All Forum Posts by: Louis La Rossa III

The first thing you would want to establish is what your goal is with real estate investing. I'm going for steady cash flow so I am planning to buy properties with buy and hold potential. Starting out I don't think I will be able to use the BRRRR method but once I get up and running that is my plan! It might not be the starting point but I definitely recommend reading up on that strategy!

Cash allows for a simpler cleaner offer. You don't need to fill out any paper work in order to buy the deal. Having the cash also helps you because it would allow you to use the BRRRR strategy, and using that method greatly increases your velocity of your money. You can buy properties that the bank may not want to loan you the amount for also.

There is a book called Long Distance Real Estate Investing.  I recommend reading that.  Everything can be done without having to physically being there.  Being physically there gives some people peace of mind, but it really isn't necessary as long as you work with good property management, contractors, real estate agents, etc.

My favorite is How To Win Friends and Influence People.  It's a fantastic book that help you in understanding how interactions with other people are interpreted.  Definitely a book with values that will add to your networking skills!

Most important thing to do, in my opinion, is to structure the partnership agreement.  You both need to know exactly what you expect from one another in order to work together and be successful.  You may find out that it won't work out to be a 50-50 deal as far as work load, one may be doing more work than the other so you may want to distribute the profits differently.  Partnerships have the potential to be the greatest but just need to have the cards laid out on the table!

I wouldn't consider that tenant myself.  The fact that there are two bankruptcies shows that the lesson wasn't learned after the first one.  While there is obviously a possibility that the tenant could work out, the odds against it.  I would look else where if there are other applicants.

I don't think it will ever die.  Just because people want something (i.e. to buy a house) doesn't mean that everyone will go out there and do the work to be able to or will want to assume the risk of buying.  There will also always be that handful of people that feel more comfortable renting because of the flexibility it allows the tenant as far as when there can pick up and leave and move to the next town.  

Start small.  Few hours here and there researching or reading.  Then build on top of that.  I also work long 12-14 hour days for my job and its important to get yourself right physically and mentally before investing.  You don't want to go half in and then not give it your all and fail then have that scare you away from investing.  Its always going to be scary to get started but having everything else in order will help to give you that extra push to get started!  Good luck to you and your future investments!

I feel like most people never really feel ready until they finally make the plunge into investing.  For me personally, I have a few personal finance goals that I have set for my self to achieve and once I get those I will start looking for what I consider a deal, then I'm going to make the jump (if I am able to get the deal of course, otherwise keep looking!) In my opinion, the most important thing is to establish some sort of system and rules for yourself that will make the process less scary to you.   

I have not used a wholesaler yet, but I plan to.  From my understanding, just like anything there are good ones and there are bad ones.  Wholesalers who are honest, give fair ARVs and repair costs can be successful.  Its all about the network and keeping a good reputation.  One shady deal can hurt.  I'd say that a high percentage of investors use a wholesaler for some percentage of their deals.  As far as a good deal, that varies from investor to investor, generally as long as it fits there numbers and they can cash flow (if renting) or make money in a flip, it will be a good deal for them.