All Forum Posts by: Scott Petty

@Dean Attali I just came across your post. Sorry I didn't see it sooner. I have 3 rental properties (5 doors total) with M&M Property Pros. I think they are great. They look out for both the tenants and owners. I'm an out of state investor and will have them manage more properties in the future. Hope you found someone you like out there.

@Tamara Deering, Thanks for the great information! Very simple and just what I was looking for. I'm going to start writing up a plan using each strategy and see which one plays out best. When you have more than one investor does one of these strategies get messier than another or even not work at all? Thanks again.

Hey everyone. I'm getting to a new point in my investing and want to reach out to the BP community for some guidance. Until now I've been able to finance my properties on my own. I have one SFR and two duplexes. I'm now working on purchasing a four plex for buy and hold but don't have enough of my own capital to cover the down payment and some additional costs. What are some simple terms that I could present to potential investors (friends and family) that would work for both parties? I understand that ultimately it will come down to what works best between the investors and myself but I'm also struggling to fully understand when and how to pay them their portion and ultimately pay off their investment. There are so many avenues to do this that I can't keep them straight. Like my first investment property I went with something simple, I could understand and then grow from there and that's kind of what I'm hoping to start with here, something simple and then on future deals get more fancy if necessary. Thanks everyone!

@Lauren Havens thanks!

Thanks Michael. That was a great story and very good advice! Congrats on the success and driving that deal to an amazing payout. 

The more I look into Indiana, I hope you don't mind if I contact you to learn more about the area from someone local.

Hey BP, I’m new to RE and am taking in as much information as I can through BP forums, podcasts, books etc. This community really is awesome, but this is the first time I’ve actually posted, reaching out and truly utilizing the resource.

I live in southern Utah but am primarily working on investing out of state. After reading as much as I could and feeling comfortable up to a point, I realized the only way I would really learn more and know what it takes to invest would be to take action and purchase a property. So, A couple months ago I pulled the trigger and purchased my first SFR rental property in Kansas City Missouri. A local friend of mine has a great team out there and really helped me out and walked me through the process. I am towards the end of my rehab and have learned A LOT, some good some bad. The purchase was primarily to be a learning experience and not a homerun, but it will cash flow enough to pay for the education and make a little money too!

I’m reaching out because I want to purchase a couple small multifamily units (2, 3 or 4 plex) within the year. I want to branch out of Missouri to improve my odds of finding a property that meets my criteria and increase my inventory pool. From the research I’ve done, below are some locations I think will be beneficial to start moving forward with and begin making connections and forming a team. To keep it simpler, I think I’ll pick 2 or 3 of these locations.

I’d really like to hear some lessons learned, suggestions or advise from investors that have properties in these areas. Any other advice in narrowing down a location would be great too. 

Fulton County Georgia

Hamilton County Indiana

Washington & Benton County Arkansas

Fort Bend, Comal, Williamson or Tarrant County Texas

Williamson & Rutherford Tennessee

Baldwin county Alabama

@Michael Ryland Congrats! That's exciting to get the first one out of the way. I just purchased my first property in KCMO a couple months ago as well. I'm know I made some errors and would bet there are more errors that I just haven't realized yet:) That's the way to learn though.

Are you going to manage the property yourself or have you found a local PM?