All Forum Posts by: Zachary Clevenger

Hello BP!

It's a beautiful hot-humid morning here in the greater Indianapolis area. Im sitting here drinking my coffee, doing some reading on the forums, and would like to get some ideas in regards to building a solid team from those of you with experience in 'Buy-n-hold".

I am a pretty handy guy, but I do not want to be so involved in that process that I am committing my most precious time, time spent with my family, to being stuck rehabbing/repairing things.

I am not looking to self manage my future properties, do my own legal work, and although I am financially more intelligent than your average Joe, I would like to have some one who professionally does it/ knows the loopholes/etc. 

So on to my question.....

Where would YOU start? Find an attorney that specializes in real estate? Find a CPA? Find an agent? Contractor? etc....etc....

*** Also, if you are local to Greenwood/Southern Indianapolis area I would love to hear of recommendations!***

I am curious to see the responses I get and look forward to the debate!

And......GO!

@Adam Browning welcome to BP from a fellow fresh new face. 

In regards to the podcast: I agree completely, they have been fantastic! Be careful though because you can get lost in the vast amounts of information in each of them. I have been nit-picking which to listen to for the last few weeks so I can stay focused on my particular interest for investing. 

Best of luck in your endeavors. 

@Joshua Musquez that is a good question. Please take my comments with a grain of salt as I am extremely new at this. I would be leary of booting either of them out. Both seem to be long term tenants that have been cash flowing for a long while, and removing them could potentially result in the loss of near guaranteed income. What would the expenses of the property be if you purchased the property to buy/hold and kept both tenants? Assume that you decided to buy the property and remove the 3 year tenant; what would the expenses be for the other? How much would it increase the rent for the 10 year tenant? What would the cash flow be for either situation after its all said and done? 

In my opinion, if you were to boot one out I would screen both and see which would have the greater potential to meet the added expense that is about to be placed on them; Credit history, job stability/income, number of complaints (if any). Things like that could give you a better picture of who to serve the notice to and who to keep. 

I hope this somewhat helps you. Best of luck!

@Kyle Grimm 

Currently my W2 full time job is a master automotive technician for a local Honda dealer. Have been doing it since 2002. I am currently 34 years and have been longing to leave this horrendous industry. 

I bust my *** everyday to make a better paycheck, and only succeed at making others more wealthy. Like you, my position is 100% commission in the automotive world = no work no pay, lots of work lots of pay. But in the winter months I literally stand around and watch videos, read books, or sleep. In the spring and summer months I am so busy I cannot even eat lunch for 5 minutes. 

The reason I have been seeking to invest into real estate is to remove myself from this constant stress. I need stable income for my family. And to gain my life back, to enjoy time with my daughters.

I wish you the best of luck on your endeavors to be finically free!

@Chris Wood Yes sir! I believe we are neighbors... just down the bend of the road in the freshly painted house haha. 

@Phil DuChampThank you I appreciate it. I am hoping to do the same and stick to my goals! Best of luck to you.

@Shawn Holsapple Turning wrenches for a living is...well you know so explanation is needed. Thanks for all of the reference sources for books. I will check them out as well. I have been listening to a ton of th BP podcast already, but there are hundreds so as of right now I am weeding through and picking topics. Thanks again!

@Tom Ott I appreciate it sir, and thank you!

@Ed KELLER Thank you sir!

@Jeff Schechter Yes sir, PM inbound!

@Amie Lieurance Thank you so much. I appreciate the information.