All Forum Posts by: Pete Winslow

Hi @Kobe Xin, thank you for the response.  I agree with you that that makes the most sense.  I'll be doing some self reflection on where I would like to be for the long haul and then make the jump to commit to a course. 

I am taking the next step and getting my real estate license, but unsure of which state to get it in.  I know this may seem like the very first thing I should figure out, but my girlfriend is a traveling nurse.  Once she secures a full time job as a nurse practitioner we will be settling down in one spot and I will keep my license there.  In the meantime, I want to not waste any more time and get my certification started.  I currently live in Arizona, but believe I will be settling in New Hampshire/Massachusetts longer term.  

I have looked into reciprocity as well and Arizona does not directly transfer to NH, but I admittedly may need to look harder into the transfer process. 

Can anyone shed some light on what they recommend? Open to hearing all opinions.

Arizona License - 90 hours $650

New Hampshire License - 40 hours $350

I would recommend jumping in and getting started with out of state investing.  Reflect up front about what is most valuable to you - cash flow, appreciation, ability to scale, and let that drive your search.  Narrow it down to a market and then find a rockstar real estate agent in that market who can help you focus your search even more.

Most importantly, make sure you build out your team in that market so that you have lender(s), contractor, property management, and a deal finder (or agent) who you like and trust.  Once you make the first purchase you can ramp up your investing after that.  Good luck!

To be a wholesaler you will need to spend money up front to make money going forward.  You should be prepared to spend anywhere from $2500-5000 up front before you get your first deal.  It is entirely possible you could get lucky and get a deal your first week, but mentally prepare that it may take 6-9-12 months of cold calling, door knocking, direct mailing to earn that first wholesaler fee.  

The good news - that first wholesaler fee will probably put you back into the positives!  It is all about your mindset going into this.  Focus on the long term and try to find an off market deal.  Once you build up reserves from a few wholesale deals you can put that money into purchasing a rental property for yourself and start to have some consistent passive income through cashflow. 

If you are still making money on doing deals and getting more deals done with a partner than you would by yourself then I wouldn't worry about the commission.  A piece of something is better than all of nothing.

For me it comes back to your why - if your goal is to build wealth and relationships through a partnership where you work well together then find a way to come to a fair understanding.  It is good to iron out how you will deal with conflicts and tough conversations early in the partnership.  

Hi Jay,

Welcome to BP!  I would recommend getting clear on a few things: where you want to invest, what type of property you want to invest in, and, perhaps most importantly, exactly what your goals are.

If your goal is to retire in 5 years from passive income then your path will look very different from having a few rentals to supplement your income.  Once you get clear on your vision then you will be able to take steps in the right direction.  Consistent, daily action will help you.

I recommend starting with a house hack if you want to learn how to become a landlord.  I started out living in one bedroom in a five bedroom house and renting out the other rooms to cover the mortgage.  You can also do this with a duplex, triplex, or quad if you don't want to share space.  Deciding on the type of property will help.

Finally, I recommend becoming very clear on a specific part of one area that you want to invest in.  Talk to some rockstar real estate agents who also invest in the area to get started.  Once you know where you want to be then you can analyze deals to make yourself feel more comfortable.  You'll build confidence and be ready to jump into the right deal once you find it!

Hi Justin, I would recommend advertising that you are looking for young professionals.  I am not a legal expert but I believe that because you live in the house you are able to have more discretion over who you advertise for.  

I utilized a house hack in my 5 bedroom property to get started.  The most important thing for me was to make sure I screen tenants to ensure they would be respectful and responsible.  The one time I got desperate to rent a room is when I let in a tenant who was a nightmare.  Patience is key as we invest for long-term wealth.  

Some standards I look for in my tenants are 650+ credit score, ability to pay final month, first month, and security deposit up front, and passing a background check (available for a small application fee for the tenant on Zillow).  I don't allow smoking or pets in the house but that is obviously a personal preference.  Paying for a professional house cleaner monthly/quarterly can be a great way to alleviate house tensions about who does the cleaning as well!

I'm happy to answer any specific questions you may have if you want to DM me!

Make sure that you screen your tenants well when house hacking for the first time.  Since you'll be living in the property with them you want to make sure that they will be okay with whatever rules you set as well as paying rent on time.  House hacking is an awesome way to learn how to be a landlord because you will be able to be in the property to deal with any issues that come up.

I agree with @Michael Le, any money that you spend on having a professional look over the deal/terms will save you money in the long run.  Make sure you find a rockstar that you trust who will be able to break everything down into terms you can understand.  

When you do get to the inspection portion, try to have a contractor walk through the property with you.  They will be able to let you know what needs to be fixed and for how much.  At that point you will have a better idea of if this is a good deal for you.  Good luck!

@Julian Inoue I am currently managing my rental property from out of state.  I started with it as a house hack and got to know some of the tenants/neighbors.  I have been managing from out of state since May and experienced turnover in 3 out of the 5 rooms which has gone smoothly.

My biggest recommendations are to have clear expectations and communication with the tenant about what expectations are.  It also helps to have someone you trust (neighbor, handyman, RE Agent, etc.) in the area who can check on the house just in case anything goes wrong.

I have used Craigslist, FB marketplace, and Zillow to list the property and have been able to screen all tenants.  The most important thing is to get the right tenants in the property so that you know they will take care of it and pay rent on time.  

Send me a DM if you have any other specific questions!