All Forum Posts by: Billy Maloney

Here is the last meeting that happened last week. https://www.biggerpockets.com/forums/521/topics/41...

They are pretty much the second Sat of every month like clock work.

@Jeff Greenberg is really good at posting the meet ups in the events section of BP.  Next meet up would be Sat March 11th. 

@Alejandro Upegui  Like Chris mentioned. I invest out of state from here in LA. I've got 3 properties (4 doors) in 3 different markets.  I agree that dropping a huge downpayment isn't ideal if it puts you out the game from the beginning.  Guys like Robert Kiyosaki will tell you your home isn't an asset.  I'd prefer to build my passive income first and use that to pay a mortgage.   

I bought my first property turnkey.  I decided to do that because I knew I didnt want to be someone who didnt take action and it was a great way to learn on the job. Even though I knew there were bigger returns to be had through non TK, this was less riskier for me and it got my feet wet. You get a built in team right from the beginning. Ive had it for almost 2 yrs and its been a great investment. Granted it just the beginning but Im confident Ive learned the tools over the last few years to handle the issues that are bound to come up eventually.  

 Should definitely check out the next meetup in Aanta Monica if you can make it. 

Hey @Phillip Troutman.   I bought in memphis mostly becuase I trusted in Memphis invest. As an out of state investor that is really important obviously.   I currently investing in other markets now but not because i dont think there is opportunity in memphis. I am working on acquiring non turnkey deals. I have two new ones since memphis, higher returns but much more work on your own. Id be glad to share anything with you.  There is an unofficaly BP meetup every 3rd sat in santa monica Ill let you know the details if your interested. We could chat there. I try to get there whenever I can. 

Thank you @Chris Clothier I really appreciate that.  I wouldn't have been able to get where I am now with out the help of your company.  I have so much respect for you and memphis invest.  I continue to recommend MI to investors that are a fit.  Thanks again.  

Thanks @Ken Badziak  Luckily my Cleveland duplex was vacant and the PM I chose found tenants in just a week. Inheriting tenants can be risky.  My Jacksonville tenant was in the property when I bought it.  Already not feeling like i could have an eviction in my future.  Seller said "she has been a great tenant always pays"  yah right, we ll see about that.

@Adolfo Zamora

@Kathleen Carnegie-Grant well that makes my day. It s funny although my mentor brings great value it was really having his validation that gave me the confidence to pull the trigger.  We put up these invisible wall created by fear that only exist in our minds. 

Thanks for saying that @Kaleb Musie really appreciate it. The more we all share the more we all succeed. 

@Michael R. Well two of my deal are pretty new. My first deal the PM has been great. Havent had many problems they give me a call once in while just to check in and see if i have any concerns. Otherwise havent had to do much managing they handled the one repair call they got fine.   I would say with the new ones that it is sometimes annoying when you re trying to get answers you need sooner than later and it take more than 24 hours, if I email and don't get a response in a reasonable time I will call or text them too. There is more managing in the beginning or if you have vacancy, after that it auto pilot unless a problem comes up.  So far though my PM have come through pretty well for me.  I'm thinking that if you have to do alot of managing of your PM then you probably dont have a great one right?

@Diane Manders What it came down to for me was getting the best returns with the money and experience I had.   You have to define what your specific goals are. My goal right now is cashflow at first because that will take some pressure off me financially so I work a little less at my day job and pursue RE locally.  I plan to mix in a flip or two along the way by partnering with my mentor.  

The people I worked with were recommendation from people I trusted. That's how I found @Matt Motil . You start there. Then you find a property manager and show them the properties your looking at to get there opinion on the area and what it should rent for.  I really only communicated over the phone and through text.  Then I let the inspectors do their job. Sure I could have gone there to walked through it with them and it would have been helpful but probably wouldn't have changed anything I dont know what to look for myself. If you need that for peace of mind then go for it. 

At the end of the day your gonna have to trust in the people your working with as hard as that is. You ll need to control the fear with experience and education. We just fear what we dont know or dont understand.  The most important thing is that your numbers are good and they leave room for error.  You may have noticed 95% of the things we worry about never happen.  If something does go wrong then you get the gift of learning something new.