All Forum Posts by: Scott Trench

I just wanted to mention a really useful tool on BiggerPockets that many members don't know about or don't take full advantage of - Private Notes!

Private Notes allow you to write down your thoughts about other investors, or descriptive details about them.  You can write down how you met them, what you can potentially do to help them, what they can do for you, or you can just write down something about them that will help you connect with that user down the line.

Oh, by the way, let me reassure you - these notes are PRIVATE - no one but you can see them.

See the images below for an example of how to find, create, and use Private Notes!

I'm 24 and got started last year.  I bought a duplex, live in half and rent out the other unit like a couple of other folks on this thread.

I think it's arguably one of the best ways to break into REI because I have the advantage of a really trustworthy property manager (myself) for the next year or so.

My plan is as follows:

1) Get to 20% equity in this property by the end of the year, and refinance out of my FHA mortgage to improve the property's cash flow and move it into an LLC. I can get to 20% equity by improving the property while I live there, paying down the principle on the loan early, and through simple market appreciation.

2) After refinance, I'll be able to use another FHA loan to purchase a second duplex/fourplex. I'll rinse and repeat in 2016.

3) In the meantime, I'm saving up a good chunk of cash while working my job and using the rent from the duplex to subsidize my housing.  I may invest out of state, or partner on a flip with an experienced real estate investor and @Walker Hinshaw.

On a daily basis, I work here at BiggerPockets, helping the site grow, and connecting with investors around the country ;).  On a nightly basis, I look for real estate deals and work on my own property.

Down the line, I see myself doubling the number of cash flowing doors/units that I'm invested in each year.  I bought two units (one duplex) in 2014.  I hope to acquire four more units in 2015/early 2016.  Eight in 2016/2017.  And so on.

@Phillip Gonzales

 You'll have to contact support when changing names.  In your case, I've gone ahead and made the change requested to your account for you.

Thanks!

@Tim Baird

 I'm not 100% sure what you mean by probability and marketing software tools.   BiggerPockets has deal analysis calculators, and a marketplace for you to search for and offer properties for sale.  

Like any deal analysis software, our calculators are only as good as the inputs that you provide them with.  To give yourself a high probability of success, I recommend doing thorough due diligence on all inputs, and conservatively giving yourself room for unknown expenses on any analysis.

I hope that helps!

@Dave G.

 I'm not sure how to help you on this one.  The keyword alert notifications (red icon in the top right) are usually only removed if you either view those specific posts or clear them out of your setting box.  The good news is that with that many keyword alerts, your topic is likely to be discussed frequently on BiggerPockets and you'll have multiple opportunities to engage again shortly.

I believe @Roy N. is pretty spot on.  We are working on bringing back chat soon.  Thanks to all the effort that @Robert Perry has been putting in to fix the load problems and get this awesome new feature back up and running!

I'm staying cautious before betting the farm on rising rents just due to the incredible amount of inventory being constructed - 18,800 units forecasted for 2015.  That said, there are even more people projected to move here than there are projected new housing units  - in all likelihood rents will continue to rise and prices will continue to increase.

That said, it's a risky proposition to bet on continued growth - a hiccup could cost you significantly.  On the other hand, if these numbers prove true, any fool that happens to buy property here in the next few years may make money.

I'm just trying to buy cash flowing rental property near the city center as cheaply as I can.  I'd feel uncomfortable with properties that cash flow negative, but I'm ok with sacrificing some cash on cash return (as long as it's still cash flow positive!) relative to another market.

I think that these numbers are indicative of a booming economy, a growing city, and a wonderful place to live.  I'd like to keep my money here in Denver, where I see people moving here, staying here, getting great jobs, taking care of their houses and their community, working in gorgeous new office buildings, and taking advantage of the new public transit systems.  This is a growing city, and if you want to take part in that growth, you'll likely need to understand that part of that is a lower cash on cash return in the short term from any rental units, relative to other markets.

Ok Thank you for pointing this out - I will ask @Robert Perry to take a look.

@Account Closed could you please link me to the page you are having trouble with or screenshot the issue?

I'm having trouble, because I am not familiar with this "my discussions" function and must refer to it as something else.  Could you highlight if it is one of these four links that is not working for you?

Followed Discussions

Monitored/Followed Discussions

All Posts of your

All Threads You Started

@Ben Leybovich wasn't trying to pick a fight!  You are 100% right about your great interactions being the reason why you have a great brand on our platform.  I perhaps just misread your post a little and thought that you were saying you weren't getting a ton of value out of the Pro membership, when it seems like it really helps you out!