All Forum Posts by: Sara Martin

@Ray Alvarez No problem! I’m in California as well, in the Bay Area - the least amount of rent for 1 bedroom would be (in the minimum) 900+ /per room. I used to live in the South Bay (Pacific South Bay Area) and I paid 950 for a room in a nice house with few roommates. It was excellent - I loved it.

I think your biggest challenge would be screening tenants (Cali is tenant friendly - no landlord friendly)

Be sure to have a lease agreement, deposits, etc.

You are definitely in an optimal position - I am sure there are other bachelors who just need a room space, with couple other guys keeping the peace. Put up a craigslist ad (it’s FREE) you can put up in apt.com (and other like websites) and I’m not sure about BP marketplace?

All the best!

Sara

Ray, love the name btw. These are some ideas - if I was in your situation..

1. Do you live in that 3 bedroom house by yourself?

You could start by house hacking your very own home, rent out the 2 bedrooms and see how that goes to get your feet wet. 

2. I have heard that the best investor uses the least amount of his own money - you have a great amount saved up - I don't think I would spend in all in one place. 

3. What is your criteria? ( Like @Ashton Levarek mentioned - all of those items he mentioned it would be excellent to write those down, give yourself clarity of what you want, like think of the future and work your way backwards. 

* Example * I want to invest in Multi-family properties in San Antonio, TX because it is an upcoming city, with great rent potential, it is a LANDLORD friendly state; where I am looking to make $1500 in net income - so that I can work less at my day job and segue into full time REI.

* Example * I want to invest in Multi-family properties in Albuquerque, NM because the properties and their taxes are dirt cheap; Looking to create many funnels there to supplement completing my income goal, so I can quit my day job! 

Talk to a plethora of people, find people who have investment properties, perhaps you can copy and repeat their system - if its working, even if you are talking to an agent, if that agent does not invest, they will not know how to guide you. 

Awesome that you are reaching out! 

BEST, 

Sara

@KJ L. You Rock Woman! Thank you for responding! Congratulations on your second contract for property - and definitely interested in getting a ladies meetup going! 

@Fay Chen You are brave girl! Let's meet up!

As a young woman, project coordinator, in the REI/construction/development world of West LA - I want to connect to more of the ladies in the industry. 

I have attended several weekly meetups, REI meetups, seminars, and classes - I do not feel I am generating the right kind of connections. 

I want to connect to those golden girls, you know who you are! You dominate with elegance in your expertise. You are encouraging and thoughtful to those who seek it. Experienced, well versed women who articulate their contribution to their industry - their competence is ever gleaming yet they are under the radar. Whether it be REI, construction, Project Management, Coordinating, CALgreen, real estate agents, lady investors, any other realm of the real estate, building and developing world, or just from one experienced woman to another - I am reaching out to you!

If you are IN the Los Angeles Area - would be great to find fellow meetup, if you have any suggestions and recommendations.

If you are NOT in the LA area, I would still love to have a conversation with you in regards!

Hoping this message reaches those who are perhaps looking for a similar connection, and those perhaps willing to teach. 

Thank you for reading!

@Thomas S.

Love this method!

How often do you month to month tenants stay?

Are they averaging 6 month - 1/2 years a dog they had a lease?

What challenges have you faced with M2M?

What has been the best things that have happened with M2M?

Curious...

Thanks!

Sara

@Alex Varner

@Brianne H.

Hi - I am a Developer and GC for residential homes in Southern California. Here is my take on the situation.

**NEVER PAY A SUB 50% upfront**

1st Always have a proposal from the esteemed subcontractor it vendor, with their information - qualify the sub no matter how big or small the job is:

• look up their State License on your state license board - make sure it’s active, not suspended

• Let them send in their insurance information with your property as the additionally insured

• keep track of any Preliminary notices that they may send to you

2nd Come to a written agreement/contract of a payment schedule* - with less 5% retention on each invoice until close of project scope

A timing schedule is also really good to have in your contract that way they are not just prolonging the job.

