All Forum Posts by: Ben Morgan

Hi all,

My investing portfolio consists of one rental property at the moment. BUT...

My wife's family has ~280 acres of property in rural Nova Scotia. The closest town I can find is Catalone. I don't know much about this area but i do know that the family was planning on selling the 280 acres to a lumber company for 40k USD and that seems a little(lot) low. 

We have reached out to a real estate agent up there to help us with some comps as we are considering purchasing it at that price rather than have the family sell it to a lumber company (they want to get rid of it).

Can anyone provide me any resources or advice on what else I should understand before considering this purchase? Is it possible that even though this is a lot of land in a beautiful place it really is only worth 40k USD and we could be buying something at market price?

Thanks so much for any direction offered!

I appreciate everyone's input. Sounds like I have some research to do on air DNA as well as any qualitative research (lake with the most events and proximity to dfw area, etc). I will share what I find!

Thanks everyone for your input. I am going to comb through that data and see at which price point/location the math makes sense. 

@Lee Davis, what do you mean by JT?

Has anyone had luck purchasing a lakehouse and using it as a rental for most of the year and occasionally using it for vacation? I see a drawback as lake demand is seasonal (more traffic in the summer) but would like to know if anyone has been able to be successful doing this? The DFW area is drastically growing and there are only so many lakes. 

@Kiet N. Smart move! I may do that!

i agree they would not mention it but I would think the neighbors might complain about issues (parties, unmowed lawn, etc.) and I would also just like to generally know about any crime or anything else going on in the neighborhood.

Does anyone use nextdoor.com to keep an eye on their tenant and the general goings on in their rental neighborhood? I noticed it was an option on their site and am in the process of signing up now. I have to send them proof that I indeed own the property before they will give me access to that neighborhoods nextdoor information.

Thanks for the responses, everyone. I do have a PM in place so I think we are all on the same page there. 

I will check out E-myth. Some of the direction I am seeking is mainly around the bookkeeping/accounting of properties. For instance, do people generally have 1 bank account per house or per region? How long and how much do they keep for potential maintenance repairs, etc.

Hi all, I close on my first property this month which I will be renting out. Does anyone have advice on a good book which helps explain how to run a real estate rental business. I know I only have one house now, but I want to start off right and be able to scale. I have an MBA and already understand most of the general business/financial terms. Thanks for any help!

Hello everyone!

After hearing BP come up in many podcasts, I decided to check it out. What a great resource! I live in the Carrollton, Texas specifically and am specifically interested in the buy and hold strategy to start with. Ultimately, I would like to learn enough to be able to complete the BRRR strategy from beginning to end.

After being out of college for 10 years and realizing I never "liked" any of the jobs that I had, I decided there had to be a better way to build wealth.

I look forward to learning from everyone! Hopefully will be doing the teaching in a few years!

Ben Morgan