All Forum Posts by: Chris Coleman

How many rentals do you have?  One checking account is probably enough for all of the rentals, and its probably not necessary to have a separate checking account for each one.  One checking and one savings (unless your state requires you to have separate savings for the Security Deposit or something like that).  You can still record and account for your Income/Expenses and Profit/Loss for each property without having to setup a separate checking account for each.  And yes, keep it separate from your personal income/expenses.

If the properties appear to be nicely cash-flowing, and your DTI is fine, then why not keep them.

Best Ever Apartment Syndication Book - Joe Fairless & Theo Hicks

The Perfect Investment: Create Enduring Wealth from the Historic Shift to Multifamily Housing - Paul Moore

Commercial Real Estate for Beginners - Peter Harris

@Leo Glazer check out Cordova, Collierville, and Bartlett on the more northern and eastern sides.

Absolutely!  That's what you want to say in your email, "Great meeting you, etc, etc, etc...Let me know if you have some time to meet for coffee, etc, etc, etc..."  That is how you build relationships, and go deep. 

@Scott Passman for me it’s been deciding to get active in networking and building relationships. RE is a relationship business.

I made my first few RE investments essentially on my own. I mean, I had a realtor. But other than that, I basically just used my own money, purchased the properties, rented them, and done. So it was just addition. 1+1=2

But once I started connecting with others in the RE investing world, attending conferences, networking, getting coaching, etc, etc...then it became more like 1 x 2 x 6 x 10 x ...

Friends not only make the work lighter, they also make the outcome bigger and better!

@Brandy Morris

First determine your market. If you’re investing where you live, or near there, then okay - you’ve got your market. If not, then research how to find good markets for real estate investing and determine your market.

Then establish your investment criteria. What type of property are you look for (e.g., Single-family, Duplex, are Townhomes okay)? How old or new, up-to-date or distressed? Do you want something that is rent-ready or needs some work? What’s your budget? What’s the minimum Cash Flow that you’ll accept?

If you’re planning on getting financing, secure a Lender, and determine how much cash you have and plan to put into the deal. Even get pre-approval if possible. You do not need to have a property identified in order to simply get a loan pre-approval.

Then connect with a Realtor in your market. If you have the above ready to discuss with them, then Realtors will know that you’re serious and taking action, and they will take you seriously.

In my experience, if you can find a local Realtor who also does Property Management, then they are likely to be more Investor-friendly. It does not mean you have to hire them for property management. But because of their property management experience, they understand working with Investors and can help you along the way.

@ShaDonna Walker

It does sound like you may be trying to learn too many things at once. You will go further faster if you focus on one thing and go deep.

The electrician apprentice is great for getting your career going. But on the side, if you’re also passionate about real estate, then why worry about stock options for now?

Choose which niche of real estate investing you really want to do, and go after that. I believe you will realize more success in this way. You mention Mobile Homes. That is a growing niche these days and there are a lot of experienced investors in that area here on BP. Study, connect, learn, grow, take action.

And as you’re learning and starting out, simultaneously work on your personal finances to be in good shape. Build good credit, pay down consumer debt, increase savings as much as feasible.

@Ree Rolle

First of all, be yourself and don’t try to be someone or something you’re not. However, with that said, we all need to stretch ourselves outside of our comfort zones in order to grow, as professionals and as people.

Regarding the Meetup, you will find that most everyone there is friendly, relational, and already talking about real estate. So you don’t have to “force” a conversation. It’s already happening, you just need to join in and just tell your story. You’ll find that’s what most everyone else is doing. Some have big success stories, while other’s stories are just getting started. So just join in with your story and relate.

After the Meetup, be sure to follow up by email with people you meet. As others have said here, build relationships.

I recommend setting a goal to make a connection with one person at the Meetup with whom you think you can confidently follow up and begin building a relationship. When it comes to relationship building, go deep rather than wide.

You can also use online resources such as City Data to search demographics in the area.  This will give you an idea of the Class of neighborhood.