All Forum Posts by: Stephen J Davis

Just start visiting them and explain what you are doing. I have yet to be turned down. They want to sell that title insurance so most will do it if you come across as credible.

There are plenty of great deals in the Austin/San Antonio area. You sound like a speculator more than an investor. Looking for areas you think will appreciation instead of focusing on equity capture and cash flow. That is gambling so be cautious. I would build my portfolio in central TX since you live here.

I manage my own single-family as a rule. Make sure that you take a course on property management like ours. PM is not intuitive at all. You also need to know the laws. Once you get over 20 houses, you should probably go back to a PM as a rule unless you just love it. I happen to love it and have managed close to 100 at a time without much problem. My dumb mistake is that I should have switched to apartments sooner. If you have over $300,000 equity, go buy an apartment or start investing passively.

Most people do this wrong and on their own. Step one is to join a local real estate investor club to build your buyers list then start looking for deals. You can also find mentors and coaches to help you with the fine details at the club. 

Yes is the simple answer. However, just like realtors, do you due diligence. We have bought hundreds of deals from wholesalers over the years. 

I am worried about the tenants as well. Don't make a greed decision and reduce your quality of lifestyle. I bought 42 units of this type of property and ended up carrying a gun to collect the rent. Not a good decision on my part. I sold them as quickly as I could.

As a rule you won't get much if any positive cash flow on a new home. It is better to find distressed property that needs work, make it perfect and lease it out. You will pick up $15,000 or more equity as well as cash flow. This is in the $150,000 to $250,000 price range.

You are out there on your own and that is the problem. Not that you are female. Many of my top students are single females. My best syndicator is female and has run over 6000 units. Females are naturally better at this than males due to your natural empathy and nesting instincts. Don't sell yourself short.

Your problem, again, is you are trying to do this on your own. Join a local real estate investor group. Get around like minded people. They will also have all the contacts that you need. Contractors, attorneys and such.

Greed, laziness and arrogance are the three killers. Greed: Won't pay for education. Laziness: Won't sit through a class. Arrogance: I can do this all by myself.

Don't get discouraged. Stay focused on your goal of financial independence and rock it.

Good luck.

Start the process immediately. Don't delay. Then find a great tenant.

Screening:
Credit and criminal report www.tenanttracker.com 
Talk to two previous landlords (yes, two) the present landlord may lie to get rid of a bad tenant
Verify 3 times rent income and likelihood of continued employment

Good luck!

Congrats on your decision to start investing. Step one is to surround yourself with like minded people. Your family and friends are going to think you are crazy. LOL. Join a local real estate investor group and start networking. A forum does not replace live interaction. They should have courses on what you are trying to do as well. Good luck!