All Forum Posts by: Lacy Green

@Junix Alcayaga, We all have to start somewhere right?! We are focusing all of our efforts on education right now while we build some capital. Lots of reading, interacting here at the BP forums, and podcasts. We are also getting active in the local Real Estate Investors Association (REIA). We are also working on building our team, so that when we are ready to move on a property, we have the right people and process in place. We are also being careful to not get stuck analyzing for too long, but we believe strongly in being prepared before we jump! You are certainly in the right place to learn the ropes!

Welcome to BP!  I don't have much to offer you yet, since we are also brand new investors.  I wanted to chime in as an Ohioan.  Ohio is a great place to invest!

Hi Zac!

I would recommend with starting with Rich Dad Poor Dad.  If you do some reading around here, you will find it is highly recommended to start there.  It is a great way to start to get your mindset going in the right direction.  Other than that I didn't put them in any specific order.  But if you are interested in rental properties, I would recommend going with The Book On Rental Property Investing next.  Sprinkle in the podcast as you go!

Hi @Zac Hall!  Welcome to BP!  Feels strange to welcome someone, since I am almost as new as you are!  We are learning a ton here, and even though we are not financially ready to make a deal yet, the knowledge we are gaining here is invaluable.  I recommend reading a ton, asking a lot of questions, listening to podcasts etc...  Some recommendations that we have done so far:

Podcast: 

• Real Estate Rookie Podcast

Books:

1. Rich Dad Poor Dad - Robert Kiyosaki
2. Rich Dad's Cashflow Quadrant - Robert Kiyosaki
3. Think and Grow Rich - Napoleon Hill
4. The Richest Man in Babylon - George Clason
5. The Book on Rental Property Investing - Brandon Turner
6. The Book on Investing in Real Estate with No (low) Money Down - Brandon Turner

We do all our books on Audible so we can hammer through them while doing other things.  Some of these we have listened to multiple times and taken notes the second and third time around.  Good luck, enjoy the journey with us!

Interesting to see such an old thread make a revival for a topic like this.  As a law enforcement officer, and owner of WAY more than 2 guns, and a future landlord I just wanted to weigh in quickly.

Just because someone is in law enforcement, doesn't mean that they are experts on the use of firearms, nor does it mean that they properly care for their weapons and store them safely or correctly.  I know plenty of officers who have handguns sitting on countertops, in drawers, in their car in the driveway, you name it.  That doesn't mean I think you should put a clause in your lease about it however.  I'm not sure what you are trying to prevent, or protect yourself from.  Law enforcement officers TYPICALLY are not the type that are going to be involved in criminal activity, which is what I would think you are trying to prevent.

Maybe a better thing to do would be, would be to just have a conversation with the officer.  Thank them for moving into your rental and helping to keep the neighborhood safe.  strike up a conversation about firearms if you would like, to see how he or she stores their firearms.  If you don't like how that goes, say so.  I'm betting they will be receptive.  

Thank you for the reply! We are excited to attend our first REIA meeting (given COVID doesn't prevent it) next month. As new rookies, we are looking forward to networking and learning as much as we can over the next year!

Can I ask how you funded the original purchase? I'm very interested in doing a BRRRR, but I am still getting hung up on the funding to get started. We don't have it is the easy way to put it. This may be better suited for a different thread so I don't hijack this one. Thanks!

Thank you for the reply @Will Fraser!  It is a local bank, and I considered calling and talking to someone, but as I said, we are not really ready to buy right now.  The last thing I want to do is jump before I am fully ready with finances.  In order to do it now would require a lot of creativity, that might not be in our best interest.  I think it will be wiser for us to take the time to learn new things daily, like this.  I know we will make mistakes, but I don't want the mistakes to be ones that sink us right off the bat because we were stupid.  Gonna keep on learning so we can start earning!  If nothing else I can use this property to run through a calculator to practice the numbers!

Hi everyone!  We are cautiously learning everything we can before jumping in on our first deal.  We are listening to all of the podcasts we can get our hands on and have listened to multiple audiobooks so far, including "The Audiobook on Rental Property Investing" which is my current "read."  We listen so much, that last night while I was working out in our home gym I was listening to that book which is narrated by @Brandon Turner as you know.  When I came back inside, I could hear Brandon's voice from across the house since my wife was listening to a different book!  I guess what I am getting at, is that we are trying to do our homework first!

Sorry for the long intro to my question for the night.  

While browsing the local listings I came across a property in a neighborhood we are interested in that was listed as a pre-forclosure.  I did some checking and found that the property went to Sheriff's sale last month.  The bid was won by the bank, which I am guessing means that no one else bid high enough so the bank "purchased" it.  The purchase price was less than half of the value of comps in the neighborhood.  

My question is, what happens with the property now? Will there be another auction by the bank? Or will it just be listed with a realtor on the MLS with other properties? I'm rather interested in the property, to at least investigate further to run the numbers on to see how it would perform. We are not ready to buy yet, but if the deal was good enough, we would potentially try to get a little creative.

Sorry if this seems basic, but I just am trying to get a better understanding of the process on this type of property.

Thanks!

Hi @Josh Bugbee! Welcome to BP! We are new here also, and though a bit older than you, we are learning from all the great people here! We are focusing right now on education and gathering as much info about our desired niche as possible. With that in mind, we are not closing the door on other niches that we may find are a better suit for us in the future! For now we are focused on searching for small multi-family residences and plan to house hack. Our current primary would then go up for rent as well. Even though I qualify for VA funding, we are opting to save 20% or more first before we jump in. We may or may not use the VA funding, and may actually go ahead with a traditional mortgage on the first investment. Either way, we want to be in a solid financial situation first. Sorry I sprung all that on you, but I find it's best to see what others are doing and compare it to your plans. Good luck! - Andy