up to liability if someone gets hurt and your "security" did not save them.  We have "surveillance" systems.

I like REOLink. All you need is a cable internet modem and you can run all your cameras via PoE (one cable)  Very simple; I set all mine up myself.  View live or look back in time.  (How long back depends on how much memory you buy.  Mine typically back up about 2 weeks.)  It's scalable up to 8 cameras per box.  Best feature, no ongoing monthly costs.   Here is a live screen shot of cameras on one of my apartments from 2 minutes ago.

I think you probably want to send a physical or electronic letter. You should follow up with a call to discuss aka confirm she got. Plus, you want a signature to confirm agreement.

@Juwan Parker Hey Juwan, when I raised the rent on my tenant most recently, I wrote a concise and professional email to them explaining how I've appreciated them being a great tenant, but have decided to raise rent X amount because of market conditions and increased costs.

As a landlord, I was faced with new property tax adjustments, increased internet bill (which I cover), and an increase in lawn maintenance services. In my rent increase, I covered the costs of these increases as well as a little on top to factor for market rent increases.

After their one year lease was up, market rents had increased roughly 7-8% in our area, and I provided that data source(s) to them in my email for corroboration. I ended up raising the rent just around 4% and justified that although I was increasing their rent, I really did value them as a tenant and did not want them to think that I was taking advantage of them by trying to raise rent egregiously high. In my mind of course, I knew that if they chose to leave, I would have to do the work to fill the unit with a new tenant which would take time and energy, but if that is the route I had to go, I could likely have increased rents at that time the full 7-8% and have no issue filling the vacancy.

Quote from @Juwan Parker:

Hello all!

I am analyzing properties (1-4 units) and do not really like the BP calculator. Was wondering if you guys had any others you recommend or have built and don't mind sharing? Or just tips on building my own. I will gladly receive whatever you have! Thank you. 

 I have done more then 35 mill in deals, about 500 flips I have never used a special calculator. Its actually very simple, PP less all expenses, Taxes, INS, PM, snow , cut the lawn,10% for VM, and I always like to add a little extra, keep it simple,  a

all the best  

Quote from @Juwan Parker:

I think this is a strength and a great place to start! My boss/mentors used to refer to me as a j.o.a.t.m.o.n when I started working with them at US Mortgage Resolution (USMR) in 2011 and sometimes I felt like it was a bit derogative (especially when they emphasized the second part...)

Combined with your growth oriented mind-set and this foundation of knowledge - your career has tons of potential! Personally, I would recommend setting up a wordpress blog/youtube channel and start documenting your journey to learn & earn $5k per month. Start building an email list with a lead magnet or enticing call to action. If you're into it, creating content can be one of the highest leverage activities, you can meet tons of people simultaneously and invite serendipity.

In the beginning don't worry about optimizing the technical stuff, just get up and running and start writing/posting videos - develop the skill, build your confidence and create a network! The internet is virtual real estate - your real life RE experiences might as well supplement a digital counterpart. 

Also, I agree with Chris about note investing - tons of unique strategies just within this niche, even with limited capital: one of our mastermind members just took down a package of 5 NPL 1st liens for $8.5k (I facilitate acquisitions from USMR). Before you take the leap and actually deploy capital, learn the business on the inside by providing a service to note investors of due diligence data-entry, internet research or digital collateral file audits. 

Armed with your future law degree, you could be unstoppable in the paper business - keep on learning, growing & strategizing!

Quote from @Juwan Parker:

Hey all,

With my WFH job I have 1-3 hours a day to spend studying real estate. I currently have 1 single family in Tulsa and partnered in a 20 unit complex, also in Tulsa. 
I want to spend these available hours learning about different strategies of real estate such as flipping, self-storage, creative financing, auction lists, buying foreclosures or REOs, and short term rentals. I have gotten all the BP books on these topics in order to find/develop a niche to become an expert in in an effort to spend this year before law school on something productive that could help me expedite my freedom. 
outside of the BP books are there other authors, YouTubers, etc I should look into regarding any of these strategies?

Are there any other strategies I haven’t considered?
is there a strategy or tactic you are a bigger proponent of than others?

Thank you guys! I plan on becoming more active in the BP forums. I look forward to connecting and discussing with you all. 

- Juwan Parker

 Check out mortgage note investing. you can do it anywhere and at anytime during the day. I love it as you are constantly strategizing.

Quote from @Juwan Parker:

Quote from @Joe Villeneuve:

A couple of things:

1 - All those tings you mentioned are not strategies, they are types of REI you can invest in. Strategies are "how" you move the money in order to make money using those types of RE.

2 - Don't focus on any one "niche".  Learn how to make money in as many as you can.  Learning one restricts you on the opportunities that are presented to you.

3 - The only thing in life that has no limits on it, is the "size of your box"...your knowledge.  One of the goals everyone should be striving for is to have the largest "box".

Thank you. I feel like a theme of mine is “jack of all trades, master of none” and worried that might hold me back if I didn’t master one first, then move to the next

Both assumptions are wrong.  The answer is to master them all.  It's not like you are limited in the total size of knowledge you can have, and the more options you learn, the less you become a master of.  Like I said in my first post here.  The only thing in life that has no limits is the "size of your box".  The "box" is your knowledge, so be a master of all.