All Forum Posts by: Account Closed

Welcome Matt! As you probably know, there is no better site than BP. To be honest, in terms of information, I do believe you can find nearly all your real estate investing answers on BP. However, since you do have access to meeting someone prominent, I would do a little research and see what she specializes in. If I were in your shoes, I would then generate a list of specific questions that pertain to her speciality. From personal experience, many investors are just looking for silent partners. If you don't have the finances, there might not be too many opportunities for you. However, I would still ask if she is looking for an intern [that way you can get some first hand experience].

For pre-foreclosure, I would draft a formal letter and mail it to the owner. I wouldn't show up randomly to someone's door.

Originally posted by @Sam Leon:

I would have a talk with them individually before making a decision.

You don't have to approach them to talk about rent increase. Approach them to ask about what they like and don't like about where they are renting. Make no promises but let them know you are interested in keeping the place up and and may consider improvements. You walk about knowing what you might need fixing and how likely they are going to stay or leave.

You could implement a rent increase but offer an incentive at a reduced rate if they sign a one year lease.

Also the tenants will talk to each other, especially during an ownership change. I would be very careful if you are not raising the same for everyone - i.e. raising a lot for the ones you don't want to keep and keep same rent for those you want to keep.

I second what Sam said. Keeping a clear communication channel between you and the tenants is always key.

Very informative post.

Originally posted by @Bryan L.:

If jobs were fun, they wouldn't call it work. If you haven't worked at all yet, you need to learn how to work and to prove that you can. It's a learning experience whatever you do and where-ever you are. Colorado ain't going anywhere.

My advice would be to go out and work somewhere that will work your behind off. Physical labor. Really, you should already be doing this even before you graduate. Mowing yards or something. I don't know what they do in Maine, but my high-school jobs were on people's farms. Just my opinion, but you need to learn how to work hard. Regardless of which field or career you eventually go into.

Bryan, I would like to disagree with you on this. Work can be fun. It's just a matter of doing what you love. However, I support your statement on how work is a learning experience.

Physical labor can put the concept of work into a new perspective. However, physical labor is not for everyone. If Tim enjoys "working with his hands," then have at it. But, I feel ones time is better spent working at a job that relates to the field he or she wants to enter.

The days of "working hard" is long gone. That's "old school." Why work hard when someone can work smarter? Maybe the better phrase is "be dedicated to your work"?

Welcome to BP! Here are my thoughts...

I commend you for pursuing your dream. Being a few years older than you, I know exactly what you are going through.

If you are properly "trained," people will take you seriously. I think people will recognize your passion, but without any credentials, opportunities may be hard to come by. However, real estate is one of the few industries where one can make a decent living without much education [banking is the other].

Depending on what you want in life, obtaining a college degree might be feasible. Why? We live in a society that values education. I personally know many people who have their degrees in architecture and design; this is their "day job." However, many of them are also real estate investors too.

At the end of the day, it comes down to want you want--weigh each option carefully. If you feel lost, do not be deterred. Keep pursuing your dreams and goals and have no regrets.

Very interesting! I personally would not accept Bitcoin since nothing is really "backing" it. I understand that the value of Bitcoin is quickly appreciating, but I would assume a possible "bubble" would occur.

So do you still use the interest rate to calculate the monthly payments? Or do you use the APR?

So do you still use the interest rate to calculate the monthly payments? Or do you use the APR?

So one could define "APR" as what it would cost to obtain a loan?