All Forum Posts by: Michelle Crochet

1. Network with professionals in the industry: Attend local real estate events and connect with professionals in the industry such as brokers, investors, and real estate agents. This can help you gain valuable insights into the industry and potentially even land a job or internship.

2. Look for entry-level positions for experience: Many real estate firms offer entry-level positions such as administrative assistants or transaction coordinators. These roles can help you gain experience and knowledge about the industry while working your way up.

3. If you can, focus on a specific niche: Real estate is a broad field, and it may be beneficial to focus on a specific niche such as commercial real estate or property management. This will allow you to develop expertise in a particular area and stand out from other candidates.

4. It's good that you're reading books and learning about real estate! But do continue to learn even years from now and when you gain experience: Real estate is a constantly evolving industry, and it's important to stay up-to-date on market trends, regulations, and best practices. Attend seminars, take online courses, and read industry publications to keep learning and growing your knowledge.

Remember that real estate is a relationship-based industry, so building strong relationships with colleagues, and industry professionals is crucial for success. Good luck on your journey, Aaron!

Hi Kristina!

It's great to hear that you're eager to learn and explore opportunities in real estate investing! Finding investors can be challenging, but there are several approaches you can take:

-Network: Attend local real estate investing events and meetups to connect with other investors who may be interested in partnering with you. Joining online forums and social media groups related to real estate investing can also be helpful.

-Reach out to family and friends: You may know someone who is interested in investing or who may be willing to introduce you to potential investors.

-Consider crowdfunding platforms: There are several online crowdfunding platforms that allow you to pitch your real estate investment opportunity to a large group of investors.

-Hire a mentor or coach: A mentor or coach can provide guidance and help you connect with potential investors in their network.

When contacting potential investors, it's important to be clear and concise about your investment opportunity, your goals, and your track record (if you have any). Be prepared to answer any questions they may have and provide a detailed plan for how the investment will work. Also, make sure to have an attorney review any agreements or contracts to ensure that everything is legally sound.

Remember, finding investors takes time and effort, so don't get discouraged if it takes a while to find the right partners. Good luck, Kristina!

Hi Juan Carlos!

Here are a few resources to consider:

"LLC vs. S Corp vs. C Corp Explained in 100 Pages or Less" by Mike Piper: This book provides a comprehensive overview of the different types of business entities, including LLCs, and helps you determine which one is best for your rental property.

"The Book on Rental Property Investing" by Brandon Turner: This book covers everything from financing your rental property to managing tenants and maximizing your profits. It also provides information on the benefits of using an LLC for your rental property.

"NOLO's Quick LLC: All You Need to Know About Limited Liability Companies" by Anthony Mancuso: This book provides an easy-to-understand guide to forming and running an LLC. It also includes information on how to protect your personal assets and reduce your liability.

Your Attorney or Accountant: It's always a good idea to seek advice from a professional when forming an LLC for your rental property. They can help you understand the legal and financial implications and guide you through the process.

BiggerPockets also provides a wealth of information on all aspects of real estate investing, including forming an LLC for your rental property

I hope you find these resources helpful in your rental property investing journey. Best of luck to you!

Hi Mia,

While climate risk ratings are not always accurate, it's still a good idea to take this information seriously and do further research. You may want to consider factors such as the property's elevation, proximity to bodies of water, and history of flooding.

It's also a good idea to speak with your real estate agent or a local expert about the flood risk in the area and what measures can be taken to mitigate the risk, such as flood insurance or flood prevention measures. You can ask your agent to look for a property will low risks like this.

Ultimately, the decision to make an offer on the property should be based on a combination of factors, including the property's condition, location, and potential for appreciation, as well as the potential risks and costs associated with climate risk.

Hope this helps!

Congratulations on your decision to invest in property! Here are some resources and tips to help you get started:

Real Estate Websites: Websites such as Zillow, Redfin, and Realtor.com can provide you with a wealth of information about the housing market, including current home prices, property taxes, and historical sales data. You can use these sites to compare prices and trends in different neighborhoods and cities to help you find profitable markets.

Local Real Estate Agents: Real estate agents can provide you with valuable insight into local markets and help you find properties that fit your investment goals. Agents also provide you with access to off-market properties and help you negotiate deals. It also helps to look for a suitable agent in your local area that specializes in real estate investment! I specialize in some local areas in California.

Rental Property Calculators: There are many online calculators available that can help you evaluate the potential cash flow of a rental property. These calculators typically take into account factors such as rental income, expenses, and financing costs to give you an estimate of your potential return on investment. AirDNA is an example for an estimate, but I wouldn't rely on it because it's not accurate; your agent may provide you with more accurate numbers as they have the network and connections to those who have accurate information.

Remember to do your due diligence and research thoroughly before making any investment decisions. Good luck with your first property investment!

Congratulations on your progress in your real estate investing career! It's great to hear that you found a supportive and experienced mentor who is willing to guide you along the way. With her help, you'll be able to navigate the local market with more confidence and make smart investment decisions.

Networking events are also a great way to connect with other investors and professionals in the industry, so attending them with your mentor will provide you with valuable opportunities to build your network and learn from others' experiences. You'll be well on your way to building a successful real estate investment portfolio. Good luck!!

Additionally, you may want to consider working with a mortgage broker who can help you find lenders that offer competitive rates and terms for investment properties. A mortgage broker can also help you compare different loan options and choose the best one for your needs.

When it comes to finding turnkey rental properties, you may want to consider working with a real estate agent who specializes in investment properties. They can help you find properties that are already generating cash flow and are in good condition, which may be more in line with your current investment goals; and they may also have connections with your local lenders and mortgage brokers. It can be a complex process, but with the right guidance and resources from your local agent, it'll be less stressful indeed. Good luck, Jake!

Investment Info:

Single-family residence buy & hold investment in Altadena.

Purchase price: $920,000
Cash invested: $175,000

Purchased as a 2 bed, 1 bath, Single-Family Home with a 1 bed, 1 bath in-law unit, renovated, and turned into a 3 bed, 2 bath SFR, 1 bed, 1 bath in-law unit, and a converted garage to an ADU.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a realtor in Los Angeles.

@Matthew Terry - Who did you do the cash out refi with in Mesa?  I have a rental in Phoenix I am looking to do the same with.

Thanks

I am wondering if it's really worth it to keep a home warranty on our duplex in phoenix?  Often they won't cover things that seem like they should be covered, and it's $900 per year, so not cheap.  Also, it seems prudent in some ways to have it.

Appreciate feedback from those with many rentals who may have had success or failure using a home warranty.