All Forum Posts by: Charlene Garrison

My marketing efforts have successfully brought me an investor with 3 properties, each of which are currently tenanted.  Would it be wise to seek private money to buy the properties?  I have asked for the annual taxes, insurance figures, and year built for each property.  Is there anything else I should consider? (I knew this information is basic, whether I purchase them or assign them.) 

I have read that having money set aside for each property to maintain it is best and I have followed that rule.  Can private money be used for property maintenance and taxes as well as property purchase? 

Please advise,

Charlene

Renting property to start can be tricky if you don't have the money stashed away for taxes and repairs.  Both are necessary and can't wait.  Consider having some funds put away for each property you plan to hold, then purchase/hold.  It may save future headaches.

One way to find out the owner is to go to Melissa Data.com.  Note the property address, including zip code. You can get contact information and reach the owner that way.  Always do a walk through first, do comps as well ( 2 or 3 similar properties in the same area as the property of interest/also same in number of bedrooms/baths and construction).  That will give you a good asking price.  Good luck.

Charlene

At this point in my newness, I don't even have a car anymore.   I walk for dollars.  I am following the advice to get the phone number of the owner and call.  It saves on stamps and time.  I plan to make one such call laer today.  Try it, it may provide relief.  Also, the numbers game referred to does matter.  The more time you put in it, the more you will get out of it. 

Welcome!  Stay involved on BP.  Ask questions and pay close attention to the answers.  You won't go wrong here.

I agree with Jeremy.  You will not have to use any or your own money if you assign the contract.  That is the approach I am taking now. 

Charlene2

Thanks so much.  It is very easy to be carried away by emotion and stop thinking.  The points you made are pragmatic and easy to follow.

Thanks for all the tips.  I'm getting started too and I was confused about pre auction and foreclosure auctions.  Doing due diligence is the key to preventing future anxiety.  

Thanks Jeff, Dave and Joe.  It's great to get guidance from your peers!

I have been advised to set up an LLC. How much money should I plan to spend on this?