All Forum Posts by: Adam Bartomeo

One of the things that I did in the past - I was in sales and did pretty - was keeping an appointment book. When I made a sale I would high light the appointment and put the amount of the sale. When challenging times came - as they always do in sales - I would go back through my book and see all of the sales that I had and get reenergized. Like clock work, I would start selling again. Some of me biggest weeks would happen after I went through my book.

I tell you this story because you should keep your original post and look at it when you hit a wall. And yes, you will hit walls. That post will help you through some of thise times.

You always want to do the research yourself a not allow a realtor to pick them for you. Most newbies find the first properties on the MLS. After they get established and start networking they ay receive deals from a number of places. I started on the MLS and have now gotten deals from friends, Realtors (they know I close on deals), and even the lady at the thrift store. The best deals come from people that you have a relationship with.

The rule of thumb - put simply is:

If it is cheaper to buy an existing flip or B&H (with remodeling costs) then you buy existing.

If it is cheaper to build then build.

There are other factors to take into account but this is the rule of thumb.

I had started studying real estate when I was 22 and bought my first primary residence when I was 27 and my first investment property when I was 31.

Having that said your time table is what you make it to be. You establish this by setting goals, making a plan to hit those goals and executing on those plans. If you do not do this it is like trying to get somewhere with out directions.

Not everyones path is the same. Come up with your own time line and Get'er Done!

Jacob,

I write my contracts so that the tenant is late the day that I want the payment. So, if I want the rent by the first I write the contract to state:

 The rent is due 5 days before the 1st of the month, if the payment is received on or after the 1st  there is a $50 late fee. If a full payment is not received by the 5th there is an extra $5 per day late fee that will be assessed until the full amount is received.

I manipulate the contract to achieve what I need it to. If you need it by the 5th make the rent due on the 1st and late on the 5th.

Hi Jim,

Glad to see you on BP. It looks like you have a little experience. What are you currently working on?

Dina,

I would highly recommend not putting the cart before the horse. I would not advise having a website if you are just starting out. Your time is better spent finding deals and building relationships. You may need a website once your up and running but it can wait.

I was a manager at Home Depot for years and understand these products. If you are looking for durability for tenants go with laminate. It is very durable. I have had mine in my rental for 8 yrs and it still looks new.

If you are looking for resale and the neighborhood has hard wood then go with hard wood. Engineered is a cheap hard wood in my opinion. Hardwood and engineered scratch easy and will have to be resurfaced after a few years. 

You cannot resurface laminate only replace the board.

The vinyl planks are a newer product that came out about 10 yrs ago. They weren't really intended for the home but for office space with high traffic. I'm not a Big fan for putting this in a home because it looks cheap but in a C or D apartment I may consider it.

I remember people doing that when I lived in NYC. But, That's why it's there. So, they don't skip out on the last months and if during the lease if they don't pay you have an extra month to evict them.

It sounds like your looking for a way to increase the security deposit. I charge fee's to help with some of this. I always have the place cleaned when someone leaves, so, I charge a upfront cleaning fee plus the security deposit. It is a creative way to get around the deposit issue if you are renting to someone that is a little suspect.

Here are a few things that I have done:

- All 3 kids play monopoly JR

- All 3 kids get Daddy time at the flippers. When the flipper is in a condition that the kids can come we often have them spend the whole day with me. They ask lots of questions about the repairs and why I invest in RE.

- The 2 oldest (6 and 8) come to see potential properties with me. They walk the properties and give me their opinion.

- I've started playing cash flow with my 8 year old. She's very smart but we haven't used the sheets yet. But, she absolutely understands how to identify a good deal from a bad one and when to buy and sell.

- My wife handles a lot of the clerical duties including tenant relations and some contractor relations. She pays and tracks the majority of the costs on our B&H. She schedules all of the contractor appointments and estimates.