All Forum Posts by: Amanda G.

I use the basic "We buy houses" door hanger from Vistaprint. I used a custom one with my picture for a while, but I decided I didn't actually want my face out there.

My marketing is NOT a coherent method. In the time/money balance, I have a bit more money than time to spend on it, so my free time is spent looking at houses other people have already identified (wholesale or MLS). My market is continuing to tighten, so I may have to get better at this.

Paul Thompson, who was a BP podcast guest a while back has a 3 offer letter he sends out. I collaborate with Paul, and I like his letter. 

I adapted mine from my local REIA class. I don't use a checklist- that is for working with the contractors and exit inspections. My move-in inspection is mostly open spaces to write in anything odd that the tenant notices- everything important has to be done before I start advertising my rentals. I know not everyone has that philosophy.

Taking pictures is a good idea, I haven't added that to my process, yet.

Welcome Zhenqi! Lots of good resources here. When you choose a strategy, there are lots of people to answer questions.

Paper maps will keep you sane in this situation. That's what I used. It helps to have a second person to write down addresses and hang doortags or put postcards in mailboxes as you go. And if your budget and the city ordinances allow, bandit signs are all over because they work.

You probably already know this, but I like to scout and look for trash cans that are out when none of the neighbors are, as well as the obvious distress signals.

Good luck!

@Cole Black, it sounds like the next step is to do some more research.

Do you know any professional pilots? If you haven't already, see if you can do some informational interviews with pilots to find out their career paths. Use that to find out if you like the lifestyle of a professional pilot. Also, find out the health and eye test requirements and make sure that you can qualify.

Owning real estate IS a business, even if you have someone else manage it for you.

There is a big jump between "starting a business" and "having a big corporation." Consider reading Mike Michalowicz' books the Toilet Paper Entrepreneur and The Pumpkin Plan to get a better feel for what being a small business owner is like. And find some local business owners to interview to get their stories about what to expect if you go that path.

you've got good dreams, now start the leg work to find out what it would take to make them happen.

@Ryan Gifford, We're strangers here, so you'll have to make your own decisions but I agree with @Frank Wong. You'll want to get your credit up, and talk with banks about what they need to see before they will do the loan. In the meantime, if you have capital, you might be able to put it to use in someone else's deal and gain experience and some financial return while you wait.

@Sean White, that's truly jumping in the deep end of real estate investing. You don't mention your previous experience, but if you haven't developed property before, consider getting an option on the land, and then shopping it around to local developers. There might be a reason that territory has not been developed, when the land on either side has. Good luck!

@Jason T., yup, my sympathies, that is one of the expensive learning experiences.

You _may_ be able to get a commercial loan faster. However, the terms and rates are not going to be as nice as a residential- especially primary residence- loan or HELOC. I hope that sitting for 6 months doesn't do you in. There will still be houses to buy in November, if you can just enjoy your new home and spend the time building relationships. "marathon and not sprint" and all that. Good luck!

Hi Trevor,
My situation isn't identical to yours, so take with a grain of salt. I used conventional 25% financing for the first rental that I didn't live in. And there wasn't a workaround with that to keep my seed money out. The next one, I did a BRRR, but ended up leaving around $10k in the deal after refinancing (not bad, not a home run). With more experience, more people have been interested in partnering with me for short term or long term private money. I would not have wanted to take their cash until I was confident I could protect it and use it well.
It's great that you have a plan. The thing I've discovered is that this isn't a linear business. The first deals are slow, painfully slow, and then if you treat people right and keep consistently working, you end up with more opportunities than you can juggle without scaling up. You might choose to just get in the game with the conventional loan, and then learn from there. Good luck, whatever you choose!
Amanda

Congrats on your follow up, and your patience in stabilizing the property. I admire slow and steady, and waiting for tenant turnover to upgrade. I hope it serves you well!