All Forum Posts by: James Vermillion

All 5 of my first rehabs were funded with a commercial loan from a community bank that included rehab funds to be drawn throughout the rehab process. I am still using this lender today, as well as some other methods.

Steven, my apologies for the delay in responding, I have been swamped lately! Ky is a pretty landlord friendly state in my opinion, and I have not had a single legal issue (knock on wood)! My advice would be to go with the best investments and properties, worrying less about the laws. Not to say that you should not understand or even consider the laws, but laws can change and in most cases (except for a few states that are on either extreme) you will do great by getting great deals on properties and managing those properties in a great way. Good luck!

There is no good answer when it comes to partnerships. I have heard a million horror stories over the last several years about partnerships that have quickly gone to hell in a hand basket. At the same time, I got started in this business with a partner and we are still working together today, and I know neither of us could have been as successful without the partnership. However, each of us bring a lot to the table, and we happen to work together very well.

Here is a blog post I wrote about the Benefits of Teaming Up , but if you are already hesitant, I would not risk it, especially if you are able to accomplish your goals without another person.

Welcome to BP Josh. As they say, there is no time like the present! As others have mentioned BP can be a great resource and in many ways. It looks like you have already realized the value of the podcast, but there are some other great areas to the site you should check out to make sure you are gaining the most of BP. The blogs have some great information, and the investment calculators are amazing, making investment analysis much easier. Make sure you ask questions, these people are incredible and very helpful!

Welcome to BP Stormy. First off congrats, if you look around, most people do not even begin to start thinking about real estate investing (or any other type of investing) until much later in life, which gives you an incredible advantage if you stick with it. I thought I started out young (started a few years ago at age 23), but you are in a position to really get started at a young age.

One of the advantages of real estate is the abundance of options. While that is a very good thing, it can make learning about real estate a lot more difficult and be more confusing than it needs to be. Take some time to learn a little about the various real estate investing strategies out there and figure out which one will suit your personal situation. Once you have an idea of how you want to proceed, you can start to hone in on learning the specifics and forming a plan.

While you are figuring out how to proceed, save money! The more money you have to start, the better off you will be. Doing some real estate agent work in your spare time could be a great way to boost your savings while learning more about your local real estate market, so I believe that is a great idea. Additionally, when you are ready to make that first investment, you will not have to blindly trust an agent to help you find the property.

Don't get discouraged! When you are getting started not everyone will take you seriously...that's ok, I can assure you they will once you have a few successful deals under your belt. Until then, find people who will work with you, and go with that.

Good luck!

You're telling me! Congrats!

Welcome to BP Devon. There is a ton of info on BP about the various methods of financing out there. Try out the search bar at the top right to find forum discussions and blog posts about the topic.

If you could get more specific you might get better feedback..ie

- What type of properties are you looking to finance?

- What percentage of the purchase are you looking to finance?

- Are you trying to finance any renovations as well?

- What is the time frame?

Welcome to BP Isabel! That is a nice area, in fact, I am heading that way for vaction in the spring. Good luck to you!

I had an issue several years ago when I was in the Air Force where an Airman had a very similar dog living on base, which the housing authority did not permit. He called it an American Bulldog, and claimed it was not a pit bull. I had to do some research on the difference (which I remember there actually did turn out to be a difference)...in the end, it did not matter, as the pet was in violation of the lease due to the language of the lease and he had to find another home for the pet. In short, it can be very difficult to distinguish a pit bull, especially due to the cross-breeding that takes place.

I agree with Jacob. When we started we stuck with the areas we knew, but as time has gone on we have found we have learned more and more about surrounding areas and we are more confident in being able to comp areas outside our original investment area. Recently, we have invested in towns outside our original area due to increased competition where we were, but I am not sure we would have had the success started in these areas from the beginning.