All Forum Posts by: Brenden Mitchum

Hey @David Arrowood. First off, welcome to the BP community!

I agree with everything @Sher J. is saying here. You definitely want to take a look at your debt and figure out if the return you would make on paying this off outweighs the return you would make on investing. 

Now for that condo, specifically, $100/month is not very much. This is taking in all expenses, not just PITI and HOA, right? For $100/month you better be darn sure that's the minimum you'll get and keep in mind HOA fees can and do change. Once you factor all this in is, what is your ROI? Is it greater than they apr on those debts? If so, it's probably a better investment, depending on your risk profile.

It sounds like you do not have a ton of capital, so waiting for the impending downturn is not a bad call. This is similar to what I am doing. However, I am currently searching for a great house hack so that I can lock in these historic interest rates for 30 years. I highly recommend you do the same if you goal is to accumulate wealth because one of the two ways to do this is to save. If you're not paying rent every month in a house hack, you're saving thousands every year and building equity in your home. That being said, you should not shy away from a fantastic deal. For me, I am adding 20% ROI to my usual criteria and if something meets that (unlikely), I'll pull the trigger.

Please, feel free to message me anytime if you have questions or just want to chat!

Hey @Nigel Rieves!

Check out your local board of realtors site. They should have a courser that they offer or recommend and you probably can't go wrong with this. 

Please feel free to message me anytime if you have questions or just want to chat.

I'd be happy to give you some tips that I have picked up along the way from other people. In this business no one can do everything on their own so I'm happy to help!

Well keep an eye out for SFs with basements, garages, or even better detached garages, that you can live in and rent out the rest of the house. In your area rent by room will probably provide higher cash flow but you want to make sure you will still cash flow after you move out and rent to families if that's your plan.

It's been years since I've played so I'm sure I would be pretty bad haha I grew up playing shooter games like halo and cod so that's where I excel. Do you have borderlands 3?

@Andrew Coen as far as I am aware, banks won't give out an FHA loan to an LLC. You can transfer the title to your LLC after you've bought it but this would not be very helpful in your case and would allow the bank to pull the "Due-On-Sale Clause" on you.

Hey @Tyre Carmon, welcome to the BP community!

What got you interested in real estate? Any idea what market you're looking to invest in?

I am currently reading The Book on Managing Rental Properties by The Turners. It is full of fantastic landlord tips!

Feel free to message me anytime if you have questions or just want to chat!

Hey @Shivam Bhalla, welcome to the BP community!

It is very hard for anyone to point you in the right direction without knowing a bit more about your investment goals. Even with that, you will get a billion different answers because for every U.S. market you could think of there is likely a BPer investing there. 

My suggestion is to educate yourself on how to analyze markets. There are many BP podcasts on this subject and I'm sure searching this in the forums will give lots of great information. You'll find that most people look at 6-8 factors (although there are tons of criteria you can add). The big 6 I see are:

1. Population over 100k

2. .5% or more year-over-year (YOY) population growth

3. 1% or more YOY median household income 

4. 2% or more YOY job growth

5. 2.5% or more YOY median home value

6. Decreasing crime index

Like I said there are a bunch of other criteria you can and should look at depending on your strategy. But these should get you started and there are plenty of good sites to do your research, like data use, city-data, area vibes, neighborhood scout.

Please, feel free to shoot me a message if you have any questions or just want to chat!

@Stephanie Simmons I've decided to take the dive and start the licensing course this weekend!

Hey @Joe Scaparra! That was an awesome teachable moment there. I was not quite prepared to learn something like that from this post so thanks a ton! Adding to that concept, if I were to get my license then I would appear more legitimate to the seller's agent and then I could more clearly use that 3% as a negotiation point. In this scenario I can offer for the seller's agent to keep my share if it's a good enough deal because this will surely move me to the top of their list of favorites. Then the agent will push the seller in my direction rather than in the direction of someone with a buyer's agent who is going to keep that 3%. 

Love this strategy of negotiating with the agent to get them on board and eager to get your deal accepted over others. Thanks again!

Hey @Joe P. Thanks for responding with a useful example from your own experience. Unfortunately, I was not able to work things out with the seller as you did, but I do feel that this was not due to excluding the agent. No way to know for sure but I don't think the agent being more involved would have convinced him to lower the price tag to a reasonable level or complete the necessary repairs.

Amen @Randy Rodenhouse! Completely agree. Thank you!