POLL: What are the most-asked questions in the forums?

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POLL: What are the most-asked questions in the forums?

Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes

Hello and Happy New Year!

In an effort to eliminate the repetitive questions in the forums, we're starting a new forum, the FAQ Forum.

These questions are valid concerns, such as Should I get my Real Estate License? and How do I find Cash Buyers?

We've got some really great answers to these questions, and I'd like to consolidate them all into one place.

So first, I'm going to ask what these most frequently asked questions are, then I'm going to ask you to answer them one last time. The best of the best answers will be featured at the top of the forum thread for each question.

OK, hit me. What are the questions - across all forums - do you see asked most frequently?

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William MurrellPro Member
Investor · Wilmington, NC · Member since 2013 · 276 posts · 169 votes
9y

Do I need to form an LLC? See it all the time.

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  • Brock Y.
    Investor · Lake Villa, IL · Member since 2014 · 90 posts · 48 votes
    9y
    You can restrict newbies to only be able to start a thread in the newbie category (many forums do this) until they hit X amount of posts. They can post on other threads. This would make the average motivate person to use the search bar function and find people asking the same questions they want to know the answers to but can't yet post it on their own. Would consolidate tons of repeat threads.
    2Reply
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    9y

    Probably the single most asked question on BP Nation is this, "How do you accurately estimate rehab costs". 

    I have answered this question in detail at least 50 times on the forums. Here is one of my answers:

    "Get out to Home Depot/Lowes and start pricing out material costs for all items of possible repair on a rehab. You will need a list prepared so that you can fill in the costs for your area. I uploaded to BP mine for all to use. Go here: 

    http://www.biggerpockets.com/files/user/BarnardINC/file/70-repair-cost-form
    Simply fill in the costs after spending a great deal of time reseraching prices at the box stores. They also have install prices (although they are much higher than you can get by hiring outside of Lowes/HD). Then go to as many REO properties as you can and practice your skill set.

    Here is some more info that should help you:
    Break up the home into sections - Kitchen, baths, flooring, paint, stucco, landscaping, plumbing (including fixtures), electrical (including fixtures), HVAC, interior doors, door casings/baseboards, windows/sliders/front door, roof, foundation, misc., and garage.

    Once you know what the common costs are for each area for a specific size home, you can see how easy it will become to walk in and walk out 15 minutes later with a rehab figure in your head.
    For instance, I know that a full gut and remodel including new toilet, new vanity, mirror, sink, glass door enclosure, stone/tile on shower walls, etc will run me $3000 per bathroom. So if I walk into a REO deal with 2 baths, I simply add into my head $6k for the 2 bathrooms and move on to the next section. i also know it costs me around $5k to paint in and out a 1500 sq. ft home. I have these basic figures locked in my head so when I identify sections in each home needing repair, it is simple to calculate in my head.

    Breaking up the project into these sections will aid in your ease of estimation while walking a potential project: Kitchen, baths, flooring, paint, windows and doors, interior doors, base/case, drywall, electrical, HVAC, plumbing, landscaping, roof, stucco/siding, and misc. Then you need to pay close attention to some other large ticket items that may be needed like rough framing - adding or moving walls, beams, posts, etc (as well as the rough framing costs to change the size of doors, windows, etc), insulation, and foundation.

    If you were ever told by some guru or rookie that you should or they estimate rehab costs by using a price per square foot, run for the hills, they have no idea what they are talking about as that is the worst way possible you can accurately estimate rehab costs!!!

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  • David Dachtera
    Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
    9y

    I'd say, yes - a FAQ section would definitely be helpful. The answers, of course, should be provided only by the most authoritative experts - i.e., not the typical BP denizens.

    A prime example is the LLC question. This needs to be addressed by someone "fluent" in business law, tax law and tax accounting - i.e., people too busy taking care of business to frequent these fora (the proper plural of "forum").

    While BP tries to be a source of "education" the truth is that the information *IS* here to some degree, but is quite deeply buried in the discussions and is provided by those speaking from experience rather than professional expertise. There is no "guide to topics" where newcomers can look to find posts on their specific concerns. There are no curricula or syllabi to which knowledge seekers can refer to follow a specific path to information or education.

    That's probably where BP needs to focus, though it should probably have been a consideration from the beginning. Attempting to restructure at this point to make information locatable and readily accessible presents a serious challenge.

    My $0.02 ...

