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All Forum Posts by: Brandon Rush

Brandon Rush has started 73 posts and replied 738 times.

Post: Key advice for someone investing in real estate in early 20s?

Brandon Rush
Posted
  • Real Estate Agent
  • Portland, CT
  • Posts 751
  • Votes 837

Hey Hannah, I know you asked for one but here is two. 

1) House Hack! Do not waste your money jumping into a single family home chasing the American dream. Unless your intent is to house hack that single family by renting out rooms, I would recommend jumping right into a multi family property. Doing it so young will get you accustomed to house hacking and it will not be a huge deal for you to repeat the process. Easy way to acquire properties over a few years.

2) Surround Yourself With Like Minded Individuals - You are the average of the 5 people you talk with the most. Constantly surrounding yourself with the REI crowd will advance you way faster than surrounding yourself with those who are not on the same page as you.

Good luck on your journey and enjoy the ride!

Post: First investment going well and now I have the real estate bug

Brandon Rush
Posted
  • Real Estate Agent
  • Portland, CT
  • Posts 751
  • Votes 837

Congrats Julio! Keep the momentum going. You are on you way.

Good luck!

Post: covid related late rent or partial payment

Brandon Rush
Posted
  • Real Estate Agent
  • Portland, CT
  • Posts 751
  • Votes 837
Originally posted by @Nathan Gesner:

@Jim Adrian @Brandon Rush

As long as the tenant is communicating, you are on the right path. Especially if they initiate in advance and without prompting.

When a renter indicates they are struggling, offer to create a payment plan that will allow them to catch up. In my case, I put it in writing without a bunch of legal jargon but make sure it is specific, trackable, and enforceable. I also require them to state why they will be late and often ask for some evidence (layoff letter, employer number to verify hours were cut, etc). Example:

Due to reduced hours at Bubba's BBQ, Tenant will be unable to pay her $800 rent on time for December. Landlord and Tenant agree to the following plan:

Pretty simple example. You need to really talk to the tenant and make sure they have a concrete plan in place, then put it in writing so it can be tracked and enforced. If you just tell them they can pay "whenever able" then it will stretch out too long and you'll find them months behind. I also require the weekly updates from the tenant to ensure they aren't forgetting or ghosting. Make them initiate! You shouldn't have to chase them down.

If they're serious about being a good renter, they'll agree to this.

Good Stuff Nathan!!!

Post: How we purchased a 5 unit building with none of our own money!

Brandon Rush
Posted
  • Real Estate Agent
  • Portland, CT
  • Posts 751
  • Votes 837

Thanks for sharing all the details Mike! Great stuff and congrats!!

Post: BOUGHT FIRST HOUSE, How do I create cash flow

Brandon Rush
Posted
  • Real Estate Agent
  • Portland, CT
  • Posts 751
  • Votes 837

Hey Andrew, if you are in an expensive market you could potentially rent by the room. Even if you decide not to live in the property this would still be an option. You may want to check on town rules regarding home occupancy.

Good Luck!

Post: If You Could Give One Piece of Advice...

Brandon Rush
Posted
  • Real Estate Agent
  • Portland, CT
  • Posts 751
  • Votes 837

Hey Kevin,

My advice would be to constantly surround yourself with like minded individuals and those doing better than you in REI. You are the average of the five people you spend the most time with, so if those five people are your mom, sister, friend from work, your dog and your spouse, you will most likely be a combination of them all.

Good luck my friend!

Post: covid related late rent or partial payment

Brandon Rush
Posted
  • Real Estate Agent
  • Portland, CT
  • Posts 751
  • Votes 837

Hey Jim,

I am in a similar situation and trying to figure out what to do as well. What you can do is write some kind of addendum to your lease where you both agree rent will decrease by X amount for X amount of months and then return to the normal amount afterwards. If they are good tenants, it may be wise to keep them vs looking for new ones at this time of year, going through a turn and potentially not getting top dollar for rent. I think we all have to think outside of our normal processes at the moment because nothing is normal about what is going on. 

Good luck my friend!

Post: House Hacking Primary Residence

Brandon Rush
Posted
  • Real Estate Agent
  • Portland, CT
  • Posts 751
  • Votes 837

 Congrats Trevor, house hacking is an amazing way to get into the real estate game. Renting by the room is a great move as well and you will do great. 

Once again congrats and much success to you on your REI journey!

Post: Fairfield County CT - Patriot Realty Group REI Meetup

Brandon Rush
Posted
  • Real Estate Agent
  • Portland, CT
  • Posts 751
  • Votes 837

Hey everyone, nice meeting you all at the meetup. Plenty of good conversation and looking forward to the next one! Here is my contact info for those who would like to keep in touch:

Brandon Rush
203.617.8417
[email protected]

Post: Pints & Properties REI Meet-Up

Brandon Rush
Posted
  • Real Estate Agent
  • Portland, CT
  • Posts 751
  • Votes 837

Ahh, wish I could drive down from CT! You are doing great things Shelby!