All Forum Posts by: Trevor Ewen

@Mike Flowers 

Some deals are cash only. Other people have a hard time getting loans (too many loans, bad credit). Still others hate having loans, they don't like the idea of a liability of that expense.

If any of the above apply, then financing may not be an option. Otherwise, I recommend getting loans and using other people's money. The main reason is that you extend your buying power.

I do not recommend taking on any loans that you could not handle on a rainy day. I only take on debt that allows me to sleep at night. Sometimes that means paying a higher downpayment to keep interest rates low. Sometimes it means paying down the principal of the loan up front. At the end of the day, it's a decision about your personal debt tolerance.

@Account Closed 

Welcome!

You are getting started at an age I wish I had started at. Well done. In your case, going in on a deal with family is probably a necessity. Be careful about deals with family members. In my experience, I have often seen the parent >> child relationship go well. This is likely because there has always been financial flow from parents >> children and in reverse at different times of life. Siblings, cousins, uncles... those tend to be the messier ones.

Buy the house that's going to make you money, not the one that makes you feel good. A lot of first time purchases take the form of people buying a home that they think is really nice, and expecting a renter to see (and subsequently pay) the same value.

@Erin S. 

Welcome!

You may be able to save yourself some trouble. If you are buying vacants for investment, I would do a quick search to make sure the area is livable, if so, what are people paying for rent.

I wouldn't buy a vacant in Detroit, for instance, because I am not sure I would ever find a tenant. Make sure the vacancies have to do with the condition of the homes and not of the neighborhood.

@Brentree Bearden 

If you are a military wife, I recommend talking to @Elizabeth Colegrove. Based on the recent podcast with her, I know she has some of the experience you may find helpful.

@Erick T. 

Thanks. How has Manchester been? How does it seem? The town seemed very quiet last time I was there.

New Hampshire has always been on my short list of places I could live in my post NYC future.

I know what areas I think are nice. We're actually big fans of Keene, for the occasional weekend trip. That being said, I have never asked advice from NH investors.

What areas are people investing in for cash flow, buy & hold? What property types tend to be popular? Who are your renters? Where do they work? Why do they live in NH?

Thanks in advance.

@Brandon Monaghan 

Based on her recent podcast, I imagine @Elizabeth Colegrove could definitely help you out. I recommend sending her a message.

@Jerry Padilla 

I have noticed that looking at real estate is a little like dating in college: At any time, you usually have several options. Like a relationship. they come with various degrees of risk / reward. 

It obviously depends on your strategy. I am on the money end, and largely finance others to do work or management for my properties. As a result, it's a simple timeline to decide when I need to be ready to put money on the table. Right now, my next date is March 15th. I am actively nurturing three opportunities. By March 15th, I will know and be ready to move on the best of the three.

There are two struggles I have found in this approach: One, is the distraction of 'new shiny things' that come into my eco-system. The other is being genuine with people. I want to make realtors, managers, turnkey providers, and even localities understand that they are essentially competing for my business. In return, I keep up the communication and honesty. Even people who didn't win my business this year can attain it at a future date.

@Amer Mallah 

2.5 years is a very short amount of time. In the same situation, I would go for the renting option.

That being said, I would keep two things in mind:

1) How do you feel about the area of the house. Is it stable, growing, or declining. If it's on the decline, then it may be best to offload the asset. Since you lived there, you should be able to make the best guess.

2) What are your goals? Do you want to be a buy and hold investor? Do you want to manage property? I assume you are at least interested if you are asking, but it's worth getting to the heart of the process.

@Adrian L. 

Welcome!

You seem like you have the right kind of self-starter attitude for RE investment. I can share some personal anecdotes on getting started if you feel like messaging me. Otherwise, I wish you best of luck.