All Forum Posts by: Richard Jeffries

Welcome to BP Russ you will find many resources that can help guide you through your first and Nth purchase.  I recommend searching the podcasts and webinars and asking questions. Lots and lots of questions. 

Best of luck

You could always look towards refinancing with commercial financing. This would allow you to refinance without living in the property.  While commercial financing would carry a higher interest rate, being able to cash flow an additional unit would more than make up the difference. It will also give you the cash out option so that you could purchase your next property. If you have any questions on the process feel free to send me a PM.

I would probably opt towards property management.  While being a GC might save more money starting out, I find it to also be a larger time commitment. This give you less time to work on your business. However there will be opportunities to do both given the seasonality of contracting and being able take jobs a you please. However when it comes to your career you should just do what you love and maximize your dollars, and  sub jobs out to seasoned pros just ask a lot of questions. Over time the experience will come.

In my leasing agreement I have a clause that disallows certain home businesses. Home Health Care is one. Definitely wouldn't want the exposure. They would need a pretty comprehensive and sizeable liability policy after some of the 6 and 7 figure settlements I've seen. I'd steer clear. What if their policy lapses without your knowledge? Too many things can go wrong for me if I could just find a new tenant. 

Sounds like you have some experience with landlording. It all depends on the numbers. Do you know what homes in the area are renting for? Is renting even an optioption with your HOA? Are there any updates that you would need to do to the home? If so how much would those cost? If you need to make any repairs or updates would you be financing it or would it be coming out of savings? All in all if you can create positive cash flow, buying and holding is something that you want to do, it's not going to create a strain financially as you look to move I'm all for it. Just make sure you crunch your numbers first second and a third.

Hi, I'm 26. I started a little over a year ago flipping. My current focuses are fix and flip and buy and hold. My first 3 flips were joint ventures with one of my financial planning clients. I've since ventured out on my own and have started my own REI company. I'm currently in the middle of my first independent flip. I raised the financing by saving from my first deals, brokering commercial deals, and through my line of credit. I want to accumulate 50 units by the time I'm 30, while flipping on average one unit per month. My main reasons for getting into real estate is creating a system of wealth that I could share with my family and pass on to the next generation. (Hints the name: Next Generation Management and Consulting LLC)

Unless you're adept at finding money on your own a financing broker might be helpful. I know when i got in touch with mine there were a lot of things available that i had no idea about. A good title agent could also be a useful resource and they are also motivated by just keeping your business.Thats assuming your state uses title companies and is not an attorney closing state. Also a real estate attorney is crucial for a variety of reasons. 

Welcome to BP Vincent. The marketplace would be the place you want to post deals. But I'm an investor that focuses on the southside of Chicago and the south suburbs, so you can add me for anything falling into that area.

Good luck

Hey Bianca, welcome to BP! I understand the nerves of getting started.  There might be a lot of things that you are unsure of or just don't know.  My suggestion to you is to just educate yourself. You can't expect to go to business in a field where you have no clue about. Luckily you've came to a great starting place. First off listen to the podcasts, read books, and ask a ton of questions.  As far as the Realtors license it's not necessary. If you wanted to get it however go right ahead, it might help you get in a few houses. Hope this helps.  Best of luck to you! 

I had a similar situation happen to me. It turns out the property was sold back to the bank after changing owners a couple times. So I had to go directly to the bank.