All Forum Posts by: Michael Papps

Chelsea,

I started out with house-hacking. There are advantages and disadvantages to house-hacking which you will discover as you go. Some advice

1. Screen, Screen & Screen your tenants! Zillow can help you screen tenants for free ensure prospective tenants have;

(A) Decent credit (Don't expect an 800-credit score from someone renting a room)

(B) 3x or more in income than the monthly rent cost.

(C) Criminal history is clean

(D) Provide references and call the references

2. Set shared space expectations before the tenant moves in and have those expectations in writing. For example;

(A) Quite hours

(B) Dishes

(C) Laundry schedule

(D) Guest policy

(E) Yard work duties.

3. Go with a month to month or a shorter lease period. This prevents you being stuck with a tenant that you do not vibe with.

Good Luck!

-Michael

Paul,
   I started with house hacking and moved into buying a new SFH every two years with the eventual goal of buying a piece of real estate each year.

Agree with you that most courses are BS. I did enjoy local meet ups when I was just starting out. Find some in your area to attend and meet people. The sharks at the meetups will be obvious avoid them and build relationship with everyone else.
-Michael

"How do you help somebody like this?" You don't.
-Michael

Has anybody worked with alliance wealth builders (AWB) on a turnkey property or used them for property management in Alabama? If so what kind of experience did you have? Thanks!

@Ivan Barratt Checked out 10x Rule  at my local library today and that is thinking like the millionaire next door!

@Lynn McGeein I saw Tidewater REI group had a meeting tonight did you go? I did not have the time to go. I will be there next month.

@Ernest Grindle

@Ernest Grindle  Good Advice. If we spread ourselves to thin, our quality of production suffers.

@Chris Seveney

Thanks for the advice! Bp's YouTube beginner's guide to real estate investing course discussed notes briefly. I going to do a deep dive on note investing this afternoon. 

I am Michael and I have been stacking paper for a few years to begin real estate investing. I have a full time job with the DOD and am in college as an accounting major. I joined BP because it seems to be an education and mentorship style site.

My Full schedule limits the amount of time I can commit to real estate and think I will do best with turnkey rentals. I prefer to pay with my own cash for the first few homes.

My goal is to cash flow 10k a month by the time I turn forty currently I am in my mid-twenties

If you were I what would you do? (Broad question on purpose)

Any advice is appreciated.

-Michael