All Forum Posts by: Mario B.

@David Faulkner I love your suggestions, especially turnkey rentals to other investors.  So many people I know want to get started in investing but don't know where to start.  If you can use the BP calculators and show a good return on paper, do all the work, you make a profit, and you also help someone acquire an income property.  

@Remone R. I'm a property manager full time for a large company.  I manage a 402 unit property and I'm listening to the audio book set for life, an amazing book of wisdom.  I'm using my knowledge I'm gaining at work as a side hustle now.  I'm targeting wealthy people I know and asking them if they are interested in investing in real estate, I can manage their investment.  I have one property so far, I charge $125 a month which covers phone calls, maintenance calls, etc.  I can't fix everything but I'm the point of contact the tenant calls and I coordinate the plumber, electrician, etc.  It's easy money if they are good tenants.  I don't have a real estate license but I charge the owner $500 if I have to show the property, find a tenant, and generate a lease, etc.  Good luck to you!  I find the webinars, podcasts, and books by the BP team are incredible resources for growing your education in this industry and I truly feel this website will help me to achieve financial freedom.  

Great topic @Rachel N.  I've been listening to Set for Life and I'm also asking myself if I should do the same.  I'm in a really cheap 2 bedroom condo that I'm considering selling to purchase a  house hack (2 family, duplex, or single family with in law suite to rent out).  It would mean buying something more expensive but the equity in the long run and tenant paying my mortgage may be worth it.  I'm still young and don't have kids, I can't think of any reason to buy a large home with no potential investment possibility, it would financially handicap my future and lifestyle of eating out and travel.  Until I'm financially free and have a good nest egg to reinvest or have kids, it's not feasible to me to just buy any random house that looks shiny and new.  If the house is a financial struggle, I would sell now while the market is good, get your money, and reinvest in a house hack duplex, 2 family, 3 family etc.  I can't understand why people would think a house isn't an investment tool, it should be looked at as an investment until you are financially free or have enough that the extra income isn't needed.  I'm a middle class American and need a tenant to pay my mortgage.  That's the only light at the end of the tunnel in this rate race for me. Heck, I know a millionaires Italian guy that has a gorgeous house, over a million dollars worth, he rents out the basement for $1000, and he's a mechanic, smart guy, that covers his property taxes. 

Great advice @Mateusz Prawdzik managing the portfolio for them until you have the finances would be a win win, it would eliminate their responsibility to be hands on, while also still making them income.  Your attorney would be able to draft the proper documentation so all the details are covered.  I think it's also very wise to run the numbers on each property to ensure this really is a home run deal.  You would have to upgrade to pro @Remone R. to run every property but it would be worth it.

Very interesting @Devin Wilkins thank you for bringing this topic up.  I've never heard of a 1031 exchange.  I just did a quick search and find it fascinating as well, a strong tool to increase a rental portfolio.  

Welcome @Tammy Tivis to BP!  It's amazing isn't it!  I'm addicted! I love the calculators, podcast, and webinars! 

My wife and I leave Tuesday for Colorado, my big birthday trip for the year!  We fly into Denver and we'll be in and around for 7 nights.  Any recommendations on things to do, see, or eat while there?  We'll be in Denver, Boulder, Aspen, Vail, and the Rocky Mountains, ambitious I know!! 

Hi @Shellon Bristol !  Welcome!  I've only been on the site actively about a week now.  So many amazing features!  I've had my rental for awhile now and I can't believe I managed to run it successfully without this website!  Best of luck to finding agents in Long Island!

@Jeff G. totally get it, for example Bridgeport, CT has a ton of cheap stuff but property taxes are insane.  Try sampling the tools drop down menu and the calculators there.  If you you don't upgrade to pro you can only use each one 5 times.  It's worth the upgrade to pro, you can put all the numbers in for each listing you think is a home run, or it may turn out to be a dud.  Buying cheap was always my motto, but since being on bigger pockets I've learned so much about all the other factors, 2% rule, cash flow # to see if it's worth it, vacancy loss, etc. 

Welcome Keyonte!  Sounds like you are off to a great start!  Not familiar with your area but I'm sure someone on BP is.  I would connect with a realtor in the area you are looking to invest in and start picking their brain.  Best of luck to you!

Thank you @Virginia F. I look forward to utilizing BP for years to come!