I have reached a point where I am ready to invest in my first property. Hi Guys,I am doing some research on zip codes in and around Philly for BRRR to invest and hold. Do you guys have insights on Philly on best places for rental and hold strategy? My name is Richard and I currently reside in the Sacranento area. I own one rental property in San Diego, and am looking to expand. Anyone have a clue what rental comps would be like in Adrian, MO?? I would love to connect with those who are as serious as I am about Real... Is there a minimum amount you have to offer the tenant to move out? The home is currently my primary residence and I intend to keep it that way.
I was able to get a commercial mortgage from Charter Oak Federal Credit Union.
I bought a 1923 wood framed home in West Tampa back in September 2020 from a wholesale real estate company.
That was exactly the number that the wholesaler had put in the package. This particular contractor had been at three of the other homes I had looked at prior to this one, so we had talked, and I was feeling like he was a straight up guy.
There were two other investors at the property the morning of the walk through, and the house had six people (tenants) living in it. So we only had about a half hour to look at the house. One of the other investors at the showing had brought properties from this particular wholesaler in the past. I had told my realtor that I wanted to buy it as well. So we stood in front of the house for a couple minutes and talked about the process when two investors want to buy the property.
The other investor had decided before me that he wanted it. They told him that he knew it needed to be a certified bank check. Remember that he had bought homes from this company before. The contractor said that they were just finishing a project and they would reach out to me the coming week to set the SOW up and go over the pay schedule. I called, emailed, and text them late in the week... They finally responded on Saturday via email, saying they were busy, and they would contact me early the next week...
I had called and left messages asking them to PLEASE respond to my messages. I asked them to please complete the SOW with pricing so that I could keep track of the budget.
So I reached out to a friend of mine who I had helped do some kitchen and bath remodels in the past, like ten years ago, and he agreed to help me out, but let me know that he only had a month and a half window, being that he had another project that he already had lined up.
He had told me that "we" should gut the whole house, redesign and private lenders reframe the interior. The month and a half was up and he had to leave the project, only half of it was completed. We have worked our asses off to get this place ready for sale. My realtor is telling me that the longer this house sits on the market the less chance of selling it I have. My wife and I have been talking about when do we stop and put the place payday lones up for rent. Without having more numbers in here, it is hard to offer a solid opinion about whether or not this would make a good rental. From a process standpoint, I have often used hard money and then when the renter is in place, flip to conventional, so I like that idea. But, if you still end up in a negative carry situation, it may be best to bight the bullet and sell now, even at a loss. SOLD provides a much-needed look at how successful real estate agents build their business, close deals, and generate commissions. Learn from the best, refine your business, and become a top-producing real estate agent in record time. You can get the book, along with some stellar bonus content, on the BiggerPockets Bookstore! Instead of marketing to a bunch of strangers, strengthen existing relationships and then (eventually) ask them for referrals.
Make a list of 50 people you think like you enough payday lones to refer business to you.
On the third month, talk to them like you always do but include a request for referrals. If done properly, most of them should offer you at least one referral which will result in plenty of business. Look to the market for your niche before you start investing in marketing. Do a SWOT analysis for your market and try to find the segment or segments that are being underserved and target them. When you are new, you forget that to write an offer you actually have to understand every page that is in there so you can same day loans bad credit direct lenders explain it to someone. Selling houses is great but this industry has so many different payday lones avenues to be successful in.
Make a list of 50 people you think like you enough to refer business to you. On the third month, talk to them like you always do but include a request for referrals. If done properly, most of them should offer you at least one referral which will result in plenty of business.
Make a list of 50 people you think like you enough high interest personal loans to refer business to you.
On the third month, talk to them like you always do but include a request for referrals. If done properly, most of them should offer you at least one referral which will result in plenty of business. Set goals and then reverse engineer what is needed to accomplish those goals.
Dont let other peoples opinions deter you from putting yourself out there. I have had my license since 2016 (part time as I also have a full time W2). I started sharing pictures and marketing materials for houses I already had in contract. Now that my entire friends list has seen me posting about it, I have had 3 friends ask me to help them sell their current home and buy a new one.
Never did I ask them for business, I just shared what I was already doing.
That is 6 in the pipeline right now just by sharing on Facebook. Dont let other peoples opinions deter you from putting yourself out there. I have had my license since 2016 (part time as I also have a full time W2). I am considering becoming a part time real estate agent, and would also keep my borrow money full time W2. Would you recommend this path, or would you do anything different? Has anyone else started out as, or currently payday lones is, a part time agent?
Anyone that jumped in with both feet have any thoughts on this? Where you start will have a big impact on your network and habits. Awesome advice in this thread I am printing it out and pinning it above my desk. Several pieces of advice I would give to myself on day one.
Being a Realtor is taking a huge leap away from the comfort of a W2 job you are literally starting your own business from day one.
Be prepared, have your finances in order because you will be living from your savings account for six months to a year. Do not distract yourself thinking about the commission 3 month payday loans no brokers check you have not made yet or the bills you have pilling up.
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Anyways, I still do Turbo Tax and Quickbooks to keep track of it all.
Nowadays the agent will ask for the general ledger, all bank stmts, substantiation of certain expenses and cost seg studies. Often times, the matching system is looking for certain irregularities or odd expenses for the NAICS code. Normally, you just go through, and they do not bother you.
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