All Forum Posts by: Shaun Steckler

We use an online property management software called Buildium.

You can visit them online at http://buildium.com.

Everybody on your team would have online access.

The software is also very user friendly.

The biggest sales job you have to do everyday is the one on yourself.

You're not alone when it comes to facing adversity.

We all have to endure some level of pain regardless of how accomplished we have become.

When thoughts of doubt cross your mind, you have to learn how to become aware of them.

And simply choose to act in spite of them.

Good luck.

I would agree.

When it comes to becoming a great real estate investor, the fundamentals don't change.

You have to develop a burning desire to win by helping as many people as possible along the way.

Looking at as many deals as possible is a good thing.

But having a system that helps you see them all is even better.

When an entrepreneur focuses on taking action, he is more concerned about developing a system that will do the work rather than doing the work himself.

Focus on taking action.

But focus more on building a great business system that will take the action "for you."

If this is your first deal, you need to have more control over what happens to the investment.

How far away is the property?

I hope that you live within 30 minutes of the island.

If you're just getting started as an investor, you need to make your first investment close to home.

When a property problem arises, you want to be close by.

You don't want to have a 3 hour drive out to take care of something - especially if its a small thing.

You also mentioned using a property management company to help you.

Don't depend too much on the property management company to solve your problems.

Start small and invest close to home if its your first real estate investment.

I agree. In theory, having $2,000 per unit on hand seems like a good idea. Just to be safe, allocating $1,000 - $1,500 per unit may do the trick.

I think that the more experience you have as a real estate investor, the less cash on hand you may really need.

Don't get me wrong, cash is always king, but I wouldn't pass up the next good investment opportunity because you're trying to build up your reserves.

Charles,
This sounds like good advice - well thought out too.

When it comes to negotiating with sellers, why not assume total control of the situation?

When targeting pre-foreclosures and sellers who have compelling reasons to sell, you don't have to start out offering 80% of the asking price, you begin negotiating right where the current pay off amount is.

You don't start negotiating the top number, you begin with the number at the bottom.

I do agree with your logic - just wanted to through this into the discussion.

Older houses were built with higher quality materials and better craftsmanship.

There's a reason it's been around since 1912.

If you can't see any visible water damaged or rotten areas, you should be fine.

Go ahead and jump up and down in each room just to make sure. Feel around for soft spots - just to make sure.

If you have access to MLS, why not build a compelling case?

If you offer $50,000 for a property, support your offer with comparable sales in the area.

Pay close attention to the number of days on market. The higher the better.

You may not have any control over what the bank does, but this approach may offer you the most leverage.

It's always a good bet to invest in working class neighborhoods.

Look for plenty of blue collars and pick up trucks.

For the most part, these are good people who work hard for a living and they all need a nice, safe place to live and raise their families.

Good place for a newbie to start.

You need to make sure that the local ordinance is in place. Talk to a local city official about it.

If it's in place, it may alter your acquisition strategy depending on your skill set.

If you're not good at renovation and repairs, you may need to buy different properties.

But I'm of the opinion that if you disclose any problems with the property that you're aware of and your seller still goes ahead with the transaction, you should be fine.

But always check with your local officials on this. Good luck.