All Forum Posts by: Steven Myers

@Jarrett Schaef 

What type of investing strategy are wanting to use?  Also, when looking for private money, what do you have to show that you will be successful in using it? I started out using conventional money but have started transitioning to private money, but the investors usually want to see a track record.

@Jarrett Schaef 

I'm an investor located in Wichita.  It's great to start at such a young age.  I feel there is a lot of opportunity in this area.  If you have any questions, please send me a message.  

Congrats.  That's how I got started by accident.  Please share some of the numbers.  

I've used a combination of Zillow and Craigslist.  If you're doing an analysis I tend to use the lower amount.  I usually check out the pictures and the features of the rental (2 car garage, condition of the house, etc) compared to my listing as well as the days on market. When I list a property, I can determine how competitive my rent is based on the response to the listings. 

After 4 properties, a portfolio manager is helpful. Your DTI will dictate when you will need to start transitioning to a portfolio manager. However, it is never too early in my opinion to start asking around about Portfolio managers and start having conversations with them.

I have done a lot of project management in the corporate world and limited in the real estate world. But my advice would be to establish a bonus if the work is done earlier than estimated or a late penalty if the work is later.   You have to be careful how you structure these though because they could try to take advantage of you.  I would however suggest that you meet with you project manager at least a few times a week on the job site to verify that the project is progressing.  As he builds confidence, you can move to a more hand off role.   

@Sondra Mckibben 

I'm getting ready to close on a house that will be my first full kitchen rehab.  What are you using for your cabinets?

Congrats on being able to quit the day job at 47.  That's awesome.  I think it sounds like a solid plan but it seems like if you were doing 4 flips while working it seems like you could have more bandwidth, so why not challenge yourself a little more?

 Also, how are you find your flips?