All Forum Posts by: Steve Dillner

Hi @ Jonathan Watt, have you considered selling on a rent-with-option to purchase? I sold a home this past June and got higher than market rent for the area, plus my contract was written so the tenant pays for all repairs. I give a $300/mo rent credit to apply towards the renters future down payment and I was paid “option consideration” funds of $10k that are non refundable if they do not purchase the home within the next two years. You could sell your home and get some experience as a real estate investor using this method and earn a cash flow (maybe charge $3500/mo).

Good luck on whatever path you choose.

Steve

@Gary Khatcherian - welcome to the club. I too recently joined BP and found it to be a great resource for anything related to creating wealth through real estate. I own 3 SFR's and recently got connected with a group of wholesalers and am trying to buy my first fix and hold property now. I'm reading Brandon Turners book "The Book on Rental Property Investing" right now and bought three other books that I'll move onto next. Absorb as much info as you can from all the investors here and network with as many local investors as you can before jumping into your first deal. Good luck!

Hi Samantha, I’d encourage you to seek out another couple in your community that invests the way you do. If your husband can see how this couple works together and just maybe gets a different perspective on what’s actually happening and the long term benefits that may sway his opinion back to being excited about real estate and building long term income streams. He was on board at one time and can be again. My wife has 0% interest in what I do with real estate investing but also realizes it’s a huge passion for me and doesn’t complain about it. I recently laid out a 5 year plan for us to achieve a $6k/mo cash flow from 12 properties that each generate a $500/mo cash flow at which point she can retire and she’s very on board with that! 

Thanks Jaron. I just picked up 3 of Brandon's books off of Amazon so I'll check out this one too.

Ok Everyone. I need a good resource for how to quickly determine what the important key items

Are to focus on when estimating renovation costs. Yes, I can get a contractor out to this house but I need to jump on this deal quickly before it's gone. The ARV is $390k and the agent I'm working with thinks I can get it for $250k. What's a good book or website that I can use as a solid resource for estimating Reno costs on a SFR. This is in Minneapolis, MN.

Start small. Find a home to purchase under market value and learn the skills needed to renovate the home. Get a co-signer or gift from A relative for the down payment if needed. Sell the home and roll the profits into a duplex or small multi unit property. You’re not going to make millions in 5 years but start making the snowball and as you gain experience and expand your network you’ll find better deals and the snowball will grow into something huge. Be patient and look at our failures as just another lesson on your stairway to financial freedom. Network with as many bankers and investors as you can. Good luck!