All Forum Posts by: Seth Levey

Welcome Ken! Good luck on your journey.

@Ian Ippolito That was the short version? Wow, so much useful information, thanks! Am trying to work through a few of these deals now myself.

Welcome Jarid! Good luck on your path to financial freedom.

After identifying properties and marketing through direct mail, what is your next step to purchase? Do you present the seller with a purchase and sale agreement directly (then contact title company, etc)? Use a buyer’s agent to make sure all t’s are crossed and i’s dotted? Use a real estate attorney?

Or you can do a bill back to tenants for the utility. Just be sure to put that in the lease.

To set prices, look at similar units in your area. Then set your prices about 10-20% lower. This will overcome your lack of ratings which could otherwise be a barrier. Make sure your place is clean and well stocked with expected amenities. Then, once you have several 5-Star ratings, you can raise the prices. Good luck!

I’m curious if anyone has experience using a line of credit within a JV or other partnership and if so, how have you structured it? In other words, because a line can have cash advanced at any time, do you set up an operating agreement/bylaws for who/why/when cash can be advanced on the line? If it will ever be closed? Thanks for your input!

I trust the opinion of those who offer sound information that may apply as advice without hubris. I am much more wary of those who feel they have all the answers or only theirs is the right answer

I am about to turn over a rental unit that I bought a few months ago with inherited tenants. They have been good tenants and paid on time every month. There is some drywall damage that I plan to fix at turnover. They say it was there when they moved in but the prior landlord did not do a move in checklist and they have no documentation. I am not sure I can just take their word for it. Would you? Thanks BP! Seth

Have her read rich dad poor dad so she understands why people do this. You can probably even check it out for free from your library.