All Forum Posts by: Pierre E.

I am trying to learn and understand... someone told me that its not just size of the home or level of the flip that determines profit, and that in some markets, what is considered a typical profit is 300k based on the 70% ARV formula. Is this true? Is anyone flipping in a market where this is "average"? I kinda get it if 4 and 5 bedroom properties are going for 1.5 million in that market but... thats just math wondering what reality is?

I am exploring the idea of buying land, with the plan to pass it down through family.  Has anyone done this? I know this may be an individual decision ultimately, but what types of land did you purchase, or what regions, or what characteristics and why?  

Farm Land? Lake Property? Mountain Property? Desert Land? Lots of Acres at lower cost?  Small lots in a prime location? Close to your primary residence?  Vacation areas? Areas that can be subdivided?  

@Chris Seveney

Would you do it with another rental?

 This is so important thank you for sharing this. I think "what about my wife and kids" and their safety. Tenants trust us too, but theres a lot to be careful about.  I think theres a difference between integrity/honesty   and transparency/vulnerability. 

  - Take care of the property, be responsive and professional and warm to the tenant, protect your information, name number address etc as much as possible on all forms and websites without appearing to be hiding something. 

Agreed. People write essays on their position, instead of bullet points on the facts, pros, cons etc.  

Things to consider: daily internal operations, external branding and operations, lending, in addition to inside out *legal protection and outside in** legal protection, privacy/anonymity/identity protection and security...Prevention measures at different levels, preventing the attack from being initiated vs preventing the attack (lawsuit) being successful vs reducing the damage of a successful attack.... there are many elements and I see people pick one and argue about it without looking at the whole.  

* your real estate being sued getting to your other assets (tenant falls and sues for all of your properties which had been your retirement plan)
** you getting sued and it affecting your real estate (car accident where you hurt or killed someone)

Quote from @James Hamling:

Quote from @Nate Marshall:

 Does he have a 'method' and a legion of cult like followers who refer themselves as a creature often used to make boots, wallets and belts? 

 LOL we ALLLL know who this is referring to... maybe even a BP author... hes kinda like dave... love him or hate him... or a little bit of both.  

 Avail, Apartments.com, Buildium, RentRedi, and several other platforms allow you to make leases that can be signed online electronically and also will then collect rent through their portal.  Some of them allow you to create your own website for marketing as your unique portal. Check it out! 

 - @Star Reid - Congrats!
Lease Management - Avail.co, Apartments.com, Buildium, TenantCloud,  - many others - they can List For Rent, Schedule Showings, Provide Applications, Screen Tenants, Setup Leases, Setup and Manage Rent Payment, and other things (keep track of maintenance, keep track of expenses and make reports for accountants etc) Tenants like it because its online and makes it clear what they need to do - This also helps answer Drews question to you. 

- Showing a property - I have less to say on this one, looking for ideas myself. You could pay a friend for showing and handle the rest electronically online.  You could schedule showings during a time frame you are available and require people to pick those slots. You can hire an agent just to show and be a body if they are willing, 


While its not perfect, ChatGPT is a great tool to ask initial questions and get a launching pad (always verify what it tells you)
 
 - @Drew Sygit - Good point about getting someone to help you with screening if they dont have any "skin in the game" so to speak. I wouldn't say "Never" or "always" to most things though. Plus you can still communicate with them and choose who you want.  I have not had a good experience with property management. And so many tools out there exist to assist with self management. 

When you say you did video tours with no luck, why?  
People didn't like them, or they were too hard to do?

Would be great to have a show going through examples case law as well as stratified stats on legal disputes in small investor, multifamily, and commercial investing realms. Also, are flashy people more likely to get sued? If high income individuals engineers doctors rent out property and people find out, are they more likely to get sued?  Also,  examples where the investor is plaintiff, and examples where they are the defendant. 


@Dave Meyer can we do a.... "Deep Dish" on that?  Clear up the myths, clean up the mythos, and truly get to nuts and bolts of investing. Maybe a lawyer panel discussion or something I dunno.