All Forum Posts by: Brock Mogensen

We are due for one, however I wouldn't say that I am hoping for one.  When the pull back does occur it will provide a good opportunity to be more aggressive with purchasing though.

@Mergim Gjyriqi I'm not sure of the prices in NJ but you could roll most of the closing costs into the loan so you should be able to find something for that amount. 

Rentometer is a good one.  However, also do a manual search on the many different listing sites.  You want to be sure that the comps you are using are the same class, have the same amenities, similar age, and similar quality. 

Yes, you should chase the rent money. If they aren't paying, evict.  If you let it go for too long you will find yourself in the negative real quick.

With $10,000 I would look for a duplex and use an FHA loan. An FHA loan allows you to put 3.5% down and then you can live in one side of the duplex (house hack). This is a great way to learn the basics and once you move out it will provide good cashlflow. You could also cash out refi the property in a year and roll the proceeds into another deal.

Yes, definitely introduce yourself and provide your contact information to the tenant, if you are managing it.  I would recommend doing the renovations that will allow you to increase rents.  Refi the property eventually and roll that into another deal! 

The best place to meet potential partners is through this site and meetups in my opinion!

I would recommend doing a cash out refinance on your home and investing the money into a cash flowing multifamily asset.  Now is a great time to refinance with the record low interest rates. 

I recommend starting in your backyard (within 2 or so hours away).  Breaking into a market will require a lot of meetings that should be done in person and being close always helps.

I always recommend only going to college if you are going to go for a degree that is useful. A college degree isn't neccesary for real estate but I am a firm believer in education. I just finished my MBA in Information Systems and although it doesn't directly relate to REI, it has helped me build rapport in the industry. Also, saw you are going to Utah State..I went to the U..love that area!!