All Forum Posts by: Brant Richardson

As a buyer I can say that I have done exactly that. But I saw very little rehab done on the property. Trash was cleaned out and the weeds/trees were trimmed.

In Podcast #37 I picked up a tip which I think is excellent and plan to use. Make a video tour of the rental unit and put it on Youtube. Don't include the rent or anything that might change in the video so you can continue using it for years to come. Then link to the video in you advertisements on craigslist or wherever. I think that would be especially helpful when you have an extemely nice rental that you want to show off every part of and have nothing to hide.

To be more specific on "invest in your education". Time spent learning would be the biggest investment, not the amount of money. As you found out already, spending a grand to learn everything real quick at a seminar doesn't work. Listen to the awesome podcasts here on BP for free. Each one asks the successful investor they are interviewing what books they recommend reading. Write down those books, some of them come up repeatedly. For $100 on Amazon.com you can get a ton of top notch educational material. If you pay for classes they should get you a real estate license. Again, go to real estate club meetings.

Detroit has some of the cheapest single family residences around. Most people on bigger pockets, including myself, are scared of Detroit and want nothing to do with it. However, if I lived there and new which areas were nice I would be all over it. If you have some savings I would get right to scooping up a property that is rediculously underpriced just because it carries the "Detroit" label.

Build your credit. Invest in your education. Become a licensed realtor. Now you have a job and steady income to build capital, a lot more knowledge about real estate and you have access to the MLS to find deals.

I didn't look at your location. 100k as a 20% down payment wouldn't cut it in Oakland.

Perfect set up. Get paid to monitor the MLS and snatch the bargains when they pop up.

Start going to a real estate investing club where you can do some networking. Let your plan be known to one and all.

Auction.com shows 39 foreclosures in Chicago.

Michigan has tons of decent rentals for 30k. Lots of students in Grand Rapids to fill those cheap houses too.

Sell your new house. Sorry, I know a lot of others were thinking it too. Buy a big duplex -4plex or two separate houses on one lot and live in one while you rent out the others. Excellent tax benefits with your rental also being your personal residence.

Or at least refinance to pull money out of your residence. Interest rates are at historic lows, take advantage of them and free up the cash for investing. You could get a whole portfolio of properties with 150k where you live.

Another possibility is getting a house close to the lake and doing vacation rentals which are very lucrative. Its a lot of work but if your wife is on board for running the show it might be a way to get her interested and contributing.

I have just enough cash to buy one property and rehab it in all cash unless I drop my standards big time on the properties I'm interested in. I will be living about a 2 hour drive from my investing area so I don't really want to get into the low end rentals where they will need constant help.