All Forum Posts by: Anders R.

Hi @Darren Sager

What was the big news announced in the last week?

@Jamie Bergstrom

Are the search parameters you are using the same as those you expect prospective applicants to use? When applicants contact you, are you asking how they found your listing? Are there other services you could use to post your listing? Maybe go old school and just post a physical flier? Are you sure your listing is fairly priced? What are you basing that on? What about your photos and description, could they use some tweaking?

Just a few questions that come to mind.

If you are working with an agent, they might be able to introduce you to contractors, who you might want to contact just to start learning about potential costs.

Another suggestion is to check out the book "Estimating Rehab Costs" 

I'd also suggest doing your best guess analysis on specific properties and then posting your numbers to BP for feedback.

Do you have a specific property in mind? The amount needed for renovations will be specific to each property. (Eg a turnkey property will likely require little to no renovations.) I too am new to REI and my strategy, for the very reason that I know that I don't have experience estimating rehab costs, will be to start out with a property that looks to require very little rehab in order to get rent-ready, so you might consider going down that path. At the same time, I still plan to keep funds on hand for unforeseen expenses, but I consider those emergency funds and not part of my deal analysis.

Would love to hear what more experienced investors have to say :-)

Hi Nate - I am probably just a few months ahead of you in the learning curve, but this is what I've been doing following initial self-education:

- What's your future vision?  Where do you want to be 5-10 years from now?  Write it down.  Don't worry about getting it perfect.  Check out Brandon's free beginner's guide, where he talks about creating a plan and create yours.

- Explore markets.  Have you thought about where you want to start looking for deals?  Maybe start exploring your immediate neighborhood, or nearby neighborhoods.  Bike/Walk/Drive around and try to apply what you've learned to see if you can spot potential deals. Go online and start "collecting" properties you like, then...

- Analyze properties.  Based on what you've learned so far, what strategy feels right for you?  House hack, perhaps?  If so, start analyzing properties with that strategy in mind.  Don't worry about if your analysis is that great.  This is about going through motions and starting to think about the numbers.  Try to see if you can apply what you've learned to see if you've got a good deal or not.  Try to analyze at least one property per day.

- Network, network, network. Read forum posts and don't be afraid to respond. Find a local REIA or Meetup and attend, virtually, if needed.

- Rinse, lather, repeat.

Good luck!

Hi Brady,

Thanks for sharing this story.  I love the part about how you and your wife got creative by getting your own property manager license, then painting yourself into a corner by quitting your full time job, but still battling through it all and finally landing your first deal.  Super inspiring!

@Will Gebbie great suggestions, thank you.

Hi @Brandon Cohen - thanks for the advice.  Yes, looks like out of state investing might be the way to go.  For now, going to focus on educating myself about that strategy.  Thanks again.

Hi @Brady Potts - thanks so much for this advice.  Out of state investing looks like it could be a good fit for me.  I will definitely be reaching out to learn more about your experience.  Thanks again!

Hi @Bernadeau C. - I used JP Morgan Chase.  I am guessing they also do investment properties, but wouldn't know for sure.