All Forum Posts by: Kyle Scofield

@Wayne Brooks I was not very clear when I said special certifications, all I meant was that they needed to be licensed and not some handyman off the street. Although the way I worded it was confusing, thank you.

@Marquell Jones I'm not sure about this as I've never done an assignment but I would say it's always better to cover yourself when it comes to anything like this. Even dropping by an attorney's office or giving them a call to ask if it would you need an attorney for this is what I would do..

Better safe than sorry for anything when it comes to the law side of things!

@Jake Marinko Welcome to BP man! The site is amazing and filled with helpful people ready to answer your questions along with blogs, webinars, forum posts for endless amounts of information.

Good luck on your first purchase!

@Jordan Moorhead it is true that FHA approved contractors are more expensive since they need special certifications.

However, as long as you factor that into your costs when buying it shouldn't matter... Just need to make sure you know what the cost of your contractor will be! If the more expensive contractor will result in more equity then the deal makes sense.

They are part of your TEAM and they need to be paid too. FHA 203k loans just require more DD so be sure the deal is a good one.. Just my 2 cents.. Hope this helps!

@Mark Douglas Like you said Mark! It all depends on your goals and what you want from REI. If you want to replace your job with it, then you'll want that number close to your W-2 income. If you're only investing for extra cash flow and long-term wealth, then having it cover your expenses would be just fine.

If you're trying to quit the corporate world completely and grow this through the roof then I'd say reinvest all your cash flow back into the business and watch it compound!

@Raymond Chan great question! You can tell if a market is based on appreciation in the area, how fast homes get sold, how much development is going on, etc... Location is key but there's a lot that goes into choosing a good location such as school district, crime rate, etc.

Jay Scott's book on flipping houses is an excellent resource for showing how long houses sit on the market before they sell, volume of home sales and things like that.. He shows you excellent ways to feel out if a market is hot or cold.. After that, a lot of it comes with experience.

Hope this helps Raymond! Let me know if you have any more questions or anything else

@Ty Monroe you get money to rehab the same way you do to purchase the property. Saving your personal money, private loans, hard money, etc.. 203k rehab loans are a good idea if you plan on going the FHA loan route.

Let me know if there's any thing else or further questions you have!

@Blair G. www.biggerpockets.com/files is a good place for DM examples as well as many other templates for use

@Vikki Hooks-Bell get to know your market by putting yourself out there. Know the school districts, check out crime rates, Drive around and look at nice neighborhoods and homes... There's lots of ways. @Brandon Turner 's book on rental property investing has a whole section in his book to determining the answer to your question.. Hope this helps!

@NA NA The reason the smaller company is offering you better terms is because they have less to chose from when compared to big banks.. Wells Fargo, US Bank, etc. has so many customers and different variations of lending that makes them more picky with the loans they lend... They basically want to make it worth their while to give you a loan (hence the higher rate) and if you decide to go with them, oh well, they've got millions of other customers asking them for loans. Smaller banks don't have this luxury.