All Forum Posts by: Junior Salters

Brian Hoyt In terms of monetary value he brings, about $15k and I bring about 5K if that's what you're referring to, but he isn't into the real estate researching like I am. I understand what you mean wholeheartedly about working with family though. Essentially he has more money saved up (mainly bc he is older), but I've spent the dollars on the marketing, websites, networking, getting proper paperwork and financials together. I mean all those previous statements you pulled just basically state how new we are which is a fact. Now if you're saying we need to do more research and gain more knowledge on exactly what we want, I see what you mean, but as for as not bringing anything to the table, I disagree. I do appreciate your input and understand where you're coming from though.

Brian Hoyt Thanks for your response brian, but why do you say that?

Al Williamson You're definitely right. time to get out and meet some good handyman/contractors. I do have afew more avenues I haven't worked so you should be right in that aspect!!

Brandon Turner Thanks for your response Brandon and you're right, I like the idea of getting rentals with lower prices and not many repairs needed. Although I think these would be harder to find due to them being wanted, I think that would be the best niche to start off with not having alot fo capital to do heavy duty repairs and not wanting t go hard money or private lending.

Raymond B. Thanks Ray! I will definitely jump in there, and grab as much info as possible. I know there is a lot to be had, but a step at a time should have me in the right place!

Ned Carey I have more time than capital at the time, but my brother in law (who's my partner has capital). We don't have much heavy repair experience though. I like your thoughts on fining property doing small renovations and picking our own tenants.

Hey peeps,

Just had a question. And I can always expect my fellow BP members to give it to me real. I just bought a new house literally about two weeks ago, and I am wanting to break into Landlording to create passive income and more wealth. what would be the best way or strategy for me to get started. My brother-in-law has been wanting to purchase rental property and so have I for awhile and I bring most of the knowledge and numbers while he brings the capital and a little bit more free time because he works a thrid shift schedule.

Would our best entry ways be to purchase a distressed single family home for way below discount (8k-15k) and rent out for say $500/month or purchase something that already has tenants in it since we ar enew to game. I'm just trying to get a feel for what we should do since we are just getting started! Just let me know your thoughts!

ADDED note, duplexes are pretty hot commodity around here, just a few happen to be in war-zone like neighborhoods (alot of turnover)

Kelly N. What is the other biggest financial issue with vacancies minus not getting that income monthly if there are any?

Eric Hettena Thanks for your reponse! Honestly I wouldn't mind working with a realtor at all, just trying to find an investor-friendly realtor in my small town has been a little tough up to now, but I may make a breakthrough when I attend our local REIA meeting tomorrow. I honestly would love adn NEED a realtor on my team to help get things done as far as comps and giving them referrals on houses I can't wholesale.

Joe Liu I definitely want a realtor and for those reasons. So even once the listings expires, they can still make a profit? That may work in my favor actually!

Cristina Corredor Thanks for your response. I never thought of that!

Joe Liu Thanks to that detailed reply Joe! I'm looking at wholesaling right now. How would I be able to get information as far as upgrades in the house? like you said before, would that only be accessible via a real estate agent? I agree, I definitely want to keep and notice the prices that sold fast and I would definitely embark that information to my end buyer investor.

Arktavious Sally Thanks man! I think I will definitely have to include that in my criteria!

Joe Liu I will definitely do tha, but in the meantime, I've found numbers from the tax assesors site in my city that shows sales price of houses in the neighborhood and area. Once that is done, do I average to find ARV or just use a median number? I welcome anyone's response in this as well!

When developing my list for leads to be sent out and I get down to criteria, how much equity am I looking for the better deals to have in their homes that I will be trying to wholesale? As well, are pre-foreclosures in my area a good place to target?