All Forum Posts by: Scott Allen

@Jaycee Greene I think she said the purchase price was going to be around $380-385k plus an additional $50k for renovation. If all in around $435k, wouldn't she need to leave money into this deal with a projected ARV at $500k? Not sure if hard money would be the correct route to go for this one or not

@Martin Jones Do exactly what @Nathan Gesner said. No one is going to give you money when you have little no experience at all yet. A track record will help you get there. 

Continue to network with people in real estate, go to real estate meetups, connect with investors in the forums. 

A great way to get started if you currently have a W2 job is to buy a house hack like a duplex or a fourplex where you can move into one of the units and continue to rent/manage the other units. You'll learn a lot just from starting out like that with little to no experience at all (cosmetic renovation cost, managing current tenants, leasing out a unit).

@Sharad Bagri Speak with the title company that helped you close the deal and ask if they can have their real estate attorney help you do this. It's very common to do. 

It's also common that a lender makes you close in your personal name for a conventional loan then the deed is quit claimed into an LLC.

A real estate attorney helps you do this. The title company you used most likely will have one that can help you do it. If not, reach out and I can send you some referrals. 

@Tanya Maslach Since it sounds like you're not really using a property manager - connect with whoever helped you purchase the property to see if they know of a leasing agent or showing agent that you could reach out to help hold the property open to tour at least once to twice a week for an 1-2 hour period on weekends. 

If you're getting a lot of traction with prospective but qualified tenants that would like to view the unit - let them know the time that the leasing/showing agent will be there so they can view the interior.

If they're going to lease the property for you - one to half a months rent is fair compensation. If they're just going to be there for an hour to two during a time frame you have set for prospective people to view - give them directions that prospects will need to reach out to you for lease details/moving forward. Offer the showing agent anywhere from $100-200 to hold it open for you. Or $50 per showing. 

Good pictures, and good video walk through's are also a good thing to have so you can forward it to them and make sure they review prior to letting them do a physical tour. A message stating your qualifications for applicants will let them know whether they should apply or not too. 

@Preston Maddock Hey Preston, sounds like you're looking for something that could be a good cosmetic BRRRR or something that is already relatively turnkey and performing. Feel free to reach out if you'd like learn more/need connected with some local lenders to get pre-approved

@Julie Philpott Franklinton is a very gentrifying neighborhood. Many houses and duplexes that have been fully redone as well as some that are still owner occupied that will get redone when purchased. The deals east of 315 are very rare. The deals west of 315 and east of Glenwood Ave are B/B- range depending on the street they're on. West of Glenwood is still in the works and can be C/C+ depending on the street and what's going on around it. It's a rapidly gentrifying neighborhood in Columbus that is also similar to Southern Orchards. Great neighborhoods to BRRRR in or find something that has been redone/already turnkey.

@Sharad Bagri Two C+ neighborhoods that I really like in Columbus are North Hilltop in 43204, North Linden in 43224, and Northgate in 43229. 

 When the purge begins, I'll just be the measly enforcer. 

@Gabriel Juarez 

Yeah do what @Corby Goade said. You can get started quicker with a W2, offsets your housing cost by having a tenant, and you'll learn much quicker at a slower pace. Start networking locally where you're at by attending some real estate meetups - just google it to find them. Don't pay for a guru. Good reads would be Rich Dad Poor Dad by Robert Kiyosaki and How to Invest in Real Estate (the beginners guide) by Brandon Turner. Save up some money. Go start learning and doing some networking. Write your goals down on paper to get things done. 

@Harley Kendall

1. Not necessarily - you can network with wholesalers and investor friendly agents to help you find deals, your learning curve will just be knowing how to evaluate the deals and if they can make sense for flipping or having to hold afterwards.

2. You have to disclose your licensed when you're buying a property personally but I wouldn't say that's a turnoff to sellers. It just needs to be disclosed. A pro is sometimes you can apply your commission to your deals when buying as well as save a little when you're selling.

A good instagram account to follow to give you an idea of the lifestyle of the vast majority of agents that are not investor friendly agents is @thebrokeagent - https://www.instagram.com/thebrokeagent/