All Forum Posts by: Christopher Blanco

If you don't want the water or trash in their name, you can invoice them as part of their monthly rent. The whole thing must be paid for rent to be paid. 

Network

I don't have a number yet. I am surviving in my W-2 job and using that to pay the bills while I build up equity in my business. My plan is to:

a) Pay off all consumer debt (should be done with this in Q3)

b) Pay off my car and purchase a 2nd car for the family with cash (Q1 next year)

c) Pay off my primary residence (Q3 next year)

Once I do that I should be able to quit my job and focus on this full time. 

Just so you understand, that is a 20 year payback on your investment (I ended up with $385 NOI), and that is using VERY aggressive maintenance and cap ex hold backs. I wouldn't touch this deal. I don't mean to rain on your parade.

Welcome to BP @Carli Ferrante

I don't even look at the Zestimate. What I do use Zillow and more Redfin lately, is to get a birds eye view of the neighborhood I am buying in. I look at for sale's, recently sold's and rent. 

I am in meetings now too, @Sarah D.  Fun!

To control my time. Right now my employer controls my time and in exchange pays me a good salary. I want to control my own time so that I can do more things I that love with the people I love. 

I use my lawyer to write offers. He charges me between $500-$1000 to write the offer and submit it and all the other requirements into Title. This is a good deal as my RE agent will charge me a % of the sale. First time ever a lawyer is cheaper than anything else. :) 

Actually, what I do first is write and get the buyer to sign a letter of intent to purchase the property. In the letter, on my business letter head,  I lay out my offer (usually there are 3-5 offers depending on the situation) in plain English. I find this is easier than walking though a buyer legaleze . Once the buyer chooses the offer they like, I then have my attorney draft the legal purchase agreement to reflect the terms in the offer. This seems to work pretty well. 

Just remember if you get your RE license you are bound by the ethics and laws of a RE agent. There is no way for you to go "around the sign".  I am not advising being unethical or anything like that, but you are definitely more limited as an agent investor. Just something to keep in mind. 

Also its not cheap nor free to have and maintain a license. 

I would work with the seller agent or find an agent on BP that understands investing. The other thing is learn to comp houses yourself. Its not THAT complicated and you will be at least close enough to determine if making an offer makes sense.