All Forum Posts by: James Vermillion

Welcome to BP. Check out the landlord section of the forums and you will find a ton of information about buy and hold real estate. As to others have pointed out, become familiar with the 50% rule and tenant screening. Also start becoming familiar with local real estate market conditions, tenant/landlord laws, etc.

I would encourage you to use the BP search feature at the top right to find forum and blog posts about topics you need more information on, and of course ask the community when you need help.

Welcome to BP. Please tell us a little about yourself (your real estate goals, which strategies you are looking at, your experience, etc).

Finding a mentor (especially a good one) is not usually as easy as asking someone. Most expierenced real estate investors are not out looking to mentor someone they do not know, so you need to form relationships in this business. Start meeting and talking to as many real estate investors as possible. Do this are real estate investing association meetings, find people on BP, etc.

By forming relationships, people will see your determination, drive and other traits (assuming you have and show them) and want to work with you. That is how I believe real mentor are found. I discussed this a little in the last podcast.

Welcome to BP Jimmy. It sounds like you will be able to contribute a lot to this community right away, and learn some things too. Good luck to you!

Greg, what is your current system like?

Good question. As long as you have a plan to manage these properties and the same deals are not available closer, I think you should consider it. You will need to think about who will complete repairs when needed, how often you will check on the property, whether or not you are going to manage them yourself, etc.

Generally I believe it is best if you can stay local, but sometimes that is just not feasible, so if it makes investment sense and you have a plan, I think it is very doable.

Glad you came out of the shadows Jesse. You will gain a lot more from this community by staying active. Let us know how we can help!

Welcome to BP Jeffrey. There is a lot to learn in real estate and those first couple deals are always the hardest. What are you looking to do (I am assuming wholesaling)? Start working on credit repair and saving some cash...it will make things a lot easier.
Good luck!

For the lease I would recommend discussing it with an attorney. They generally have standard leases that they can provide (or modify to meet your needs). Every state has different laws and you need to be sure your lease meets the requirements. At a minimum I would pay an attorney to review the lease you plan on using.

Welcome to BP Kyle and congrats on graduating. You will find a ton of information here on BiggerPockets through the forums, blogs, podcasts, books, etc...so get ready to learn.

Is there a certain strategy you are interested in at this point?

Welcome to BP Eric. Have you analyzed your current house as a rental using the 50% rule? Would it still cashflow? If so, perhaps it could still be advantageous of you to rent it out. If you are unfamiliar with the 50% rule make sure you head on over to the landlording section of the forums and check it out.

Good luck!