All Forum Posts by: Kelly Edwards

@Mariusz Koper

Congrats on taking the leap.  Always great to see more investors from NC. I am located in the Raleigh area but don't hesitate to ask if you have questions. Feel free to reach out to me or @Chris Edwards anytime.

KE

@John Upperman

Always great to see new investors from the Triangle -- welcome aboard! Tons of great stuff here on BiggerPockets...especially the Podcasts.   I'm from the Raleigh area. If I, or @Chris Edwards, can help fill in the gaps along your journey don't hesitate to ask -- that's what it's about...reaching out to help others.

All the best-

KE

@Mark Sossoman,

I see you're a new investor from NC -- welcome!   As a newbie, be sure to advantage of the many resources here on BP - especially the many local contacts. If I, or @Chris Edwards, can be of any help don't hesitate to reach out.  We're always happy to provide advice if needed or  answer questions for those just beginning their journey.

All the best-

KE

@Pablo Garcia

Congrats on the start!  That's a BIG step.  When I'm asked the question, "what was your greatest obstacle to success in investment real estate", I often give them the same answer time after time.

It's what I call... THE START. 

Think about it.  Finding your first opportunity, analyzing your first deal, finding your first source of funds (financing) and of course closing on your first property.  You should be proud of yourself. Now it's time to take action...and start the process toward your real estate success.

My career began in 2002, along with my twin brother @Chris Edwards, and it has taken a blend of relentless effort, reading, studying, asking questions, seeking mentors, late nights...and plenty of good old fashioned hard work and much much more -- that's been the key. I encourage you to dig into and take advantage of the many resources here on BP.  

One more point regarding your question about "saving (and needing) cash" to begin your real estate career.  Those early years I mentioned, they consisted of time spent seeking conventional financing as well as any landlord who may consider 'seller financing' to two brothers still wet behind the ears. We were fortunate to find both. As a new investor, I encourage you to make a small investment in your career and grab a resource I wish existed when I began my real estate journey. The latest book by @Brandon Turner, 

The Book on Investing in Real Estate with No (and Low) Money Down, is an excellent guide on the subject of "Owner Financing" related topics.  I picked up a copy earlier this year and read it cover to cover.

Hope this helps. Don't hesitate to reach out with questions.

All the best-

KE

@Trina C.

There's plenty of excellent info here on the BP site.  Be sure to check out the FREE How to Guide from BP on Deal Analysis here, 

http://www.biggerpockets.com/renewsblog/2010/06/30... as well as the books in the BP store. There's also a Blog on two on the site about the most recommended books on real estate.

What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures (Frank Gallinelli) is a great book that I purchased many years back that's still on my bookshelf.http://www.amazon.com/Every-Estate-Investor-Financ...

Also, from a general investment real estate perspective, The Millionaire Real Estate Investor (Keller/Jenks/Papasan) has always been a personal favorite.

http://www.amazon.com/Millionaire-Real-Estate-Inve...

@Apurva Shah

I see you're a new investor in the Raleigh area. If I can be of any help send me a private message and I'll try to answer any questions you may have. 

All the best-

@Wesley W.,

You make a great point. No, it's definitely NOT a Master key unfortunately. Our company has used this product on some of our units (as a test case) for a few years now and we've been quite pleased. However (as long as I'm following your point) if the tenant wanted to change the locks/re-key they would have to gain access to the special "tool" you're describing. Not that difficult to do, I know. So if I'm understanding correctly, that is in fact a downside to the Smart Key system. :-/

@Jay P., 

Your question points to "where" the debt service come from and do lenders "care".

It's always important to lenders - and for the success of your particular investment for that matter - that the property supports itself from a cash flow perspective (ie, positive net cash flow). That would be my primary concern if I were you. In that regard, and speaking as a former commercial lender, yes it matters. However, the fact that you (are implying) have additional supporting W2 income - likely from your day job - would be a supporting factor in from a global lending perspective.

Good question. Hope this helps.

Kelly Edwards

The Edwards Companies

Hi @Chris Webb

It's great to see other Raleigh NC investors in the community.  Let me know if I can help.

Kelly

The Edwards Companies

Our classmates could not believe what they had just heard! Did our professor really say what I think he said? As it turns out, that professor had just told us that it was not the responsibility of another to plan for our future, provide us a pension, a retirement, or even a job over the long term - it was ours! Even more, he had the nerve to tell us that companies exist to make a profit, not only to provide jobs. The year was 2000 and my twin brother, Kelly, and I had recently graduated from UNC-Chapel Hill and now found ourselves listening to an Organizational Behavior lecture in the MBA program at East Carolina University.

While many of our friends were off to start "good-paying careers" with blue-chip companies in the prosperous early 2000s, we decided that we would prefer to gain a little more knowledge of the "business field" in graduate school (not to mention the extracurricular activities). Many folks recommended we go to work and then go back to school, but we always longed to be entrepreneurs (or whatever that was)… and thought that an MBA just might pay off one day – in a not so traditional fashion. An uncle of ours once asked Kelly, "...son, what do you plan to do when you graduate?" His response, "I'm not exactly sure but I know that I want to own my own business." I'm sure he was very impressed! Truth is, though we very much enjoyed learning (and still do to this day with a slight addiction to books and reading) we were never really fond of “traditional academia”. We just knew that hard work and determination was sure to carry us through those many late night cram sessions.

Kelly and I often joked that, "we may not always be the ‘smartest’ guys in the room, but chances are we’ll outwork everyone there." It was that grit and determination that led us to the purchase of our first investment property.....