All Forum Posts by: Nick Sheveland

Welcome to BP Chris! I agree with @Jordan Moorhead Brrrr in Austin is very tough without putting down a very large DP. House Hacking and wholeselling might be better suited for someone in your shoes. I'm still a beginner and I've been self educating for nearly two years now mainly by listening to all the BP podcast shows (REI, Money, Business) and I'm closing on my first property, a duplex to house hack later this week. If I were you I would continue to listen to the podcasts and read books. I would also find a GOOD agent and have them set you up on a auto listing email. Also Austin is extremely expensive and houses here sell fast. Finding a property off market is key. I would recommend driving for dollars, door knocking, and sending mailers. Also if you haven't yet look and any and all properties you're interested in at the tax website Travis County CAD>Property Search. Also I recommend using the calculators here and run numbers 80-100 times that way you start to see first hand what a good deal looks like.

Go to local meetups and coffee dates with people on here. Find out what they need because everyone needs something and find a way to help them or befriend them and support them. If finding a mentor seems hard it's just your mindset, don't worry that too can change. People in this line of work / lifestyle like to give back. RE isn't about houses, it's about relationships. When you see a name on BP that keeps coming up and putting out good content you'll know that's someone who is active not only here buy in their investing career. Connect with these people and see if you can by them coffee or tea. 

I second Tre Homes. Good guys and girls and they really know their stuff and actually care about you, your property, and your tenants. And no I don't work there lol

Hey @Berkli Jo Boudreau we should meet up sometime. I'm somewhat in the same boat. I'm also addicted to self education by listening to all the BP episodes and books. I'd love to go over your Why and Goals sometime. I've got some good ideas on how to transition into RE full-time. Let me know if you would like to go get coffee sometime. 

@Sam Teifke @Cory Mortensen @Eric Langridge 

Yall down? Let's go. 

Oh @Joshua Lopez I got you!

1) Rich Dad Poor Dad (READ THIS DAMN BOOK)

2) I Will Teach You To Be Rich (Hands down 110% the best book EVER, this WILL change your life as I can attest to as I'm implementing the tips in my life now)
3) Set For Life (This is the mindset and goals you must have to achieve Financial Freedom)
4) The One Thing (What can YOU do NOW to BENEFIT you later)
5) The Four Hour Work Week (No it's not about working 4hrs a week, it's about optimising your time and it works!)
6) The Miracle Morning (The morning is the most important time of the day, this is your time to wake up, exerciser, meditate, plan your day, and by 10am the most important things of your day should be done)

Me recommending these books to you is the single best thing I could ever do to help you out, for you the person wanting more who knows good things are around the corner but is waiting on a sign. A lot of these are free on youtube just FYI. Now GO!!! I'd love to talk to you about these books after you've read them. If you want more How To REI books the ones here on BP are great. Don't get stuck on the "how do I" phase, get going on the "I am... phase." It's 2019, jump in with some knowledge which you clearly have, then ask here for when you need some knowledge. BP has your back.

I would teach them the difference in rich and wealth. Also about Scaling. With REI you can scale, burger flipping... not so much. Sure McD's will be more money now but on a graph that line stays consistent where as REI starts very small and turns into a "Hockey Stick" shaped line with time. It's the age old story of a dollar today everyday or to start with a penny and gain an additional penny everyday there after. I love that you're teaching them young. I'd kill to have had someone at that age teaching me all these things!

@Melissa Kee start going to the local events. They are quite fun really. At the top of the page click on Network> Events>Enter Zip.

Start to change your circle up some and you'll start to see some changes. Also keep an eye out for someone you would like to be a mentor and then find a way to add value to them. Also search FB groups for local REI in your area.

Welcome to BP!! Be sure to fill out your profile that way people feel more comfortable talking with you :)

@Terri O'Brien ah okay that makes more sense. I was having a hard time seeing a duplex for that cheap so close to Denver haha. Yes I have heard of lower rents having higher management fees so that makes sense to me. 7-10% is the normal rate though. Oh one more thing that comes to mind being in Vermont, would you need to account for snow removal or being a duplex is that another thing that the tenants should cover. Being in Austin this is something I will never have to think about when investing in my market. I think I saw A snowflake two years ago lol. 

@Terri O'Brien Thanks for posting up the numbers! I don't know that market at all so keep that in mind. Section 8 can be tricky and risky but that does mean less investor competition. It also means you need to vet your tenants more. I would highly recommend posting up in the BP local Denver forum and ask to buy someone in that market with Section 8 experience a coffee. Also is 15% normal for your area? That seems outrageous to me! I would look into possibly finding a different PMC or even managing it yourself. Also I personally don't recommend running numbers based off of increased rent rates. I'm sure you'll have tenants there still on a contract for $550. I would run numbers as is and then run numbers with what you hope rents, taxes, etc, will be 12 months from now and use that as a projected goal. It would be smart to make sure any current tenants meet your standards. I would try my best to revert trash, water & sewage back to the tenant. It's common here in Austin for them to take care of that themselves anyways. That would be a creative and fairly easy way to get the most out of your rents. Lastly I really like that CoC ROI but always make sure that your deal also meets your per door cashflow base.

All in all I think it looks pretty good. I would make some tweaks and get familiar with Section 8 and maybe a new property manager. Keep at it and good luck! Let us know if you have anymore questions.