All Forum Posts by: Stephen J Davis

You are thinking correctly on the add value side. You just need more buyers on your list. Join a local real estate investor group and build your buyers list there. Get them to tell you what they want and go find that exactly. Get 30 to 40 people on your list. Good luck and congrats on your first (of many) deals.

That banker was an idiot. Sorry that happened to you. Yes, you can do a cash out refinance on a non-owner occupied house.

This is all a result of not taking a course or getting a mentor on your team. Real estate is not intuitive and you must know the complete business model and best practices. A free forum or Youtube videos do not replace an actual course on real estate investing.There are groups across the nation that can help you for about $1000. My course is only $500 and we walk you through your deals step by step. You don't have to use us but pick one and don't make these beginner mistakes. Good luck.

Forgive me if this sounds harsh, but you don't know what you are doing. No competent investor puts 20% down and you never rely on family for work. A duplex around $100,000 my also be in a bad area. It sounds like you have not take a course on real estate investing yet. This is a huge mistake. A free forum or Youtube video's do not replace having a coach or mentor to walk you through your first few deals. There are many groups that do that in TX including mine. You don't have to use mine but pick one and don't make all of the beginner mistakes that EVERYONE makes that cost them tens of thousands and turn them negative on investing. We literally only charge $500 to walk people through their deals for two years. The other clubs are about the same. Get educated, then invest.

I also only put the minimum in the ad so they have to call me to get more info. I want to talk to them so I can close them.

I put a deductible of $250 on any repair in the lease and a $50 trip charge. This does not apply to HVAC or water heater as those are health issues that I pay in full.

Rent is due on the first, late on the second. I begin eviction and late fees on the fourth.

Join a local real estate investor group and build your buyers list there. Find out what they want and then bring those deals to them.

No need to do that. Waste of time an effort as a rule.

Yes, you can as I understand it. However, get with a CPA to make sure you do it right. You are now a business person and should not be doing your own taxes.