Payment Schedule can be as following example:

10% upon scheduling / start (less 5% retention)

25% when 1/3 of work is complete (less 5% retention)

25% when 2/3 of work is complete (less 5% retention)

25% when 3/3 of work is complete (less 5% retention)

15% (Pay the retention) - upon final inspection

**As a 1/3 is completed you pay 1/3 (less retention)**

The less checks you have to write - the better

A written agreement for payment schedule lessens the chance of them asking for a check every week, they know how they will have to manage their payments, and so will you.

I recommend always purchasing the materials yourself, or paying for them separately / if the sub has materials included be sure to cut joint checks to suppliers + subs, prevent liens from suppliers if the subs don’t pay them.

Hope this helps to clarify some things when it comes to paying subs. I always have an onsite meeting, ask for previous work photos, website, reviews, and referrals from others help to narrow down good subs. Get your agreements in writing!

@Account Closed

Its seriously no problem at all, if I was 16 I would have been indebted for similar advice! 

You are the future investor, you are the future real estate agent, or whatever it is you want to be, it is so important that you are guided in a considerate fashion, and taken seriously about the goals and actions you are capable of pursuing. 

I believe in you Jeffrey! 

YOU CAN DO THIS! 

@Jeffrey Masessa

Hi Jeffrey! What a courageous young man. I LOVE that you are ambitious and starting out so young, that you want to own a company at 18. It’s a beautiful thing and I’m sure your parents are so happy to hear such wise words from a young Padawan. ;) The other beautiful thing - is that you aren’t afraid to ask for help, this will come in handy - never stop learning.

Aside from studying the books that will teach you the ways, definitions, connections... etc etc

Do you know any realtors? Any investors?

Do you have any teachers that you connect with? Teachers that could lift you up, give you encouragement and words of wisdom?

Have you asked your parents if they can teach you?

Perhaps asking somebody to mentor you at this age would be great - make sure it’s somebody you can trust, maybe your parents or friend of a parent.

You are 16, do you have a gig? (A job?)

You could do something simple as being an assistant for somebody, shadow them, assist at Keller Williams, or the Library - don’t just do any gig do something that will teach you something or connect you in the world you want to be connected.

Paid or not paid, the experience is worth more than money.

The other thing - make connections with people whom you care about, let your family know this is what you want. Let your family, friends, teachers, associates, grandma, and your dog know your goals. :) It will strengthen you to have those surrounding you knowing this is your aim.

Something fun to consider, if any of your friends would be interested start a ‘Young Entrepreneurs Group’ one night a week - get together and listen to podcasts, get mentorship together, play monopoly with an adult who can give real world examples while using monopoly’s game.

Remember to Play! Play games that get these ideas and notions of REI ( real estate investing) and RE (Real Estate) It will seal all this information in your mind. You are an intelligent young man - keep it fun, keep it interesting.

Books are informative because they regurgitate information you NEED to know - some books are great because the stories teach you, reveal to you accountability, responsibility, and a lesson wrapped up in font you can take in and put yourself there.

Some books to consider:

The Go Giver (You will really enjoy this one Jeffrey)

The ABC’s of Real Estate Investing

Cash flow Quadrant

Rich Dad Poor Dad

Because you asked to be informed - ‘twas granted. You have been given information now needed to be administered in your daily activities. Do these activities, read the manuscripts (books) for RE (Real Estate) success, inquire from (Ask of) your mentors - I wish you success in your journey young Padawan, you will soon blossom as a young Jedi.

All the best,

Sara

@Joel Florek

Thank you so much for sharing this information. Sometimes the advice that these types of situations don’t work is coming from people who don’t even own property! The fear-mongers who instill negative situational happenings... thank you for the positive light - love what your doing. Would love to connect with you!

@Collin Schwartz this is so inspiring! Thank you for listing the steps you took, it’s really helpful to see and read the steps it takes to acquire such freedom, given there is diligent work involved. Thank you for sharing Collin!