All Forum Posts by: Christopher B.

@Taylor Shapiro

3 F's, friends, family, and fools. Mine was family. Purchased a REO duplex with cash and renovated it. The forced appreciation by remodeling the property provided enough equity I didn't have to make a down payment when mortgaging the property. I paid the loan back in full and live I. I e side and let the other pay all debt service. Obviously this isn't a typically scenario because not many people are going to loan that kind of money interest fre

@Benjamin Ertl

Debt isn't good for sure, but don't be scared of loans just learn how/when to use them properly.

@Benjamin Ertl

Welcome to the board. You have found an incredible ocean of information here at BP, if you're serious about investing then I highly recommend spending time scrolling through this website as often as you can.

I got started in real estate as a junior in college like yourself so understand your situation. Your value, and what you can sell, is knowledge, work ethic, and enthusiasm. People don't expect a college student to have a good understanding of real estate investing, heck I'm 28 now and some people still think its a big deal I own 1 rental and flip houses.

I didn't spend a dime of my own money on my first investment, it can happen. Pick a strategy, make yourself as knowledgeable as possible, and seek out the people locally that can help you make things happen (friends, family, mentors, etc).

Looks great @Jacob A.

I definitely understand your mentality on the "my baby" front, I'm working through my first flip right now and have added a few extra things to make it pop, but as long as I'm in budget it's all good. Did you do any pre-marketing? I've been thinking about putting up a "coming soon" sign soon as the outside of my house is done. I'd really like to get some momentum going as my project finishes and I head into the marketing stage.

@Jerone Hammond Fantastic!! Bet you got a nice price on that house. I'm working on a nicer flip right now and you've got me re-thinking the plans for my kitchen!

Love the use of the travertine with versaille pattern by mike g. as well, great job

I'm a big fan of going against the grain, or thinking outside the box if you will. Is it a negative the house isn't vinyl or can you turn those lemons into lemonade and use it as a selling feature? Maybe being a cedar and stucco house can attract a different kind of buyer?

My current flip had what I considered ugly grey siding and I was going to replace it but decided instead to stucco the foundation, chimney, and used accent colors that played well with the grey, it looks great and I saved a load of cash by not replacing the siding.

Stephanie and Rick have some awesome points. The man I consider my mentor offered his help to me because, as he says, he likes helping people that have potential to be successful in this business. He loves what he does and likes sharing information. I may buy a few houses he could have but I'll also be sending good deals his way and possibly do some joint ventures together someday. Real estate investing is as much about your network is it is about the numbers and he has only strengthened his network by helping me out.

@Karen S.

Always require renters insurance, it's around $10/month for a $100k liability policy for the tenant through a company like First American Property and Casualty. I used to work for a large property mgmt company and that is what we always required.

Start taking on projects around the house, you'll start learning real quick. I'm not sure what your goals are but knowing the proper way to do things is more important than knowing how to physically do them, imo. The first thing you'll learn about construction is it looks a lot easier when the tools are in a skilled craftsman's hands. I know a very successful home builder who could tell you, in detail, how to build a house from the ground up but doesn't have the physical skills to do it himself.

I agree with @Rick L. , it's a minor cost of preventive maintenance. Carpenter ants can cause as much damage as termites and getting rid of pests is more hassle than preventing them imo. I used to have a local company spray 4x year for pests, it cost me $120/yr. I cancelled because my insurance skyrocketed due to hail damage and need to save some pennies but will renew once my premiums go back down next year. Right now I spray monthly myself and honestly I'm already fighting ants. If I am fighting it and care, what will tenants do that don't care? That's what concerns me.

I work part-time for an apartment complex in addition to getting my rei business up. My company's portfolio is worth in excess of $80m, primarily large-scale rental complexes, and they require all of their tenants to have renters insurance. A minimum of $100k liability with the property as the beneficiary. It's worth it, it protects the tenant and the company. The tenant isn't going to pay you $10k if they have a stove fire and set the place ablaze destroying the kitchen. This policy costs the tenants about $12/month which is nothing. They use First American Property & Casualty Insurance.

Also, the tenants can get $10k personal coverage for an extra $3 bucks a month or so. I'll be requiring all of my future tenants and re-signs to carry renters insurance as well. Call them up to get rates, I don't know if that is discounted pricing offered to our company or not.