All Forum Posts by: Kristian Clemens

@Rebecca Knox That's really good to know- I've learned that one can get contractor recommendations from a good property manager, but it seems even simpler if the property manager could also double as a contractor. I've heard of both of those companies, so I'll have to research them to see if they could be good options. Thanks for your advice!

@Sonya Mays Thank you for the kind words of encouragement! It's a little strange- I don't consider myself a perfectionist at all, but I definitely feel that fear of the unknown. Taking things one step at a time will definitely help alleviate that feeling when I do start looking for a property in earnest. I think you're right: working with a trusted local will give me a lot of peace of mind, so I'll definitely prioritize that when the time comes.

@Brock Mogensen Great idea- one of the aspects of real estate that isn't crystal clear is what we called "the order of operations" many years ago in school. I think that I'll start by getting prequalified by a bank for a loan, then work on finding a good investor-friendly agent, and then find a good property manager who knows the area as well as I know my hometown. 

@Joshua McMillion @Laura Rolerat I heard about that company (not directly by name) in one of the BP podcasts a few weeks ago. When I looked them up, they seemed to have universally positive reviews. I'm sure they have a waiting list a mile long, but I'd love to work with them when the time comes!

@Lynn T. Thank you for the encouragement and for the reminder that it's more important to get a good deal than to wait around forever for a perfect deal!

@Steve Rozenberg I had heard about "starting with the end in mind", but the finite time limit and the way you broke it down in the second paragraph were a revelation for me. My goal is to buy 1 property by the end of 2021 with cash flow of $150+ per unit and a cash-on-cash return of 15% (although I've been cautioned not to become too inflexible with those numbers). I am a very numbers-oriented person, and having those numbers in the back of my head will keep me on track and prevent me from the dreaded "shiny object syndrome" that we millennials frequently suffer from.

If it doesn't go well, I have a good job at a great company, and I enjoy investing in the stock market, so I have a fallback option and am not afraid of failure at all. If it goes as planned, I would like to buy 10 such properties within 5 years... and then start paying them off with the "snowball" strategy that paid off my student loans 5 years ago.

By the way, I'm a big fan of the long-distance BRRRR video/article series that you did with your mentee Joe a few months ago. For newbies like me, breaking things down step by step and identifying specific actions to take can be really valuable. If I decide to graduate to more ambitious long-distance projects, I'll go through that series a few more times. Your advice definitely helps, and I appreciate it!

@Brian Garlington Great advice- that's exactly what I plan to do first. My parents convinced me to get a credit card when I went off to college, so I'm fortunate enough to have very solid credit and a 10 year history. This is the one part of the process that I feel most confident about right now.

@Brian Noth Thank you for the encouragement! As I mentioned, it may be a few months, but I am looking forward to taking action and getting off the sidelines. I looked at and researched apartments for an entire year before I rented my first one, so I have no problem being patient, but if all goes well, I will have an update (positive or otherwise) by the end of 2021!

@Aj Parikh That book was great, but I think I'll need to read it one more time to get all the information. That describes me exactly- I have a full-time job and don't want to make real estate a second job, but I also don't want to use my job and life as an excuse for inaction! I'll have to check out various turnkey providers, as well as looking into properties that require very little work to be rent-ready, as I want my first experience to be as positive as reasonably possible. I am always interested in getting more knowledge and being better prepared, so I would love to take you up on that offer if you are willing!