All Forum Posts by: Randy E.

Great job, Thomas. Sometimes, we have to start out our REI dream differently than others might have. In the end, hard work and smart investing should pay off for everyone.

Way to go,

Randy

I saved for over a year to prepare for buying and repairing my first property.  Once I had the funds lined up, I was anxious, but nervous, to actually buy something.  When the time came for me to get my first property, I bit pretty quickly.  I located a few properties in my price range.  Checked them out.  And made a bid in about two or three days. 

Aside from learning as much as you can (and it will never be enough, because there are some details you can't learn until you actually do it,) the most important thing for a newbie is to make sure you have enough money to see things through.  If you think repair/other costs are going to run $10K, you should have (or have access to) $15K.  If you think $20K, try to have access to $27K.  If you can't finish the job, you can't rent/flip the house.  If you can't rent/flip it, you can't make money on it.

Good luck,

Randy

Is he on a 1yr lease or a month-to-month?  Do you have a copy of the lease?

 This sounds like what I wanted to write.  Especially the part about looking back and wishing you had kept it.  I don't know your market, but the downtown area in my market is on fire and appreciating nicely.  If I had something similar to what you have, I don't think I'd sale at any reasonable price.

 It's been said around here that investors need at least one of the following three things to be successful in RE:  Money, knowledge, and/or time.  If you're not putting up the cash and/or credit to get such a deal off the ground, you should focus on how much first-hand 
RE knowledge you're bringing to the table, as well as how much of your personal time and effort you'll be providing to the effort.

Oh yeah, that is a great hat!

Good luck

If you have the work-to-be-done in writing, you should have no problem.  If not ... ... ...

Great job dealing with a difficult situation Kalimah.  With persistence like that, you next deal should be a much more positive venture.

-Randy

That's what I'm doing with my children.  Teach them early, often, and long term.  If they decide to take advantage of that knowledge, great.  If they stash that knowledge in their knowledge bank and decide to steer their lives in other directions, great.  Either way, they'll have valuable lessons that can apply to many ventures, not just RE.

No offense, but I'd vote "yes" on that one.  But, I wish I made so much that I thought it was difficult to "make it" on $100K/yr.  Congrats!

My deals have also been cash deals.  My closing attorney handled the title search, which included lien and deed stuff.  I'm guessing your closing attorney will do the same.  If you're not sure, ask him.