All Forum Posts by: Owen Dashner

I am looking for new REI content creators to follow. Who puts out good stuff that you love to consume?

Start by joining your local REIA and investor meetup groups in FB - you will see quickly who the active investors are from the activity in the group.

You need to make time to network and go to these in-person meetings, period.  There is no substitute for it.  If you can't carve out a night or two every month to further your education and business, then you are not ready for a mentor.  When you attend these investor meetups, approach it like you are making new friends and go into it with a "give first" mentality.  Avoid asking people right away if they will mentor you, as it can be a turnoff. Get to know them first and let it happen organically.  It's kind of like dating - nobody is attracted to someone that seems needy.  

The other avenue would be a paid mentorship, which might be easier to coordinate if you are paying them for their time.

Good luck!

Thanks  just my 2 cents.

I would not mess around. Stay on the good side of your municipalities - they can make your life miserable if you try to skirt the regulations.

Landlord permits are getting more and more common across the country and the fines can be stiff if you choose not to comply.

I know this isn't exactly what you meant, but zip code is my favorite metric.  My first search filter is location.

Welcome to BP!

So annoying! Seems like all I get are fake accounts wanting to teach me crypto or try to honeytrap me. The biggest indicator that the account is fake is when they immediately message you after following. "I was wondering if you'd like to exchange business ideas" or "Heyyyy".

I keep hearing about ChatGPT and other AI tools and how they can be a huge shortcut in time for administrative tasks like writing descriptions for real estate listings, blog posts, etc. Are there any investors or agents here that use AI tools in your real estate business?  What do you use and how has it affected your life?

Here is a CNN article about using it for RE: https://www.cnn.com/2023/01/28...

This is the wrong platform for listing rentals. This site is for investors, not folks seeking rentals to live in.

I just say "rentals" if I am talking to a layperson. If I am talking to an investor or someone in the real estate biz, I say "single family rentals".

 FYI, you do not need a RE license to manage your own rentals.  You only need it for managing 3rd party.  

Create an LLC, get an EIN # from the IRS, go to the bank with your LLC paperwork and EIN and open a business checking account. Use this account for your income and expenses. Now you are separating your business and personal. Go one step further and have a title company or attorney do a quit claim deed from your personal name into your LLC. Then, update your insurance policy to reflect the new "insured" name. Start making your mortgage payments from your business account.

If you make your payments on time, the likelihood that the lender will say anything to you about the change in ownership is extremely low. If they do, just let them know what you are doing and why you are doing it.  Worst case scenario, you may have to quit claim the property back to your personal name if the note is called due.  Again, extremely unlikely this would happen (but possible).

If you are dead set against transferring to an LLC, just use the LLC for future acquisitions.

*Not a CPA or attorney, seek your own legal and tax advice.