All Forum Posts by: Marc Ferguson

Excellent points. Thank you for sharing. I'll need to do some more research. :D

Hi, I am in the process of listing my first property and vetting through possible tenants. I posted it on Facebook and I've gotten a lot of interaction--very exciting. From that I know about 1-2% of people will take action and it's panning out that way.

I'm using https://rentredi.com to manage this process. I've gotten two people to send me their contact info so that I can do the prequalifications with them. One of them has advanced on to fill out the application. As I begin to juggle more interested tenants how do I fairly choose the right one?

Do I just keep telling other people that the place is available and hope a better tenant shows interest? At what point do I ask for references and other items to back up their claims of stable income? RentRedi states that it'll ask the tenant to do a screening during the application phase.

All-in-all, I just don't want to be unfair to someone that's looking for a place. Thanks for any advice.

Things went well with this meeting. Not sure I have the right terms. This person I talked to has money to invest, like $20,000. So; she's not a hard-money lender. Is it more like a private investor/partner? Either way; I showed her my proposal and it was helpful for her to see the two comps (very light) I put in there. She's super interested. I'm going to link the document. I'd love some feedback. It's not the best, but I plan to improve it greatly over the next couple of months.

Overall; this was a great process. Because I had to convince someone of the value in a market I ended up doing research and making calls to realtors and property managers to see if I could get some insight into the city. Me and the investor will probably work together in the future, but it was more beneficial for me because I had some focus and took some action.

Thank you, again, for the posts. I love the support of this community.

https://docs.google.com/document/d/1nm--_00asVbCQ06pIXcM_NCTy46CLo5amUv2pyRgxPQ/edit?usp=drivesdk

Great idea; I like this option. I didn't think about ownership. I'll need to do some more research, but I want to be as fair as possible. Thank you for your feedback and I'll keep you all posted. This is very exciting. 

My strategy is to buy and hold in order to collect rental income. Are there other aspects I'm missing? I plan to look for other comps on the same street, find the lowest value one and try to negotiate the buying price to be lower. I'm not looking to do BRRR. So; whatever minimal fixes to get it rent-ready. I'm looking for a property manager in the area to handle the day-to-day issues from the tenant.

I completely agree with your assessment @Danielle. She is taking all the risk. Since I'm new I'm not really sure what is a fair divvy of the cash flow? I would love some suggestions. She's providing the capital and I'm managing the deal. The plan is to buy and hold a property for rental income.

Hey @Dakota Rholetter thanks for the quick response and the solid advice. I appreciate the emphasis you put on telling the truth. My moral compass feels good moving forward. The plan is to rent and I'll gather some more tools and make sure the numbers are good. Thanks again; I really appreciate your feedback and positive support!

Hi,

I'm very excited and very new to real estate investing. I have been learning a lot over the past couple months and in talking to a coworker I learned that she has some money she wants to invest in real estate. I'm planning to have lunch with her Wednesday to get a better understanding of what she wants and what I can provide.

At this point do I create some sort of "real estate proposal" to hash out what I can do for her or what markets I think we can get good ROI on her investment? How upfront should I be when trying to "close this deal"? I'm a terrible liar and don't want to want to mess up our friendship.

My plan is to use her money for down payment and closing cost (where applicable) and then split the cash flow 50/50. Is that a fair deal? I suspect that I will do all the heavy lifting in this venture. Thanks for any help and insight.

Hi @Marvin Ghafoori, I think 2-3% is a bit low, but I'm not familiar with that market. I think a question that you need to answer is, are you satisfied with $700 cash flow? Returns are situational, meaning if it works for you then it works--for you. Is this a market where the property and/or rental value will increase year-over-year?

 Thanks for looking it over. Wife told me that my renovation number is super low based on the pictures. :)