    2Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    9y

    I am with @Mike Cumbie for the most part on this one. Any forum you put out there is going to get the same question asked 8 billion times, because a)people are lazy, b)people don't think the stock answer applies to their situation, c)people have a variation they didn't see in other replies, d)people don't know it's already been asked. My experience on forums that have a few old-timers linking back to FAQs or saying "Try a search" is that the forums start experiencing massive drop-off in posts and posters. I think the FAQ is not a bad idea, but I don't think it should circumvent people just answering the questions. I just ignore the ones that look too stupid to add my 2 cents to :D

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  • Jeff B.
    Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    9y

    "I just ____, What do I do now?"

    Shows complete ignorance of what they are doing and the fact that they are following the deadly "Take Action Now" lemmings.  :sigh:

    0Reply
  • Jeff B.
    Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    9y

    For Buy and Hold investors, there's a myriad of questions that are clearly outlined in the Federal Fair Housing regulations -- IMO, this is a first read primer for the B&H REI.

    0Reply
  • Jeff B.
    Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    9y

    OMG;  clarify the 2% and 50% rules - - it's getting to be obscene how little understanding there is - - OUCH!

    1Reply
  • Daren H.
    Real Estate Investor · Desoto, TX · Member since 2013 · 560 posts · 528 votes
    9y

    What about BP adding a feature to starting a discussion? What if you started typing a new discussion question or statement and a side bar with a list of popular topics matching the keywords in your question/statement popped up where you could click on the one most relevant to you and go directly to that thread. I am sure some software gurus could come up with something that could quickly filter the keywords / sentence structure and tie them to a list of popular discussions/topics best fitting the content of the new question or statement. Maybe this would cut down on similar questions. It won't stop it all but should help. 

    The same questions over and over do give the forums a "junk mail" type of feeling sometimes in my personal opinion. 

    1Reply
  • Tera Carter
    Radiologic Technologist and Real Estate Investor · Severn, MD · Member since 2016 · 57 posts · 31 votes
    9y

    @William Murrell

    I would love for people to know that I want to build and connect to help each other out and so that later I can teach someone else. How do you go about asking for a Mentor? I'm new and willing to shadow the different people it takes to make this train move forward. 

    0Reply
  • Tera Carter
    Radiologic Technologist and Real Estate Investor · Severn, MD · Member since 2016 · 57 posts · 31 votes
    9y

    @Jeff B.

    You are so right.  I'm trying to learn the steps or ways, but once I believe I have it, then there is another way.  When I get my first house... what to do next..., lol not funny, scary.

    0Reply
  • Wes Blackwell
    Real Estate Agent · Phoenix, AZ · Member since 2016 · 738 posts · 1k+ votes
    9y
    • How do I get started wholesaling?
    • How do I get more wholesaling leads?
    • Where can I find a lawyer to review my wholesaling contracts?
    • How do I get started in real estate investing? What strategy is best for me?
    • I just sold my home and netted X amount, now what?
    • California is too expensive, how do I invest out of state?
    • The Bay Area is too expensive, where should I invest in real estate?
    1Reply
  • William Hochstedler
    Broker · Logan, UT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Mindy Jensen

    Has BP thought about "sticky" threads?

    There are some threads here that have a ton of responses and good information that don't need to be summarized.  But they're getting harder and harder to find among the noise as the site gets bigger.

    Can't think of any off hand, but will post back here when I run across them (if I can find this thread again).

    0Reply
  • Stephanie MedellinBusiness Member
    Mortgage Broker · CA · Member since 2014 · 1k+ posts · 642 votes
    9y

    Where can I find a good portfolio/private money lender? - without any specific information about what they're looking for in a loan or why they think they need a portfolio lender.

    How can I avoid the 6 month seasoning requirement to take cash out of this property I just rehabbed?  How long do I have to wait to do a cash out refinance?

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  • Account Closed
    Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
    9y

    Do you know any investor friendly real estate agents?

    0Reply
  • Charles Worth
    Investor · New York City, NY · Member since 2015 · 808 posts · 417 votes
    9y

    @Mindy Jensen

    Should I invest out of state

    How do i invest with no money

    should I use an LLC

    The issue is if you look for these threads it is very hard to find good ones because it has been asked so many times. Its very hard to find the right thread esp. if the question has a wrinkle and yes people are also just lazy and think why not just ask. 

