All Forum Posts by: Sally Pearson

Hello! I am house hacking a single-family home in Washington D.C. and have a tenant I FT who seems great. I have a standard lease form from my real estate agent who said she can sign it to make it official for me. Only last thing is to screen the tenant. What are your non-negotiables when screening a tenant, and is this something you do on your own or via some software? My thought is that since it is my first house hack I can do it all myself, but want sound advice. 

Also, if there is anything you recommend adding to the lease agreement beyond the standard stuff - please let me know! 

Hello! I am looking to create a lease for a tenant in my new Washington DC home. Where is the best place to go for a lease? Do I need to set this up through a LLC registered in DC as well? How do I make it a legally, enforceable document? Do I need to go through an attorney for this?

Thanks!

Hello! I am doing an intrafamily loan with my father for a home purchase in DC and need to make sure it is viewed as a creditor-debtor relationship to the IRS so he doesn't get a gift/inheritance tax. To my understanding, I need to work with an attorney to get a Promissory Note to line out the terms, as well as a Deed of Trust before settlement (which is in 2 weeks)! I also believe I need to record this with the DC Recorder of Deeds. Does anyone know what other steps I may need to take? 

Hello. I am looking for a REI investment group to join (or start!) in the DC area. I took pre-licensing courses through a brokerage to have foundational knowledge but am looking for a community local to where I live! Also, I am open to potentially any sort of mentorship programs through a development firm, wholesaler, or commercial brokerage.

I am looking at building but box strategies in Madison or Milwaukee, WI, Cincinnati, OH, and/or Indianapolis, IN. Thinking I will BRRR and shoot for mid term rentals.

Any feedback on market selection/specific neighborhoods? Thanks!

Hello! I am in the process of working with my mentor (former colleague and wholesaler) and brother-in-law for analyzing properties in Wisconsin and Cincinnati. Manifesting that I will find and close a deal within the next 90 days. I am now beginning to research best software for REI starting out...I am looking into multifamily and STR, so likely won't have more than 10 doors in my first year. What should I be tracking and what are some recommended software to do so? For now I am under the understanding that I need a property management and income/expense tool. Ones that have stood out to me so far include TurboTenant and Buildium (latter more so for when I have more doors), and Rentastic or Quickbooks for Income/expense. What are some other things I should consider that I am not? Thank!

 1. Thankfully have a tech sales job that has allowed me to save 6 figures and 790 credit score but haven't owned property before. I also have a wealth management account with a line of credit offering. 

2. I am currently renting...my lease is up in September and I hope to purchase in DC and houseback, but its such an expensive market! I figured it would be best to start my real estate investment journey in the midwest. Have my LLC, business credit card, and a strong mentor who used to work with me, but quit his job to do REI full-time as he is doing extremely well. He is a wholesaler and close friend who has offered to guide me through my first purchase, so I'm thinking I should just follow his lead, albeit not blindly...i.e. asking questions along the way.

3. My family all lives in Cincy with my brother-in-law being a real estate agent. He has introduced me to a lender I am working with, as well as a property manager/investor. I normally visit Cincy 3-4 times a year, which is why I figured it would be a good midwest option for investing!

I am a first-time investor currently building my foundational real estate knowledge by consuming as much BP content as I can (books and podcasts!) on top of taking real estate classes in my place of residence, DC. I feel like the more I learn, the more I ponder on what the best investment strategy is to start out....I am originally from Indiana, and have most of my family relocated to Cincinnati (with my brother-in-law there being a respected real estate agent willing to help me), so am looking to maybe purchase a multifamily unit, or short-term there, but find myself doubting myself. There are so many types of properties, markets, and considerations! Any general advice for order of operations, best tier II markets to dig into, or words of wisdom for running a deal analysis? Appreciate any and all wisdom from some of the more seasoned experts!

Hi amanda! I am a young professional living in DC - I work in tech and have savings set aside to begin my investment journey. I am in real estate classes now, mostly just to have a classroom setting to learn, but want to invest in likely multifamily properties. I would be interested in the REI business you are building!