All Forum Posts by: Lance Wakefield

If you have their keys and they're out they have turned over possession. I would photograph the unit with an iphone so there is a time and date stamp. And rent it out again. If their stuff is out and the keys are on the counter their intentions are quite clear. 

A CRM is absolutely key, using things like the MLS, craigslist, zillow, hot pads, trulia, etc to rent are all excellent ways to find tenants, manage leads and keep your units full.

Whats your plan with the property? What do you think its worth? What comps have you researched in the area? There a lot of variables to a property that can make or break a deal. For anyone to help you we need to know your plan at the very least. 

Don't take this the wrong way but this project sounds like a stretch for you to be able to do. In my experience you always need plenty in reserves for new ventures because they always cost more than you think they will. I would say find a partner who has experience in this area of REI and partner with them for your first deal. Last thing you want is to get half way through a project and get stuck due to lack of funds, knowledge or something else.

Yes. I hate to be so short buy yeah I would say anywhere from 2-7% would be pretty normal.

10 signs? You need another zero on the end of that number at the end of that number and you might get a call or two. You need to think a lot bigger. 100 signs will result in say 10 calls 1 of which may result in a lead. If you lay out 1000 signs and get 100 calls and 10 leads then maybe 1 or 2 deals. Just like @Chris Boyd said it takes lots of work. 

Yes many banks will give you a mortgage on a property you already own. They consider it higher risk so they will charge you for it but it exists and honestly is rather common. Where you may run into problems beyond qualifying for the mortgage is having the bank let you build. They aren't going to jump into bed on the idea of you are taking a stab at something with no experience etc. building is no joke and a lot can go wrong. Just something to watch out for. 

I would pick an area of real estate whether it be wholesaling, fix and flip, or buy and hold and focus on that area and try to do a deal. Analyze some deals in that realm of real estate investing. Just because you pick something doesn't mean you have to stick with it, it'll just help you identify what you like and dislike about an area. The most important thing it to start. 

There are two excellent pod casts on vacation rentals one is an investor Austin TX and the other lives in Panama. Both do exclusively vacation rentals listen to those they will tell you more than I could.

There isn't really an average amount of money you put into a property. You bring a property to the necessary condition to optimize your returns. If you're buying the property at 30% of ARV I would expect serious repairs to be needed if you're buying at 70+% of ARV I would personally not be willing to deal with much of anything repair wise. I would also say that it is more important to buy something and get in the game then continue to analyze from afar.