Brandon- Why have you not changed your location "Investor from HI"?
But really... Through very fortunate circumstances one of our rentals is paid off, Im nervous now that we don't have it under an LLC/trust we are risking our equity in our rental. Now is the time to start an LLC, who do we start with? RE attorney, CPA, Trust advisor?
David- What kind of shampoo do you use?! Or Windex?
But really... Our out of state rental property has elderly tenant with care givers around the clock. Do we have the caregivers sign any sort of documentation for working/living in our rental. Currently the daughter in law is power of attorney and pays everything for the elderly tenant. The caregivers have their own rooms (4 bed house) and have different shifts to take care of the elderly tenant. The Daughter in law is very communicative of anything that goes on, but still I have no knowledge of anything about the caregivers... thoughts or suggestions?
Thanks in advance for the help fellas!
I would like to learn more about investing at a later age as well as from abroad. It is too late for us to learn how to retire young. Also, about investing in or near OZ.
Hey Brandon, I am a 17-year-old from Greenville SC and have been super excited about RE. I have read dozens of books and listened to almost all of the podcasts. Last night I came into contact with @Cameron Dye, another 17-year-old from Arkansas. The two of us are working together to create a group for young investors on BP to come together and network/learn from others their age. My question is, do you think to start a group this young is a good idea and do you have any thoughts, ideas questions, or concerns? Thank you.
@Brandon Turner What are your best tactics for filling vacant rental properties quickly (with and without a PM)?
Love the podcast! Few questions;
What do you looking for in a target area to invest in, David? (ie. pop growth, unemployment, median salary etc.)
How do you estimate rehab costs for a BRRRR based off of pictures on the MLS or Zillow? I've read J Scotts book, but its hard to gauge exactly what's needed based off pics.
Are you still buying? Everyone talks about the market "topping out" these days. Am I wrong to think I can still find deals? If I build a cushion into my offers, what does it matter if the markets at the top? (Strategy is longterm hold for cash flow, appreciation would be nice but I'm not betting on it.)
Any tips on structuring creative offers? (ie. seller financing, cash, giving multiple options etc.)
You and David are great teachers. Really enjoy lessening to the podcast.
My request would be: How to choose a area. What is your process. What are the main items you are looking for or that turn you off.
The refinance portion of Brrrr is unclear on how to do it in specific steps, for those of us who have never done it. Like the appraisal, and if you've never actually been through the steps it feels quite scary because most of the time were just taking one persons advice on what to do, usually from the lender I would expect. So could you break down what you do when your ready to refinance, do you just call your lender and say "hey I'm ready to refinance!" and the steps after. What happens if it does not appraise for what you thought? When Brrrr goes wrong... etc...
I think BP has done an excellent job explaining how to find and analyze deals. It would be great to dive deeper on where to look for deals!
How to Analyze and Select a Target Market
How to select potential MSA's or markets
Properly review stats/demographics to select target market (population/employer growth, employment industries, % of total jobs in a given industry such as oil or car manufacturing, rent/price ratio, etc..)
How to select certain neighborhoods in your target market. Should we focus on crime, proximity to amenities, available building permits? Also, what are ways to determine if a neighborhood is A, B, C, or D?
When do you move out of a certain market? Perhaps you can keep your holdings and acquire properties in another market or perhaps sell your holdings in the current market.
10 steps to finding your dream real estate market :)
What factors do you look for to determine a "good" market?
What are your thoughts of investing in condos ?
Have you guys ever done deals together? Since it looks like you are good friends.
What are the best options and strategies for people getting started later in life such as 40's, 50's and 60's? I've been a single mom of 2 kids now almost grown (my son had many medical issues when he was young therefore money was always tight or non-existent we spent so much time in the hospitals).
Today, things are better now and I'm starting new beginnings; I'm in my 50's and want to know "What is the best way to get started at this age?" to generate immediate income and passive income.
I just got my real estate license within the last week. I'm always listening to podcasts and on the forums trying to be active as well as attend REI groups. I'm interested in short-term rentals for business use and possibly buy a live-in 3-4 unit for passive income as well as anything that comes my way.
@David Greene - I own a business that takes up most of my time, though I've become very interested in crowdfunded RE investing recently. I've put money into a self-storage fund, a manufactured housing fund, multi/commercial REITs (through realtymogul.com) and even looking into a cannabis dispensary fund. 6-8% monthly dividend and 16-20% IRR> Feels good to me, but hard to know for sure. You do a lot of out of state work, what are your thoughts on syndication and what are some simple numbers and questions to ask the sponsors?
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@Brandon Turner what was the biggest difference for you between buying your local properties, VS your mobile home park across the country. After experiencing both (local and long distances) do you have a preference?
I would to know what is the best way to choose a reputable contractor when you are 1st starting out.
Originally posted by @Brandon Turner :
The BiggerPockets Podcast exists to help you, the listener, get excited, get inspired and most of all, get informed!
David Greene and I want to answer YOUR questions on an upcoming episode of the BiggerPockets Podcast.
So, what do you want to know?
What do you want for the Kurt Cobain house?
Considering the popularity of the site & podcast, what impact(s), if any, do you think BiggerPockets has had on the overall real estate market?
More demand in the market place, a surge in popularity of multi-family units, etc.
With the idea of a recession coming, talk with investors that were in the business 10-15 years ago. How did the down turn on 2007/08 effect them? What are steps to prepare now so that newbies, like myself, are in the position to take action when/if a down turn hits.
@Brandon Turner If you could go back to the day you started investing, what would you do different or what steps would you be sure to take again?
when operating on a shoestring budget and looking into your first property, what kind of Reserves should a person expect to hold? Once the property is ready to rent, how much should be held back for the unexpected repairs? And lastly, my current biggest fear is having my current mortgage and another mortgage on a vacant rental. I'm sure I missed that episode and this part may be a long explanation but what's your process in getting renters in quickly?
Give me your very best advice for making the most of market cycles & finding the very best syndications & most importantly the deal & operator!
I'm having the same experience.
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