All Forum Posts by: Landon Dolezal

How do you determine what you think is an appropriate amount to subtract for profit on deal?

I am set on rehab, I don't have a property in sight yet. but what im asking is as someone whose making a little above min wage with mediocre credit 600's how low would a property have to be before I could be approved by myself with the cash and 203k approved on hand. My potential partner is really busy, but said he could possibly help me out with one. Which is why I'm trying to see what I can do on my own in case. 

So also what I was initially asking was what all goes into being approved and for how much. How much would I with the cash, credit score, income, and 203k loan get me in terms purchase price.

alright so I'm a two year student of BP, I've just acquired a position as a leasing agent so I can further my education in property management. however I'm only 19 but I've saved a hardy amount of cash 6k to invest in a rehab. I do have someone that I have found to be a rehabbed expert and an old coworker of mine to be a potential partner. However I still am curious how much or ratio of capital do I need (with FHA 203k loan) to the price of property that I come across. How much of a price decrease would I need to qualify individually. Or what other questions do I need to define to help me further my criteria? Thank you BP!!!

Hey BP iv already made an intro but my names Landon and i'm 19 and i finally created for myself a 5yr plan to financial freedom. I was hoping you guys could critique this because most of this im sure is wish washy. but here it goes...

Iv begun an internship as an assistant property manager at a section 8 housing complex ( so a little different than normal tenants and processes) however at the end of my 6 months im hoping to know a little more about the realities of PM. Anywho it kind of a making money with a job thats dual function is to help me learn how to manage my own property. Given my age i am still living at home so my expenses are a little lower allowing me to save more. the average for assistant managers ive seen range from 14-16an hour in the south-king county area. so im looking to make 1200 after all my expenses. So the plan is to save that and for every 6 months which will be roughly 7,200. ( given that i dont dig deep into my inner teenage petty desires) Iv got three ways that im building credit at the moment just fyi. So hoping that i can do 0 down and my "future experience to help advertise and bring tenants in asap."after first house im sure your credit score doesnt apply to buying a second house? Not to familiar with how the bank-credit score works, that i can continually purchase another house every 6-8 months. Also i wondered about why a hard money lender would lend you money if your already got a mortgage on another house because that would seem risky? anywho so hoping over a course of 5yr of Property Management and tenants building equity for my property that i could accumulate around 200-250 in equity. I know some groups on linkedIN that work with Large Apt complexes that are valued over 2M that will help with loans. So as long as i show ive got skin in the game im hoping to liquidate the houses an buy a 50+ apt complex that will fullfill a passive income of x dollars a month.

There are so many things i dont know and eager to learn about. im hoping my internship will answer a lot of them but i know i also have you guys to back me up so please tell me my plan is wish wash and give me more facts so i can overcome them and find the way to financial freedom thank you BP :)

Hey BP i havent posted on here for awhile due to lack of ability to use the knowledge right now, but i am now enrolled for a 6month internship for an assistant P.M. I want to utilize this opportunity as much as i can, since i want to buy SFR once i actually land a job as an Assistant P.M. The internship is out of a Section A housing firm so im not sure how different the management for those kind of places oppose to normal management. So i want to make sure to ask questions to P.M and the BP community (I just find it easier to learn with field experience than just forums) about how to market an SFR to attract ppl, how to be thorough in lease agreements to protect myself and tenant, and how to manage any problems that i might come across. So my question is what all should i ask about to fully utilize my internship and BP before i land a job and start my investing journey? :)

Hello BP members :) im 19 and trying to find a foot in the door job to get into the real estate world. Iv gotten my property management and real estate appraisal certification. However iv talked to plenty of Appraisers who are saying that none of them are getting enough business even to hire an assistant. Knowledge is great but i also need some income so i can start investing asap. Im willing to do anything. im hearing a lot about more college reqs just to get some of these PM jobs, but i know many of the BP members haven't done that. I just need some guidance to show me a good way to earn some cash and earn some field knowledge in the RE world. any feedback would be greatly appreciated thank you :)

Thanks Joe yeah ever since i read "Rich Dad Poor Dad" when i was 17 i've wanted to get into multi-family investing and ive been reading books and joining this site. I dont really know anyone that is able to help me on this adventure so becoming a leasing consultant is the best way i know how to make some money and get my foot in the door to this dream haha. So would i still need a basic level of Excel? and yes the im reading "The ABC of real estate investing" so i can learn how to research my local markets. I appreciate your input a lot, its hard starting so young with no experience and have a dream of having a million dollar portfolio XD again thank you so much Joe

Thank you :) yes im aware of the many templates that excel can help me with but i was curious as to how much Excel will i need to know. Would learning advanced Excel be irrelevant to what i need to do? im not a computer guy i just want to know enough to be a good asset to a property manager and be a leasing consultant.

Hello biggerpockets!! havent been active in 8-9 months but given that im just turning 19 i havent had too much to go off of. However i have recently got my certificate for passing my property management class so i can apply to be a Leasing consultant at any nearby apartment complex to give myself a better paying job and to familiarize myself with the world of multi-family real estate. So my question is what other sort of requirements will i most likely need for this position? Do i only need a basic knowledge of Excel or should i go the whole 9 yards and take the intermediate and Advanced classes for Excel as well. Any feedback is appreciated. Thank you once again biggerpockets for helping me get on my feet. :) and just any advice on what all i should try and learn so i can bring it to the table when my interview comes around.

Hello biggerpockets!! havent been active in 8-9 months but given that im just turning 19 i havent had too much to go off of. However i have recently got my certificate for passing my property management class so i can apply to be a Leasing consultant at any nearby apartment complex to give myself a better paying job and to familiarize myself with the world of multi-family real estate. So my question is what other sort of requirements will i most likely need for this position? Do i only need a basic knowledge of Excel or should i go the whole 9 yards and take the intermediate and Advanced classes for Excel as well. Any feedback is appreciated. Thank you once again biggerpockets for helping me get on my feet. :)