All Forum Posts by: Lisa Phillips

I think, just like all investing, the approach to each home is different, but you can be successful. I would approach an A class property the same as B class, C class, D class. They are different socio economic levels and need to be approached differently when it comes to money and available supply of homes. Different, not impossible, and many times if you do it right, extremely lucrative. 

Different neighborhoods, different approach, all can be successful. Experience will teach you more than anything. My biggest complaints in any of these neighborhoods are the water authorities (who like to send really, really erroneous bills) than the house and tenant, but that's only because I did my part to make sure it happens.

@Joe Mueller

 Hi Joe, I would say caution is needed, but not necessarily more than any caution a new investor faces with going in new to a business just not having anyone successful to bounce problems off of. 

However, the houses are older, so my upfront costs tend to be on major repairs. However, once they are done, there are very, very little headaches after that. I have a retired veteran in one, mechanic, insurance adjuster, dental hygienist in them. Those are hourly professions, but when the property is fixed and looks great, you're going to get great tenants putting in applications. Regardless of price, those are fundamentals I think, for any investor to discover.

Lisa

Great! Im editing a series of videos now, so make sure you're on the newsletter, so you can be the first to hear the announcement!

Lisa

@David Martin

 You use the same insurance you would use for any home. I use Affinity GM since they are investor friendly, and I pay about $45 a month. I have not had a chance to use them, but reading the fine print, it does seem they cover most disasters (just not theft and vandalism). If anyone knows anyone better to use, let us know!

That will be the easiest part @Nkiruka Okeke !

Summits are phenomenal. The breath of different real estate investors are astounding, and I have seen many a newbie who sat back and just posted on BP finally get the inspiration and courage to start after attending their first Summit. The people who attend, although they pay a lot of money, all get it back three fold IMO. 

Any other really "GOOD" conferences out there if BP's not having one this year?

@Pyrrha Rivers

I knew you could do it!! There was NO doubt in my mind, I wish you the absolute best in success, and I can't wait for your determination and business acumen to take you extremely, extremely far!!

Keep us posted when you get that first rent check ;-)

@Angelique F.

@Richelle T.

@Edward Briley

@Pyrrha Rivers 
@Edward Briley

Wow!!! Oh my goodness! I sorta teared up at the truth you guys started speaking. Yes, Yes, YES! We DO make a difference if we are responsible, AND our eyes are wide open. With this insight and knowledge, its a very win/win for every single person, as long as we treat the people in that neighborhood, our tenants, and are assets with utmost respect!

I love it!!! You're words add to the platform that I now advocate (I see a vision where my "middle class army" of regular people learn not only how to build wealth, how to transform their businesses and the communities they do business in! To see you all making it happen, and experiencing that feeling of success, validates so many of the hours I put into trying to make people see, not with naivete, but with a savvy business sense and a feeling of responsibility. Im going to keep reading this thread, but your words speak truth to power, and we can really make a difference in this world. A SERIOUS, heartfelt difference. Much success to every single one of you!

@Weston Hudnall

Hi there! That depends on who you go to for financing. Call up your go to institutions (banks, credit unions, whomever), and see if they are okay with refinancing. If you are striking out, then you will be forced to transfer into your name.

However, you have to work the field first, and see who can work with you as is.

@Jon Deavers  Hi Jon. I use Natalia Covington at Calista Realty. She's my PM and is AMAZING, treats the place like her own. Her mother is actually the contractor who does all work and repairs, and the jobs they did were low cost, and high quality. Those two women pack a punch together. I found her initially through a BBB listing for Richmond. She get's a giftcard at christmas, although I should probably up my game more than that, she's that good.

@Nancy Roth  Just because I 100% believe in using a PM to make your work in real estate investing hands free, doesn't mean that everyone should or shouldn't do it. As mentioned, when giving advice its most helpful to have the nuances and different factors that determine whether or not one should add them. I have had bad experiences, but I can absolutely say, that the more my skills increased in vetting and screening PMs, the less headaches  I've encounter.