All Forum Posts by: James Vermillion

To be honest Johanna, it is just difficult to find or ask for great real estate investors to offer their time to help someone they do not even know. I have seen a lot of people look for a mentor this way but I can't say I have ever seen it work and a great mentor-mentee relationship form. We talked about it a little in the last BP podcast, show 23 but I believe the best way to find a mentor is through building relationships and showing experienced investors that you have the tools to make a good student and can offer them something in return.

By being a real estate agent, you have a good opening to start forming some relationships. If you can bring some good deals to an investor, or close a few deals with one, you can find an opportunity to tell them that you have been very interested in real estate investing.

I have never asked for a mentor, but now I have several.

Welcome to BP Mike! Don't forget to add a profile picture.

Amanda,

The goal is that your expenses will be less than the rent, thus leaving you with extra funds. That is the very basic explanation. Where people mess up is underestimating the cost of owning a rental property, and then end up not being able to cover all the expenses or barely break even.

Some of the costs associated with rentals are:
- debt servicing
- maintenance and repairs
- property insurance
- taxes
- vacancies
- property management (unless you manage it yourself)
- administrative (bookkeeping, etc).

Do some research on the 50% rule (try the search bar at the top right). It will help you understand the expenses associated with most properties over the long haul. Some people forget, that while maintenance may normally be really low, that roof will need to be replaced at some point (and water heater, a/c unit, you get the point).

In the end you want properties that will still make you money every month (cashflow) and eventually you will pay off the mortgage and your cash flow will go up significantly.

All of that is a very basic run-down, but there is a lot more info here on BP, so check out the land-lording section of the forums, hit up the blogs and listen to the podcasts...that will get you well on your way.

Andrew,

The only part of the site you can advertise is the marketplace:

"The Real Estate Marketplace is the place on BiggerPockets where you can promote or advertise your real estate business, your deals & opportunities, your financing, and your website. It is also the only place where soliciting partners, financing, deals, leads, or referrals, is acceptable. The Marketplace is where commerce happens on BiggerPockets."

However make sure you read and understand the rules

My condolences to the family and friends of the victim. There is a lot of hate in this world and at times it seems like things are only getting worse.

Sometimes though, you need to step back and realize all the good that is occurring on a daily basis. There are over 7 billion people living on earth today, and I believe most of them are good people. There are millions of people in this world that give back to many others, either with their time, money or other resources, yet those normally go even less recognized than the crimes we hear about every day on the news.

You are right though Michael, you never know what will happen, so while you are alive, make sure you spend time with those you care for and live to the fullest.

Welcome to BP Heather. I, too, found this site by accident and I have not looked back since. There are tons of resources at your disposal here (forums, blogs, guides, podcasts, fileplace, etc), so make sure you take some time to familiarize yourself with the site.

Good luck to you and let us know how we can help!

Ha, you wouldn't like my Facebook page Ibrahim S. I use Facebook to chronicle the things I have done, places I have been, etc, almost like an electronic scrapbook. I wouldn't say I am trying to be the center of attention though, just a way to share experiences with friends and family and have a quick way to look back on things.

Ryan,

Cant say I can help you with your current situation but welcome to the forums. You will find a lot more help if you stick around and engage in the community, once people get to know you a little bit.

Also, it would help if you added a profile picture.

Welcome to BP Grant. It sounds like you are taking a similar path to what I did (flipping first and adding buy and holds down the road). I love NOLA, I used to go there a few times a year when I was stationed in Shreveport...good times.

Good luck to you!

Welcome to BP Christopher. Make sure you take some time to see all the resources on the site including the blogs, podcasts, file place, etc...there is good stuff all over this community. Good luck!