All Forum Posts by: Andrea Weule

It really depends on the partnership. I always recommend some sort of agreement. That helps both parties define who's doing what. I'd start by evaluating what each of you is bringing to the partnership. Are you bringing money (a promissory note and mortgage will work for that)? Are you doing a deal 50/50 (I'd set up an LLC with an operating agreement that defines that)? Are you going to have some other partnership (then a joint venture agreement would probably work)?

Overall, make sure you get something down on paper.  Make sure that both parties are in agreement before moving forward.  Make sure that the partnership is beneficial to both parties.  From there you can make partnerships work well, as long as everyone is on the same page.

Best of Success!

That's a tough one.  I spend about $3k a month on marketing (mailers, bandit signs, along with listsource, spokeo and simplecrew).  However, when I started out I didn't have a bunch of money so I narrowed down my idea neighborhoods, wrote out letters/notes on post its and note pads and walked them door to door.  You can find an option in any budget.  My advice is whatever you do, do it consistently for awhile.  Without consistency you cannot gage what's working.  Over time make small tweaks and go from there.  

Best of Success!

Hello @Jay C., It's 100% possible to fine nice properties for rent at the 1% rule.  You just may not be able to find it at home.  For example, I live in Denver and it's near impossible unless you want to do the rent out rooms route, which isn't allowed in the city/county of Denver.  So I buy my rentals out of state.  Little Rock being the capital will make that a challenge.  

You can still do well without the 1% rule if you want to stick with your market.  However, for good cashflow you may have to put more money down than somewhere else.  Additionally, if your market has lower taxes or insurance rates that can help offset as well.  

Evaluate your goals, finances and time.  Based on that you can decide to make it happen at home or you can explore other markets.  Best of Success to you!

I agree - I like the 30 plus days.  Additionally, if I offered previously and the answer was No, I go back and offer again 3 - 4 weeks later and keep repeating until it sells to someone else or we can at least get into a counter offer situation.  I try to invest as little time and emotion into the offers as necessary....that way I can do more and it disappoints me less.  

Keep after it, plus explore other options such as off market deals.  Best of Success!

I've bought 6 rentals from a turnkey company (different one) over the years and I've been really happy.  The keys for me are to make sure the teams in place are quality - especially property management.  From there having quality financing partners in place if you want to get more deals.  Overall, passive investing has been a great compliment to our other investments over the years.

Best of Success!

Build a Solid Team!  Make sure you have good property management in place and that they have a solid track record with screening quality tenants.  I also like to make sure my property managers have relationships with the housing authorities to ensure that during times like these (pandemic) I can still have income coming in.  

Whenever you're remote investing you'll be relying on others that help you and your properties.  The stronger your team the more successful you'll be!

That looks like a great deal to me.  If you're not getting an owner occupy loan it will be really hard to beat that price.  Wishing you the best of your continued journey!

 We have management set up for all our properties and I have a bookkeeper.  In addition to our 24 rentals (we get another 2 or so a year) we do at least 4 fix and flips and over 20 wholesale deals every year.  So I pretty much just manage the property managers, contractors and make loads of offers.  

@Brian G., We use quickbooks.  We have 24 properties across 5 markets, so it makes life easier for us and our bookkeeper.