All Forum Posts by: Peter Mckernan

Hello everyone,

I wanted to see if any one uses a tool for collecting rent that is free and that can be integrated into a website. I have heard of Cozy as a great website for collecting rent with no fees; however, there would have to be a tab set up to send the tenants to Cozy's website to pay rent. 

The better option would be to have a tab drop down with the sign-in feature for the rent payment right there on the site. Let me know if any members use this type of feature.

Thanks,

Peter 

@Shetal Gandhi

Hey man,

It is tough getting started! For sure the toughest part is actually jumping on a deal that you know is a deal. This is because the unknown water looks so deep and murky; however, the biggest advice I can give you is take a look in the area you live, or an area that is a little more affordable outside of where you live! 

@Mark Brogan hit the nail on the head when he told you to jump in the car with the family and drive to areas you know. If you want to do it on the cheap and not ask for any professional help at first (i.e. real estate agent), then just pull up Zillow or Redfin. Yes, the prices are not always on point, but you know the inventory of that area and the prospects you would be able to drive by. Check the school ratings in the area, check the park access, check the crime rate, and check walking distances for stores/shopping. What it comes down to is local knowledge and comfortability in that knowledge.

Once you buy your first you will be able to apply that knowledge to that next deal and keep moving forward. You'll get it, just keep the passion and motivation going!

Good Luck,

Peter 

Hey Alex, 

I have been meaning to write back to you on this thread. So, yes, you will need your partner there to open the account, also there is a few other things the bank will need (forms) for the LLC, so bring the whole packet. For example, the EIN number is a big thing they will need to open a business account. Also, you need to make sure that if you are financing the deal there is not any big movements in accounts and you try to give them other accounts while they are trying to underwrite the deal.

If the accounts are not yet made and you are opening escrow on a deal I would wait till after you close just for simplicity purposes. As I believe you know that the property is placed into the LLC's name once the deed is drafted.

In all honesty I would hold off till you close and then open the account and run your bookkeeping through that account since that is your business (LLC) account.

Good luck on the deal.

Peter 

Hey,

@Julian Dangerfield just make sure that these people that you have built a relationship with know that it may take a little longer to find that perfect investment property, and that you will be a little slower on the judgement of the property because you want to make sure it will perform well for you.

There are people within in real estate (i.e. agents and/or loan officers) that might not understand that a property is not exactly great for you since it does not produce the income you want, even though it is a property in great condition. 

If the agent and loan officer worked so smoothly with you in the past I have confidence that they will do the same while you are looking for a great investment property. All you need to do is let them know what your plans are and keep an open line of communication through the process.

Good Luck! 

Welcome @Renee Gregory

This website is great and I hope you find all that you are looking for here. I do not know your market; however, the current market in my area is very hot! The properties are going to quickly and for an extremely high price. It is tough to find a deal and when a deal pops up there are many people (investors) going after it. 

I would speak to an agent in your area that has some investing experience as well. This would make you a little more comfortable with the investing and also the price point you should be at to gain a profit in buy and hold, or rehabbing the property.

Good Luck,

Peter 

Hey @Adam Schumacher

I'm glad you posted an intro! @Joe Homs is the one I told you and Paul about when we met up for coffee. I have limited experience in real estate; however, Joe has a wealth of knowledge and is very generous with that knowledge. He is willing to help wherever he can. 

Contact Joe if you have not already for some insight on different angles on real estate investing. 

Peter 

@Westley Douglas

Welcome to BP!  You'll find everything you are looking for on this site! 

Peter 

Hey @Account Closed

That looks ten times better! 

Of course! Good luck with whatever you decide! 

@Aarin J.

Hello @Aarin J.

Welcome to the site!  BP is an awesome place with so much room to grow your knowledge base. I currently work for a real estate office in Mission Viejo and work more within the Inland Empire currently because of my knowledge base and leads. In the realm of real estate it is very good to have a great grasp on the local market, which can come easily from living within that area. Of course there will be times were you get a lead for another area; however, the most knowledge will come from looking and driving that area day-by-day! 

I grew up in Redlands and have a very good knowledge of the area (Inland Empire), and the more I go out there the more I understand that certain market. I say that because once I have honed my skills in that market, I will be able to look at any other market with the knowledge and make an educated decision for a client on their next home, or myself on my next investment.

If you have any more questions please feel free to contact me via PM.

Good Luck,

Peter