    2Reply
  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    9y
    Originally posted by @Charles Worth:

    @Mindy Jensen

    Should I invest out of state

    How do i invest with no money

    should I use an LLC

    The issue is if you look for these threads it is very hard to find good ones because it has been asked so many times. Its very hard to find the right thread esp. if the question has a wrinkle and yes people are also just lazy and think why not just ask. 

     That's a great point. I wonder if it might make sense to identify the top 3 threads from within the last X years for a given commonly asked question, and link to them. Sounds like quite a project though. 

    1Reply
  • Steve B.
    Engineer · Portland, OR · Member since 2014 · 1k+ posts · 1k+ votes
    9y

    Absolutely @Dan Mahoney the first answer on the LLC FAQ is "If you don't have significant assets to protect don't ask LLC formation questions." I should have included that in dumb questions before I added the typical dumb answers.

    Also, as someone else said, if we make a LLC thread we need to limit it to the small group of qualified responses by people with real experience in this area. We have ton of wonderfully eloquent, thoughtful, and articulate responses on LLC's by posters who have no idea of what they are talking about.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @JD Martin  totally agree you have to let all the new posters ask the same questions . if they don't get responses and or just a HEY look it up response they would leave.

    I don't even know how to use the search function and never would I am too lazy.. plus as we know I know most of every thing there is to know about real estate anyway  LOL....:))))

    "I am knew to wholesaling and want to do this so I can save up money to buy rentals."

    this one is quite common ... but eaiser said than done as we know

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  • Marcus Maloney
    Rental Property Investor · Queen Creek, AZ · Member since 2013 · 368 posts · 191 votes
    9y

    I'm always asked:

    1. what exactly is the process for wholesaling

    2. How do I find cash buyers

    3. Can I put a property under contract if I don't have money to close.

    4. What should be on my 1 page real estate contract

    Here are a few to start with 

    0Reply
  • Dan MahoneyPro Member
    Financial Advisor · Atlanta, GA · Member since 2016 · 256 posts · 350 votes
    9y

    @Steve B.  Amen.

    0Reply
  • Trevor Kolb
    Colorado Springs, CO · Member since 2016 · 59 posts · 33 votes
    9y

    Decided to read the first few suggestions and then went about my day, while still thinking about the purpose of this post. To narrow down some of the FAQ's and provide a better user experience. 

    After a few different ideals had passed my mind, I circled back to an analogy that I felt worked perfectly for this moment. Bigger pockets is an Ocean of information and we as investors, wholesalers, etc. are the fishermen. We use our Nets, or our ability to decipher through what is available to us, while hunting for Fish sized pieces of information that will help us succeed. You may try to change the direction of the current, but without knowledge, experience, time, and patience, you will never catch enough Fish to feed your family and build your financial future. :) 

    Have a great day everyone!

    0Reply
  • John CancholaPro Member
    Woodland, CA · Member since 2014 · 25 posts · 9 votes
    9y

    how about " seeking quality property management "

    0Reply
  • Dan MahoneyPro Member
    Financial Advisor · Atlanta, GA · Member since 2016 · 256 posts · 350 votes
    9y

    @Joe Splitrock obviously I agree that moderators should delete posts that recommend illegal activity.  But I would hate to shut down legitimate debate in the community about what is legal and what is ethical.  In most cases, it is subject to interpretation (and wildly divergent state and local laws).  For example, I happen to believe that it is fradulent to enter into a contract you don't have the means to fulfill.  But we have a whole population of wholesalers for whom that is their whole business model.  I'm happy to share my opinion but other should be free to share theirs.

    I'll admit that I am new here so maybe there have been discussions of blatantly illegal activity.   But I have read a lot of forum posts and haven't seen this. 

    0Reply
  • Andrew Ware
    Gardiner, ME · Member since 2015 · 190 posts · 177 votes
    9y
    I have a madlib question: Is course that costs worth the money? No. Seriously not ever. That is not to say that it's not worth spending more than $2000 on your education. It's just that those courses are a money grab. They don't have secret information, they aren't better than your local mentor, they are just good at marketing. You want to spend money becoming a realtor fine. You want to lose $10k on your first flip? Awesome! You think spending a ton of money on a course instead of using it as a down payment is just foolish. Spend $100 reading both of Brandon Turner's Books, J. Scott's books, Rich Dad Poor Dad, and Millionaire Real Estate Investor, Flip, Hold, and the E-myth and you are now $9900 ahead of the game.
    0Reply
  • George P.
    Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    9y

    Which is better... 15 or 30 year? 

    1Reply
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