All Forum Posts by: Kenneth Garrett

David,

Jeff had great comments for you.  I would look at your competition and then improve a few additional things the other properties don't have.  On my rentals, I put in Stainless Steel appliances its a few more dollars but it makes the property look very updated.  I usually have multiple tenants trying to get in my properties.    

Just like flip properties kitchens and baths are important. 

Good Luck.

I'm all about helping new investors.  If you need help message me. 

When you are first starting out you need to find other people to learn from.  Finding a community like Bigger Pockets is a wealth of information.  Finding people you can connect with is just as important.  

In order to learn how to evaluate property you need to go look at property.  Look at a lot of property so you can evaluate efficiently.  I am not a big fan of doing everything on line.  You have to get out there and look so you can get a better feel on evaluating property and projects.

Look at what people paid for property and sold it for. When its bought on the MLS there generally are pictures even better if you had looked at it. Then you will be able to see pictures of the change even better if you go look yourself. Remember pictures do not show everything. I have been in a number of properties that the pictures did not resemble the property. Be an expert in your market.

I tend to buy everything on the MLS. I still can find deals there but it takes more work.

Attend any REIA, (Real Estate Investment Associations) meetups and any other meetings in your area. At the REIA's you can find wholesalers, contractors, seasoned investors, money lenders, partners and the like. Just like you conduct due diligence on properties you need to do the same with people/partners etc. Be careful who you work with as noted here on a number of blogs. Due diligence.

Immerse yourself in the business and it will pay you back and, someday you will be helping the next new investor that is looking for help.    

Don't worry about sharing properties there are plenty to go around.  By helping others you will be seen as a true advocate in the industry.

Have a great 2017. 

If you are having difficulty in getting started, we run a weekly study group associated with helping investors get off the ground.  We provide an education format and discuss the weekly assignments each week.  As part of the program we hold property tours of projects undergoing renovating so people can touch and feel the projects.  We discuss how the deal was found, how it was funded, go over the numbers, the rehab and the exit strategy or two.    

If you think you need a nudge or just someone to hold your hand through the process message me. 

You are always welcome to come see one of my projects and I will walk you through the steps. 

I remember what it was like to get started and I had a mentor who walked me through the first deal and after that I was off to the races.  

@Kim Tucker

Kim you rock. I have been telling people about this strategy since I learned about it a few years ago. Mat Sorensen wrote the book on "The Self Directed IRA Handbook". Mat is an attorney out of California. He does a Podcast (The Refresh Your Wealth Radio Show) with Mark Kohler, which is all about taxes and legal issues, mostly for investors. They both do an outstanding job. I have seen both of them speak on a number of occasions. Check it out if you haven't heard it.

Kai,

I think what happens to a lot of people is the information is great, but the execution is difficult.  When I started I needed a mentor someone to hold my hand and guide me through the first deal after that I was off to the races.  Investing takes work and its not easy but can provide you financial freedom.

Take a look at the book Cash Flow Quadrant part of the Rich Dad Series, has a lot of great information.

Keep working.  If it was easy everyone would do it.  

Kai,

If you have an agent who can run comps off the MLS then that is a great resource. But you still need to analyze. Do not take your brokers word for it; do your own due diligence.

When I started I used Redfin and Zillow.  I looked at a lot of properties.  I followed what people bought them for and what they sold for.  I began to develop my own strategy based on what others had done.  Once you know your market you can do the analysis quickly and efficiently.  Look at the before pictures and the after.  You will start to get a feel for the market.  The challenge is every market is different.  A third bedroom or second bathroom in one area is a tremendous increase in value but may not be significant in other areas.  It took me a while to become proficient in my market.

Good Luck.  I'm sure you will do great. 

Julie,

I use local investors who I have built a relationship with.  Once you build a team of investors and have a track record they will trust in you on future investments.  If you are trying to recruit outside of your state be careful of SEC rules.  You most likely will need a Private Placement Memorandum or use a broker like Patch of Land.  

Good Luck.

Anytime.  You are very welcome.

When you make the offer if you use the MLS offer form it has the inspection contingency. It gives you 5 business days to have an inspection and you can get an extension if need be. If you are not comfortable with analyzing inspections a home inspector or a general contractor will do the trick. The types of inspections are endless. Lead, radon, well & septic, building, electrical, mechanical, plumbing, etc. This is why we want to build a team so we can use our strengths and outsource our weaknesses.

Good Luck.