All Forum Posts by: Matt Mulvihill

I am sure you can find something on the app store that is free, but it will be limited in its use and functionality. If you're just getting started, free might be all you need. But if things are starting to pick up for you, don't be cheap with it. Spending the money on a good service has the potential to increase your income. 

Hey BP! 

I received a call from a company that scheduled a termite inspection for my client and they said the termite inspector was unable to perform the inspection because of dryvit outsulation that blocks access to the wood parts of the house. Can someone explain to me what that means and how you would handle it? This is a new issue for me that I haven't experienced before. Thank you! 

Not an attorney so take what I have to say with a grain of salt. to me that sounds like they limit the number of properties you can rent out in that neighborhood, probably with the goal of limiting major companies coming in and buying everything to rent out. So even if you had other investment properties outside of that neighborhood, as long as you don't have more than three in the neighborhood you'll be fine. 

When in doubt I'd reach out to the HOA for clarification, it's probably cheaper than having a lawyer review that for you.

I get that entirely, and please keep the mindset of doing right by both sides as you continue on this journey. It's definitely a risk, but it's always a risk putting a property under contract because your buyer can also back out without warning. So if it's your first couple deals I do agree with you having an experienced buyer or 2 ready to go so you can reduce the possibility of them backing out, but after a while you'll realize who's legit and who's blowing smoke. We really don't do any cold calling for buyers. Now I am in a very lucky situation with our buyer so as long as we get what they want, we are good and haven't had to back out yet. I will say if/when I need to find a buyer, I do believe the best way to do that is through networking. Sure it's more time intensive, but if you're just starting off that is time well spent and is essentially free. Plus people will be more receptive towards the new guy or girl at meetings that shows passion vs a cold call. 

When it comes to sellers, we skip trace in bulk since those lists are longer. 

I would put more emphasis on finding sellers first. Usually if you have a great deal, finding the buyers is pretty easy. If you haven't already, see if you're area has a real estate investor facebook group. Don't join it the purpose to just pump out deals, but use it to connect with people in your area and learn. It doesn't cost anything other than your time so you can, which you'd be spending anyway trying to cold call cash buyers. Also while skip tracing is relatively cheap, it does add up overtime so I am always looking for a free or cheap way to connect.

When it comes to sellers, we always skip trace. It's one of the easiest ways to see if the person is an absentee owner or not, amongst other benefits.  

I haven't, but I have thought about doing something similar. I just question how the business would benefit by sending you leads. 

Hey BP! 

I was wondering if anyone here puts a cookies consent/disclosure on their business's website or when someone submits info on a Facebook ad, and if so, what are the things you need to include to be in compliance? 

I know best answer is ask an attorney, but any guidance is much appreciated! 

Hey Alex, I'd love to connect! I have been in charlotte for over 15 years now and love it! I'd be happy to meet up somewhere in the city and tell you more about this area 

Do you have any tips or sources to learn how to use online advertising effectively? Sometimes I feel like money just goes into an abyss of nothing with them, but I have heard so many people have success using it 

As I am sure you can already tell, there is no wrong answer here either decision will be a smart one to make. I am 26  and spent my first few years working as an investment consultant/selling financial planning services, so here is my thought process:

If your employer is making matching contributions to your 401k, then take full advantage of the FREE MONEY. If they match up a certain $ amount or have a % they will match, do your best to put in as much as you can to get the most out of them. Also, your 401k can have Roth money in it, so you don't necessarily need to invest in both, especially if you aren't reaching the contribution limit (I can explain all that if needed). So assuming you're not maxing out (and if you are, good for you that's awesome too) each account with contributions I would establish a Roth 401k in your employers plan and stop making contributions to your Roth IRA since that would be redundant. And if they do make matching contributions, be aware itll probably be pre-tax money but thats fine, I'll pay taxes on free money.

Once that is squared away, I would also start saving for a home and get an FHA to utilize the 3.5% down. Look for a duplex that you can house hack, or look for a home in an appreciating neighborhood that you can refi down the road to purchase your next home.

I am not sure if any of that made sense, but I hope that is helpful! Good luck, you're in a great spot!